Richard Krepelka, CEO of Fairheads Benefit Services.
The Fairheads Group was historically made up of two components, Fairheads Benefit Services and Fairheads Trust. Old Mutual Wealth has recently announced its acquisition of the Fairheads Trust Company – while the Fairheads Benefit Services subsidiary remai
Fairheads Trust provides fiduciary services to high-net-worth individuals and was the niched private client part of the Fairheads Group which had for many years operated separately from Fairheads Benefit Services. It will continue to do so, but within the Old Mutual Wealth business.
”Fairheads Benefit Services, on the other hand, continues to be part of the Fairheads Group,” says Richard Krepelka, CEO of Fairheads Benefit Services. It is Southern Africa’s leading independent service provider of beneficiary funds and umbrella trusts. Fairheads Benefit Services retains its branding and trademark.
Beneficiary funds and their predecessor umbrella trusts, receive lump-sum death benefits which are managed by section 13B administrators such as Fairheads Benefit Services for the benefit of minor children of deceased pension fund members. The industry is valued at over R19 billion and serves an important social role in helping guardians to pay for subsistence and education expenses until children reach age 18 when the remaining capital is paid out to them. (See notes below).
Fairheads Benefit Services has led the market in grassroots communication, currently undertaking an educational roadshow for the third year across 30 venues in Southern Africa. The aim is to explain how beneficiary funds operate, including the need to draw up a household budget. In the process, says Mr Krepelka, the company is helping to lift the levels of financial literacy in the country.
Get the latest issue of FAnews