The Botswana Public Officers Fund (BPOPF) is now mandated by law to have pension fund administration and investment management conducted by independent licensed entities. This means that these functions must be fully outsourced.
This became necessary due to the enacting by Parliament of the Retirement Funds Act in 2014 (RFA Act) and the promulgation of subsidiary legislation governing the RFA Act by the Non-Bank Financial Institutions Regulatory Authority (NBIFIRA).
BPOPF CEO, Boitumelo Molefe, said in a statement: “I would like to officially announce the commencement of the administration outsourcing project. The project duration is anticipated to be 18 months. This project will bring about significant change, as the fund administration function will be taken over by a separate entity from the BPOPF. This means members will be required to participate in the project by availing information during the transfer to the new administrator. The BPOPF will also use this project to meet KYC requirements, which is mandated by law through the Financial Intelligence (Amendment) Act 2018. This will again require the participation of all members of the Fund”.