Section 37C of the Pension Funds Act No. 24 of 1956 governs the allocation of the benefit due as a result of the death of a retirement fund member. If part or all of the benefit is allocated to a minor child and the child’s caregiver is unable to administer the benefit on behalf of the child, the benefit may be transferred to a beneficiary fund, such as the NBC Umbrella Beneficiary Fund.

The NBC Umbrella Beneficiary Fund is registered with the Financial Services Board and must comply with the requirements of the Pension Funds Act. This provides an additional level of security for the beneficiaries. The umbrella arrangement provides for economies of scale therefore reducing the cost per beneficiary. The administration is outsourced to South Africa’s leading beneficiary fund administrator and their call centre is able to provide assistance in all of South Africa’s official languages. The asset managers appointed to invest assets on behalf of the beneficiaries are independent of NBC. An independent trustee has also been appointed to protect the interests of the beneficiaries.

Reports are provided for retirement fund trustee meetings and a representative is available to attend meetings.  An umbrella trust is also available to administer benefits which do not arise from a registered retirement fund.

Funds interested in participating in the NBC Umbrella Beneficiary Fund may contact us either via their consultant or directly. We will provide a product guide and sample of the application form. We are also available to present to the Board of Trustees. Should a decision be taken to participate in the Beneficiary Fund, a signed resolution to this effect will be required.

For more information contact:
Tonnie Mokoka - Trust Manager
Tel:    +27 (0) 10 206 0404
Email: MokokaT@nbc.co.za