Who are the beneficiaries of the fund?
A beneficiary is any person who gains an advantage and/or profits from something. In the financial world, a beneficiary typically refers to someone eligible to receive distributions from a trust, will, or life insurance policy.
What is a beneficiary fund in South Africa?
A beneficiary fund is a uniquely South African entity designed to accept and administer lump sum death benefits allocated in their discretion by retirement fund trustees to the minor dependants of deceased retirement fund members, as set out in section 37C of the Act.
Where is J Arthur Brown?
Arthur Brown at the offices of the Department of Correctional Services in Cape Town. Convicted fraudster J Arthur Brown has been released on parole. The white-collar criminal was in 2014 sentenced to an effective 15 years behind bars for two fraud charges.
Who are my beneficiaries?
A beneficiary is the person or entity that you legally designate to receive the benefits from your financial products. For life insurance coverage, that is the death benefit your policy will pay if you die. For retirement or investment accounts, that is the balance of your assets in those accounts.
How does a beneficiary fund work?
A beneficiary fund is structured in the same way as a defined contribution retirement fund, with each member’s benefit and investment growth only benefitting that member. Benefits of the fund can also be paid out to a guardian or caregiver, as long as it is for the sole benefit of the child (beneficiary).
What is a major beneficiary?
1 : a person or thing that receives help or an advantage from something : one that benefits from something the main beneficiaries of these economic reforms. 2a law : the person designated to receive the income of an estate that is subject to a trust (see trust entry 1 sense 3a)
What happened to fidentia?
Fidentia was placed under curatorship in 2007. Brown maintains that up until the curatorship took effect, there were sufficient assets in the company to cover its liabilities.
Is Arthur Brown in jail?
Convicted fraudster J Arthur Brown, who led Fidentia while R1. 4bn went missing, has been released from Voorberg Prison on parole after serving seven years of a 15-year sentence.
What are the different types of beneficiaries?
Understanding Named Beneficiary
- Primary beneficiary: an individual who is first in line to receive benefits.
- Contingent beneficiary: an individual who receives the benefits of an account if the primary beneficiary is deceased, cannot be located, or refuses to accept the assets after the account owner’s death.