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==What is a beneficiary fund?== A beneficiary fund is defined as a pension fund organisation in the Pension Funds Act No.24 of 1956 of South Africa, as amended in 2008. It is designed to accept and administer lump sum death benefits allocated in their discretion by pension fund trustees to the minor dependants of deceased pension fund members, as set out in section 37C of the Act. Beneficiary funds were introduced in January 2009. They play an important social role in Southern Africa, particularly among blue-collar worker families where guardians may not be sufficiently financially astute to manage minors’ funds on their own. Minor children stand a better chance of completing their education if their assets are managed in the beneficiary fund vehicle which is protected under the Pension Funds Act and overseen by a board of trustees.〔(【引用サイトリンク】title=http://www.poa.org.za/uploads/ftp/Jennifer_Grefen_NMG.pdf?PHPSESSID=45df6e61f37801a0e9325c7ea41b2981 )〕 Beneficiary funds are designed to protect the assets of children and therefore any retirement fund member, regardless of their level of income, can consider their use in estate planning as an alternative to a testamentary trust, by stipulating on their pension fund nomination form that the trustees consider the use of a beneficiary fund in the event of their death. Advantages of beneficiary funds are that they are cost effective and tax effective, and offer institutional investment returns. Beneficiary funds are taxed in the same manner as retirement funds in South Africa, that is no tax is paid in the fund. Furthermore any payment out of a beneficiary fund, whether capital or income, is tax free. Although some beneficiary fund accounts run into millions of rands, the average size is around R100 000 which, if carefully managed, can provide a monthly income and finance a child’s entire education through to tertiary level. When the member turns 18, the account is terminated and the funds paid out unless the member requests they remain in the beneficiary fund. At March 2014, according to the website of the Financial Services Board (South Africa), there were 24 beneficiary funds registered in South Africa.〔(【引用サイトリンク】title=Financial Services Board )〕 These funds manage minors’ assets totalling approximately R7 billion. Rapid further growth is expected as the industry becomes better known and the umbrella trust vehicle, which preceded the beneficiary fund, is phased out (see below under Background). 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Beneficiary fund」の詳細全文を読む スポンサード リンク
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