The Governance, Taxation and Regulation South Africa.

A beneficiary fund is a pension fund established in terms of section 1 of the Pension Funds Act, 24 of 1956 for the purposes of a dependant of a deceased's member. A Beneficiary Fund is a legal entity that is setup in accordance with the Pension Funds Act for the purpose of accepting Section 37C death benefit payments. The Beneficiary Fund has a board of trustees who are there to ensure that the monies (or other assets) are administered with the necessary care for the benefit of the beneficiaries. It is an efficient and flexible way to ensure that assets are looked after. It also ensures that assets are objectively managed and controlled by the appointed trustees in the best interest of the beneficiaries. The beneficiary fund has its own rules, its own Board of Trustees and a Principal Officer (who reports to the board of trustees and is responsible for the daily running of the Fund). The paper discusses the legislative frameworks, taxation, governance and adjudication of complaints relating to beneficiary funds. [ABSTRACT FROM AUTHOR]