FAQ - English

FAQ - English FREQUENTLY ASKED QUESTIONS REGARDING CHANGES TO MEMBERSHIP TO THE KGANYA BENEFITS FUND TRUST I have received a notice about changes to my membership to the Kganya Benefits Fund Trust. What is this membership about? If you are a member of the Kganya Benefits Fund Trust, the notice is intended for you. If you are not a member of the Kganya Benefits Fund Trust, please disregard the notice. I have received a notice about changes to my membership to the Kganya Benefits Fund Trust. Will I stay a member of to the Kganya Benefits Fund Trust? • If you are a member of the Kganya Benefits Fund Trust, you will remain a member of the Kganya Benefits Fund Trust. • You will qualify and continue to qualify as a member beneficiary, entitled to the benefits of the Kganya Benefits Fund Trust, for as long as you pay your monthly membership contributions. I have received a notice about changes to my membership to the Kganya Benefits Fund Trust. What changes will be made to my membership? • Currently, all member beneficiaries of the Kganya Benefits Fund Trust receive cover for burial benefits, dread disease and personal accident benefits (" insured benefits ") through group policies procured by the Kganya Benefits Fund Trust and underwritten by Sanlam Developing Markets Limited (" Sanlam "). • However, due to a change in the insurance law, the Kganya Benefits Fund Trust and Sanlam may no longer continue with the group policies. • The Kganya Benefits Fund Trust will therefore no longer be able to provide and/or procure the insured benefits though the group policies. However, your insured benefits will not be lost but certain changes must be made to your membership . • In order to implement the changes mentioned, an amendment to the trust deed of the Kganya Benefits Fund Trust, and an amendment and/or repeal and replacement of the regulations issued by the Kganya Benefits Fund Trust, are required. These changes impact the insured benefits; and other benefits such as Leeto la Moria benefits, roadside assistance benefits, funerary management benefits and good health assessment benefits (in the case of church committee members who are member beneficiaries) (" non-insured benefits "). • The changes to your membership in terms of the insured benefits are as follows: o As a member beneficiary you will receive a Pukwana ya Kganya insurance contract, or a Thari ya Baruti Pukwana ya Kganya insurance contract in the case of committee members who are member beneficiaries, underwritten by Sanlam, and become a policyholder of Sanlam for the same insured benefits previously procured by the Kganya Benefits Fund Trust in terms of the group policies. Study the terms and conditions of the Pukwana ya Kganya insurance contract and the Thari ya Baruti Pukwana ya Kganya insurance contract carefully as they are different to the terms and conditions of the Kganya Benefits Fund Trust. o The amendments to the Kganya Benefits Fund Trust and the regulations to the Kganya Benefits Fund Trust will only change the way in which member beneficiaries have access to insured benefits. This will happen by replacing the vested benefits currently enjoyed through the Kganya Benefits Fund Trust with – § a vested right against the Kganya Benefits Fund Trust for payment of premiums; and