FAIRLIFE PRODUCTS AND SERVICES
The Company provides a comprehensive range of value added products and services that are specifically catered to our target market and business associates. These services include:-
Beneficiary Fund Services
The Company has sponsored the establishment of a Beneficiary Fund through which it provides beneficiary administration services. The Beneficiary Fund caters for all dependents of deceased former Retirement Fund members by ensuring that minor children derive care in terms of educational and subsistence needs. Upon the death or disability of a member of a Retirement Fund, Trustees may take a resolution to hand over assets of the former member to the Fairlife Beneficiary Fund to professionally manage. The Beneficiary Fund will in turn invest these benefits through reputable investment managers in a conservative manner to ensure that no losses are incurred and that these benefits see dependents through school and tertiary education.
Beneficiary Fund Administration
The Fund provides beneficiary fund administration, safe guarding and disbursement of the assets to beneficiaries. The administrator utilises a user friendly software to promptly carry out the functions of disbursements, timely reporting of the progress, data and performance of the assets. The fund administrator also liaises with Asset Managers, through the involvement of Fund Trustees, to carry out their function with integrity, transparency and honesty. Upon death or disability of a member of a retirement fund, the Trustees of the retirement funds may take a resolution to hand over the assets of the former member to the Fairlife Beneficiary Fund to manage.
This service is provided mainly to Retirement Funds in respect of deceased members but has been extended to insurance companies (unclaimed benefits) and financial institutions (inactive accounts). In respect to deceased Retirement Fund members, the process involves an in depth investigation to ascertain the late member’s dependents and nominees. The process entails identifying potential recipients whilst at the same time assessing their financial, emotional and physical circumstances of each beneficiary. Following the investigation, a comprehensive report is provided to the Trustees to assist them in making informed decisions with regard to the distribution of death benefits in terms of Section 33 of the Retirement Funds Act.
The Company provides independent Trustee Training to the industry on all aspects related to retirement fund management, including legislative requirements and all aspects of the regulatory framework. The Trustee Training is provided on a fee basis and have the main aim of enhancing the skills of those who have been entrusted with the important function of being Trustee or Principal Officer and the fiduciary responsibilities and duties that come with the role.
Third Party Administration Services
The Company has the capability to handle various types of administrative responsibilities, on a fee-for-services basis, for organizations involved in cash flow programs. These responsibilities typically include but not limited to claims administration, pensioner payments and risk management information systems..