Fairheads was delighted to have been acknowledged in the recent LUKA Awards as one of four funds to have obtained over 75% for their submission. The LUKA Awards are run by the Institute for Retirement Funds Africa (IRFA) and the theme this year was “Better Together” – centering around collaboration, partnering for best practice solutions and stakeholder and societal benefit and innovation.
Based on the success of the Fairheads Umbrella Beneficiary Fund, our submission described how since the inception of beneficiary funds, Fairheads has pioneered and worked to entrench this safe, cost effective and tax-free savings vehicle in the retirement fund ecosystem, partnering with various stakeholders to give minor members the best chance in life. Stakeholders include first and foremost the guardians/caregivers and the members whose money has been safeguarded to us, the authorities, boards of trustees, investment managers and asset consultants, as well as various support organisations.
Our approach over several decades now has been to openly share our knowledge and expertise. We believe this has led to a high level of respect by all stakeholders, including our peers, regarding our business, our ethics and our trend-setting initiatives.
In our view, beneficiary funds can play a significant societal role in alleviating the financial plight of millions of households. If a beneficiary fund – whose assets belong to the minor child – can help a guardian or caregiver with the costs of feeding and educating the child, then you can see how beneficiary funds can be seen as an important part of the “social security puzzle”.
With the many advantages that they offer, we believe that all stakeholders should continue to partner with each to grow the beneficiary fund sector further.