The establishment of the Beneficiary Fund ensures that the death benefits of a deceased member of a Retirement Fund are managed prudently. This is through the Board of Trustees that is approved by the FSRA after a due diligence exercise of the trustee is carried out.
When the benefit reaches the Fund, the surviving guardian is called in to assist in carrying out a beneficiary analysis process. This involves Fairlife getting a better understanding of the beneficiary in order to ascertain the best cause of action for the disbursement of the benefit. This is to ensure that the said benefit is utilized prudently and it lasts the furthest, preferably, until the beneficiary completes their education or reaches majority age whichever comes last.