The South African Road Passenger Bargaining Council's partnership with FedGroup has helped create a voice for members who have passed away and has ensured that their families receive continued support.
We understand the dilemma of safeguarding and providing for beneficiaries and, as a result, pension fund members can rest assured knowing that their families are taken care of when they no longer can. The care provided to beneficiaries provides new and valuable insight into the social issues in working class South Africa, particularly lower income earners.
The following story outlines a typical scenario of how young beneficiaries are provided for through Fedgroup’s Beneficiary Fund Trust:
The unexpected loss of their father left the Matenda boys, aged 10 years and 16 years, in charge of their own futures. The boys were taken under the protective wing of FedGroup Trust Administrators who set out to secure the boys’ future.
On his passing, Mr Matenda had a bond worth R116 000, and because the boys would essentially be looking after themselves, FedGroup’s first priority was to negotiate a lump sum payment and settle the bond, thus securing a home for the boys.
In addition, FedGroup set out to assist the boys with monthly income and education by paying their school fees and providing a sufficient monthly income for clothing and other necessities. FedGroup’s investment strategy has ensured that the remaining capital of Mr Matenda’s estate has been preserved.
Both boys have formed personal relationships with the Fedgroup Trustees and Administrators and have become a part of the FedGroup family. Entering the sixth year of managing the Matenda children’s Beneficiary Fund Trust, the FedGroup family looks forward to building on the relationship established with the boys.