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Botswana Life launches Retirement Annuity Fund

patriot by patriot
October 20, 2020
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Botswana Life Insurance Limited (Botswana Life) continues to cement its purpose, working to empower Batswana through insurance solutions and sound financial advisory, most recently with regard to retirement annuities. The leading life insurance provider today launched the Botswana Life Retirement Annuity Fund, an umbrella fund now housing all previously existing retirement policies, and which works to provide even greater client delight.

The new Retirement Annuity Fund was licenced in September 2019 and is compliant with relevant regulatory requirements, and indeed follows legislative changes prescribed by the enactment of the new Retirement Fund Act, under the purview of NBFIRA (Non-Bank Financial Institutions Regulatory Authority).

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The new Fund is a welcomed development in bringing even greater transparency through a dedicated fund administrator, increased opportunity for preservation, and greater agility and efficiency, all the while maintaining best practice and the utmost client confidentiality and security protocols. Botswana Life has, in establishing the umbrella fund, seized the opportunity to further enhance what the business provides in the retirement annuities space, playing an integral part in ensuring that Batswana are able to secure their futures and that of their loved ones.

Said Botswana Life Chief Executive Officer, Mr. Ronald Samuels, “We are confident that the Botswana Life Retirement Annuity Fund will serve our clients and policyholders well and is yet another example of our vision to be Botswana’s first choice in life insurance-based financial solutions and advisory services, with a holistic desire to ensure we help create legacies. We know we can do this best because we are a home-grown legacy brand, passionate, experienced and with a future-forward and ambitious outlook.”

The Retirement Annuity Fund houses other retirement policies such as Mompati, Offshore Gold, Botswana Citizen Pension and Personal Pension Plan Guaranteed will be overseen by a Board of Trustees. An administrator will be appointed as a third-party service provider tasked with protecting the interests of investors through independently verifying the assets and valuation of the Fund. Other responsibilities of the Administrator include day-to day operations of the Fund such as record keeping, contribution collection and benefit payments.

Samuels also spoke to the new governance of the Fund Administrators. He noted that these developments are per NBFIRA’s oversight and control and will not undermine existing policy rights and benefits. As regards existing clients, all rights and obligations relating to one’s membership will be transferred to the Botswana Life Retirement Annuity Fund in accordance with the provisions of the Retirement Fund Act.

“As is standard industry practice, Fund Administrators are a third-party service provider to a retirement fund whose mandated role is first and foremost the protection of the interests of investors. There are a number of Acts in place which govern membership of the Fund to ensure compliance: The Retirement Funds Act & Regulations, the NBFIRA Act, the Income Tax Act, and the Insurance Industry Act. As Botswana Life, we are fully committed to creating legacies and meeting the needs of Batswana for financial security, at once ensuring compliance, best practice and innovative solutions,” said Samuels.

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