Death Benefit Services
ICTS Death Benefit Services aims to support both trustees of retirement funds and their service providers by not just complying with Section 37C but doing so in an efficient and compassionate manner.
When a loved one passes away, it’s a difficult time for everyone involved. In addition to the grief and sadness, there are often many practical matters to take care of, including funeral arrangements and settling the estate. In particular, when families are financially dependent on the deceased, the timeous payment of death benefits is so important and should not cause further stress for those concerned.
Avoiding unnecessary paper work and the fast resolution of the disbursement of retirement fund death benefits is vitally important, especially when dependants are financially reliant on those benefits . ICTS Death Benefit Services provides a full, outsourced death benefit service to retirement funds in terms of Section 37C of the Pension Funds Act. Retirement Fund Administrators can also purchase the ICTS death benefits software program, ICTS Connect, on a licencing basis.
If you are a Trustee/Principal Officer:
Manage your financial
and reputational risk
Follow sound advice and principles, supported by legal precedent and previous Adjudicator rulings, to avoid, as far as is practically possible, Adjudicator complaints. Have verifiable proof and paperwork to support trustee considerations on a fund’s death benefit payments.
Reduce your unclaimed
benefits
Meet FSCA requirements by seeking to constantly reduce the amount of unclaimed benefits in a fund.
Reduce costs
Lower the overall costs of a fund by removing the administrative burden of complex death benefit investigations and recommendations.
Minimise “cash drag”
Minimise the impact on investment returns of funds sitting in cash (where applicable) awaiting disbursement, due to timeous resolution of payments.
If you are an Administrator/Employee Benefits Consultant:
Reduce operational costs and risks
Reduce the costs and risks you incur in having to deal with complicated death benefit cases and benefit from the efficiencies made possible by the proprietary software used by ICTS, called ICTS Connect.
Assume variable costs
Rather adopt a variable cost strategy by outsourcing on a case by case or project basis.