NBFIRA stirs up hornet's nest with pension funds
Friday, November 05, 2010
In a move that potentially involves P23.5 billion, the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) has stirred up a hornet's nest in proposals that will require pension funds to return and invest home offshore assets by 2030.
The proposals entail amending the Pensions and Provident Act to require a maximum of 70 percent of pension fund assets to be invested locally and the balance offshore by 2030. At present, the Act requires fund managers to invest a maximum of 30 percent of their pension fund portfolios domestically and the balance offshore.
The recent disclosure by the IEC that 2,513 registrations have been turned down due to various irregularities should prompt all Batswana to meticulously review the voters' rolls and address concerns about rejected registrations.The disparities flagged by the IEC are troubling and emphasise the significance of rigorous voter registration processes.Out of the rejected registrations, 29 individuals were disqualified due to non-existent Omang...