Bophelo Benefit Services (BBS) is of the opinion that many of the problems plaguing the Beneficiary Fund Administration Industry (and the Retirement Fund Industry as a whole), have been as a result of poor communication. This has led to many Fund trustees viewing the Beneficiary Fund Administration Industry as just another “money making scheme”, targeting the poor and vulnerable members of our society.
In a bid to sustain and improve communication between the administrator and the beneficiaries, BBS has implemented the following initiatives:
When a Beneficiary Fund is setup, a Guardian Acknowledgement Letter is sent to the Guardian of the beneficiaries for which the beneficiary fund has been setup. The letter details the beneficiaries’ names, their dates of birth, and the current investment value of each beneficiary fund.
Accompanying the Guardian Acknowledgement Letter is an Information Brochure that explains what a Beneficiary Fund is, how the Beneficiary Fund operates, what type of claims are allowed e.g. school fees, medical expenses as well as the documentation necessary to claim and how to contact us. This ensures that the Guardian is fully aware about the rules of the Fund and that there is money available for certain expenses (depending on the rules of the Beneficiary Fund).
A Certificate of Existence also accompanies the Guardian Acknowledgment Letter. This provides the Guardian an opportunity to update any information that may have changed since the Beneficiary fund account/s have been setup. Thereafter, the Certificate of Existence will be issued on an annual-basis to verify the existence of both the beneficiaries and the guardians.
The Guardian is obliged to complete and return the signed Certificate of Existence to BBS within 3 months of it being issued. Should BBS not receive the Certificate of Existence within the stipulated period; our administration staff will attempt to contact the Guardian. Should we not be able to establish contact, a more thorough investigation into the whereabouts of the Guardian (and beneficiaries) will be conducted. All payments from the Beneficiary fund will be stopped until the investigation is completed.
This ensures that contact with the Guardian is maintained, and that monies paid out are reaching the intended recipients.
BBS issues Beneficiary statement annually in order to keep guardians and beneficiaries up to date on the status of their Beneficiary fund accounts. It is vitally important that they receive regular communication to ensure that they know how much they have in the Beneficiary fund
Call Centres have become a significant mode of communication in modern business. BBS operates a Call Centre manned by an astute team of multilingual staff members who are fluent in all 11 of South Africa’s official languages.
Bearing in mind the nature of the Beneficiary funds we administer, i.e. minor beneficiaries and guardians who have lost their loved one/s, we believe in providing a personal and easy-to-use service.
Modern devices such as automated voice prompts have been replaced by a human voice. When a client calls through they will get answers to their queries from a person, without having to navigate through complicated telephone menus.
The staff manning our Call Centre will first establish the language that the caller is comfortable with. We always strive to get the updated contact details of the guardians to enable our Call Centre team to regularly contact them, e.g. at the end/beginning of the year when fees and other school-related expenses have to be paid.