Umbrella Beneficiary Funds

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.