Beneficiary Funds Administration
Our Service to the Fund
The Fund can expect a value rich personalised service from Bophelo Benefit Services. Our directive is to ensure that the Fund is completely at ease that the beneficiaries’ funds are being maintained with absolute safety and care. BBS strives to develop close relationships so that it feels more like the extension of the Fund’s service.
Our commitment to the Fund is as follows:
- Complete, accurate and timely information. The Fund will receive regular beneficiary fund registers, status and summary reports detailing their beneficiary account statuses and growth.
- Openness and transparency are paramount. The Fund will be able to question any facet of the administration of their beneficiary accounts and ad hoc statements and reports can be requested at any time.
- A listening ear as opposed to a hearing ear. The fund suggestions and needs will be highly valued since BBS understands that the fund has the greatest understanding of their beneficiaries. BBS will go out of the way to accommodate suggestions and improvements to the administration process.
Our Service to the Guardian and Beneficiary
BBS provides a warm, to the point service so that the dependant does not feel like they are going around in circles with their service provider. The guardians and the beneficiaries are our primary focus since they are the people that are dependent on the money invested for income and support. BBS understands that the dependants may not be able to control or deal with their monies or may not even understand where their money is. BBS understands that the dependant’s peace of mind is as important as that of the Fund. BBS’ commitment with respect to the beneficiaries is as follows:
- Cost effective service to beneficiaries by employing constant innovation and creativity to the administration process to keep BBS above the rest.
- Warm, personalised and to the point service from our call centre and administration staff. BBS understands the need for a client to be heard and understood.
- Competitive investment growth portfolios for all beneficiary accounts as a result of our alliances with well-established asset managers. BBS utilises a proven investment strategy to increase the fund capital while keeping the investment safe from depreciation.
- Timely payments made to beneficiaries through income payments and monetary withdrawals. BBS understands the meaning of “dependant” when referring to the beneficiaries. Every effort will be made to process payments as quickly and efficiently as possible for the beneficiaries.
BBS performs full administration for Section 37C Beneficiary Funds. This includes all aspects of Beneficiary Fund administration including but not limited to:
- Opening and investment of Beneficiary Accounts
- Regular communication with guardians and beneficiaries
- Periodic payments (income payments monthly, quarterly, bi-annually, etc.)
- Ad hoc payments for school fees/uniform/stationery/transport, chronic medication, etc.
- Payment of benefits once beneficiary accounts need to be terminated