Botswana's Public Officers Pension Fund (BPOF), with 83 billion pula (R102-billion) in assets under management, has appointed South African advisory firm NMG Benefits to administrate the fund.
Effective June 2, NMG Botswana, a joint venture between BPOPF (51%) and NMG South Africa (49%), will collect contributions, manage payrolls and maintain records for the 156,000-member fund, it said late on Wednesday.
The outsourcing of the fund’s administration is to comply with a 2017 decision by Botswana's regulators that all pension funds be managed by an independent administrator unconnected with the fund itself.
The BPOF, one of Africa's largest pension funds and the dominant investor in the diamond producer's economy with stakes in energy, mining and retail, has been anxious to fall in line with financial regulations and streamline its administration after ending an outsourcing deal with Alexander Forbes in 2015.
Botswana's financial industry has been growing in recent years to become a key driver of growth in the services sector, but the industry is still dominated by South African firms.
Botswana's R102-billion pension fund appoints South African administrator
Image: andreypopov / 123RF
Botswana's Public Officers Pension Fund (BPOF), with 83 billion pula (R102-billion) in assets under management, has appointed South African advisory firm NMG Benefits to administrate the fund.
Effective June 2, NMG Botswana, a joint venture between BPOPF (51%) and NMG South Africa (49%), will collect contributions, manage payrolls and maintain records for the 156,000-member fund, it said late on Wednesday.
The outsourcing of the fund’s administration is to comply with a 2017 decision by Botswana's regulators that all pension funds be managed by an independent administrator unconnected with the fund itself.
The BPOF, one of Africa's largest pension funds and the dominant investor in the diamond producer's economy with stakes in energy, mining and retail, has been anxious to fall in line with financial regulations and streamline its administration after ending an outsourcing deal with Alexander Forbes in 2015.
Botswana's financial industry has been growing in recent years to become a key driver of growth in the services sector, but the industry is still dominated by South African firms.
Protest action delays pension payout on KZN south coast
Asset Forfeiture Unit returns almost R1m to victims of inheritance fraud
Would you like to comment on this article?
Register (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Trending
Related articles
Latest Videos