Parliament passes Retirement Funds Bill

Matambo
Matambo

Parliament last week approved the Retirement Funds Bill of 2014 which will regulate pension funds in Botswana. The Bill will repeal the Pension and Provident Funds Act and re-enact it under a new name, the Retirement Funds Act.

The retirement funds to be  regulated by the new law include annuities, preservation funds, beneficiary funds, and external funds, among others. The Bill also regulates administrators and boards of retirement funds.

When presenting the Bill, Minister of Finance and Development Planning Kenneth Matambo said several reforms have been initiated by government to streamline the regulation of the sector, which include the establishment of the Non-Bank Financial Institutions Regulatory Authority (NBFIRA). He explained that NBFIRA has over reaching regulatory responsibilities for several financial services including insurance, retirement funds, collective investment undertakings, securities and other related activities.

Editor's Comment
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