Alexander Forbes
Beneficiary Fund

The fund

• Has been managing beneficiary fund benefits since 2009.
• Manages billions in assets for thousands of beneficiaries.

The purpose of a beneficiary fund is to manage the assets of both minor and major beneficiaries (who can’t manage their funds) when a member of a pension, provident and risk-only fund dies.

Beneficiaries are the dependants or nominees of deceased employees or retirement fund members who are entitled to death benefits.

The beneficiary can either be:

• MINOR – under the age of 18
• MAJOR – over the age of 18

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Types of benefits paid into the fund

The following benefits can be paid into a beneficiary fund:

• Approved retirement fund benefits: death benefits from retirement funds in terms of section 37C of the Pension Funds Act. Death benefits are payments made from a retirement fund policy or employment-related insurance policy to a deceased employee’s beneficiaries.
• Unapproved benefits: for example, employment-related group life insurance policies.

When trustees of a retirement fund conduct their investigation into how the deceased member’s benefits should be distributed, they can decide to have the benefits paid to a beneficiary fund instead of paying the lump-sum benefit to the guardian or caregiver. The beneficiary fund will then pay a monthly instalment to the guardian or caregiver of the major or minor beneficiary.

Our board of trustees brings together over 160 years of combined experience in the retirement and investment industry. Beyond their expertise, what truly sets them apart is their dedication to the people behind the numbers, namely, you and your loved ones.

The Fund is managed by six trustees:

• Three independent trustees
• Three internal trustees

These Trustees are not simply fulfilling a duty; they engage in thoughtful discussions. Every discussion, every decision is made with care and mindfulness, ensuring that the Fund meets its financial and legal commitments while protecting the interests of guardians and beneficiaries. Each trustee brings a unique area of expertise, enhancing the management of the Fund.

The trustees formally meet four times a year to review the Fund’s legal, financial, and governance framework. In addition, an annual investment workshop is held to discuss the Fund’s investment strategy and to explore new opportunities and keep the Fund aligned with the latest developments in the retirement industry. Throughout the year, sub-committees diligently handle day-to-day operations, ensuring that no detail is overlooked and that every aspect of the Fund is comprehensively managed.

Their goal is simple: to safeguard your future with integrity, transparency, and compassion. Every contribution they make is guided by the belief that behind every policy and investment is a family, a guardian, and a beneficiary who deserves peace of mind.