Bophelo Benefit Services (BBS) favours the use of Umbrella Beneficiary funds for the setup of beneficiary funds arising from Section 37C of the Pension Funds Act. This provides a more cost efficient set-up.
BBS has established an Umbrella Beneficiary Fund called Bophelo Beneficiary Fund. The Board of Trustees of the Bophelo Beneficiary Fund are made up of Independent Trustees appointed by BBS. Should a Fund have its own Umbrella Beneficiary Fund, the Trustees are appointed by the Fund itself.
BBS encourages Funds with larger memberships to register their own Umbrella Beneficiary Funds; this gives the Fund more insight and control over the affairs of the Beneficiary Fund.