Friday, October 10, 2025
  • About
  • Advertise
  • Privacy Policy
  • Cookie Policy
  • Contact
  • Subscribe
  • E-edition
  • Login
  • Register
  • Home
  • News
  • Economy
  • E-Edition
  • Companies & Markets
  • In Business With
  • Lifestyle
    • Motoring
  • Sports
    Karateka targets international titles

    Botswana gears up for high-stakes Gabs Open karate showdown

    Orange Botswana Awards P390,000 to Historic 4x400m Relay Champions, Coaches & BAA

    Orange Botswana Awards P390,000 to Historic 4x400m Relay Champions, Coaches & BAA

    Eppie’s breakthrough hints at a brighter future for Botswana’s 400m

    Eppie’s breakthrough hints at a brighter future for Botswana’s 400m

    Under Babitseng BFA will be transparent and accountable

    BFA slashes deficit and eyes bright future with financial reform and football revival

    Sports chief raises alarm over doping spike amid Region 5 triumph

    Sports chief raises alarm over doping spike amid Region 5 triumph

    𝐃𝐞𝐛𝐬𝐰𝐚𝐧𝐚 𝐑𝐞𝐜𝐨𝐠𝐧𝐢𝐬𝐞𝐝 𝐨𝐧 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐬𝐭𝐚𝐠𝐞 𝐰𝐢𝐭𝐡 𝐀𝐔𝐒𝐂 𝐦𝐞𝐝𝐚𝐥 𝐨𝐟 𝐇𝐨𝐧𝐨𝐮𝐫

    𝐃𝐞𝐛𝐬𝐰𝐚𝐧𝐚 𝐑𝐞𝐜𝐨𝐠𝐧𝐢𝐬𝐞𝐝 𝐨𝐧 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐬𝐭𝐚𝐠𝐞 𝐰𝐢𝐭𝐡 𝐀𝐔𝐒𝐂 𝐦𝐞𝐝𝐚𝐥 𝐨𝐟 𝐇𝐨𝐧𝐨𝐮𝐫

  • Subscribe
No Result
View All Result
  • Home
  • News
  • Economy
  • E-Edition
  • Companies & Markets
  • In Business With
  • Lifestyle
    • Motoring
  • Sports
    Karateka targets international titles

    Botswana gears up for high-stakes Gabs Open karate showdown

    Orange Botswana Awards P390,000 to Historic 4x400m Relay Champions, Coaches & BAA

    Orange Botswana Awards P390,000 to Historic 4x400m Relay Champions, Coaches & BAA

    Eppie’s breakthrough hints at a brighter future for Botswana’s 400m

    Eppie’s breakthrough hints at a brighter future for Botswana’s 400m

    Under Babitseng BFA will be transparent and accountable

    BFA slashes deficit and eyes bright future with financial reform and football revival

    Sports chief raises alarm over doping spike amid Region 5 triumph

    Sports chief raises alarm over doping spike amid Region 5 triumph

    𝐃𝐞𝐛𝐬𝐰𝐚𝐧𝐚 𝐑𝐞𝐜𝐨𝐠𝐧𝐢𝐬𝐞𝐝 𝐨𝐧 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐬𝐭𝐚𝐠𝐞 𝐰𝐢𝐭𝐡 𝐀𝐔𝐒𝐂 𝐦𝐞𝐝𝐚𝐥 𝐨𝐟 𝐇𝐨𝐧𝐨𝐮𝐫

    𝐃𝐞𝐛𝐬𝐰𝐚𝐧𝐚 𝐑𝐞𝐜𝐨𝐠𝐧𝐢𝐬𝐞𝐝 𝐨𝐧 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐬𝐭𝐚𝐠𝐞 𝐰𝐢𝐭𝐡 𝐀𝐔𝐒𝐂 𝐦𝐞𝐝𝐚𝐥 𝐨𝐟 𝐇𝐨𝐧𝐨𝐮𝐫

  • Subscribe
No Result
View All Result
The Business Weekly & Review
No Result
View All Result
Home News

Serame explains Delay with Retirement Funds Act Amendment Bill

The Act currently allows pension fund members to get their benefits only upon reaching retirement age and thereafter to receive monthly payouts.

mm by Kabelo Adamson
July 26, 2022
in News
Reading Time: 2 mins read
0
Botswana’s high-income status goal is achievable – Serame

GABORONE 7 February 2022, The minister of Finance and Economic Development Peggy Serame presenting the proposed budget for 2022/23 financial year to the National Assembly in Gaborone on 7 February 2022. Serame is the first female finance minister in the country to propose the national budget in the parliament. Serame is carrying a bag which is made in Botswana. (Pic: MONIRUL BHUIYAN/PRESS PHOTO)

Share on FacebookShare on Twitter
  • Says “complex” issues are holding back the bill
  • Amendment to enable access to funds before retirement age included
  • NBFIRA conducting research to add to bill

Members who wish to draw from their pension funds to meet their financial needs will have to wait a little longer because certain complexities have caused a delay in amendments to the Retirement Funds Act, the Minister of Finance and Economic Development, Peggy Serame, has said.

The Act currently allows pension fund members to get their benefits only upon reaching retirement age and thereafter to receive monthly payouts.

It is being amended to allow members to tap into their pension funds even before they reach retirement age for various purposes like servicing mortgages settling medical bills and making investments. Minister Serame was answering a question from the MP for Francistown South, Wynter Mmolotsi, in Parliament this week about when employees will be allowed to encash their pensions to meet their needs. She said the process has proved too complex but the bill will be brought to Parliament. “End of June this year we received the draft bill from the Attorney General’s Chambers and the next step is to present it before cabinet,” Serame told the House, adding that the bill will then be gazetted and brought before Parliament for debate before passing into law.

The minister said tapping into their pension funds before members reach retirement age is one of the predominant issues in the amendment to the Act, the idea being to save many from financial ruin and losing their homes. “One for of the key issues we looked at is for people to use pension funds to pay mortgages or medical expenses and others,” she explained.

She disclosed that the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) is carrying out research whose findings will be added to the bill before end of the year. “The third issue that goes with the amendment is the Income Tax Act Superannuation Regulations of 2001 which we are also reviewing because they also have clauses that are only in regulations but not in law,” Serame said. Reacting to the minister’s response, Mmolotsi pointed out that the minister had at one time indicated that the bill would be brought to parliament in July 2021 but it is now July 2022.

“Do you realise that this delay has caused many people to lose their houses which they have bought but have not paid them off due to loss of jobs during COVID-19?, Mmolotsi protested. “If you do recognise that, don’t you think this is the bill that should have been brought to Parliament on a certificate of urgency?” The minister agreed but noted: “But as I indicated at the beginning, because of the complexity of these issues, we have been going back and forth … I have a draft bill that has circulated in government and it is only left to be taken to cabinet.” She said if Parliament allows it, the bill will be brought to the House during the current session.

Tags: COVID-19Non-Bank Financial Institutions Regulatory Authority (NBFIRA)Peggy SerameWynter Mmolotsi

Navigation

  • Home
  • News
  • Economy
  • E-Edition
  • Companies & Markets
  • In Business With
  • Lifestyle
    • Motoring
  • Sports
  • Subscribe

Recent News

  • BOCRA Slashes Mobile Tariffs
  • Subdued, but consistently resilient; Standard Chartered reveals 2025 half year results
  • Access Bank Named Best Financier for Women Entrepreneurs in Africa
  • LLR aims to build P3 billion portfolio with annual returns above 7%
  • Employment & Labour Relations Act: Leave Encashment Now Recognised By the Law

Site

  • About
  • Advertise
  • Privacy Policy
  • Cookie Policy
  • Contact
  • Subscribe
  • E-edition

© 2021 The Business Weekly & Review. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
  • Economy
  • E-Edition
  • Companies & Markets
  • In Business With
  • Lifestyle
    • Motoring
  • Sports
  • Subscribe

© 2021 The Business Weekly & Review. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?