The Botswana Non-Bank Financial Institutions Regulatory Authority (NBFIRA) issued a circular instructing retirement funds to run an exercise to update members’ Beneficiary Nomination Forms and to improve the timeliness of annual Benefit and Projection Statements, in the context of paying lump-sum benefits on a member’s death. Funds must provide NBFIRA with written confirmation or a status update on the beneficiary nomination update exercise by 31 July 2025. After this exercise, only Beneficiary Nomination Forms signed and dated within the prior 18 months will be treated as the “most recent” for purposes of Regulation 29 of the Retirement Funds Regulations, Regulation 2e(iv) of the Income Tax (Superannuation Funds) Regulations and Administrative Rule PFR12. The circular also reiterates that funds should issue annual Benefit and Projection Statements to members within 30 days after completion of the retirement fund’s financial year-end audit, in line with PFR13.
Botswana Non-Bank Financial Institutions Regulatory Authority 2025-05-02
Botswana Non-Bank Financial Institutions Regulatory Authority directs retirement funds to refresh beneficiary nominations by 31 July 2025 and issue annual benefit statements within 30 days of audit
The Botswana Non-Bank Financial Institutions Regulatory Authority issued a circular requiring retirement funds to update members' Beneficiary Nomination Forms and improve the timeliness of annual Benefit and Projection Statements. Only forms signed within the prior 18 months will be considered "most recent" for regulatory purposes. Funds must confirm the update exercise to NBFIRA by 31 July 2025.