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    Botswana’s women boxing on the rise 

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      Botswana’s women boxing on the rise 

      Boxers Finally Receive their Prize Money from 2022 African Championships

      Darts Expects Only P50K from BNSC for 2023/24

      Darts Expects Only P50K from BNSC for 2023/24

      Botswana athletes to train in USA

      Botswana athletes to train in USA

      Debswana’s BAA Sponsorship Plays Critical Role in Developing BW Athletics – Theetso

      Debswana’s BAA Sponsorship Plays Critical Role in Developing BW Athletics – Theetso

      Boxers yet to Receive Prizes from 2022 African Boxing Championships 

      Boxers yet to Receive Prizes from 2022 African Boxing Championships 

      April will see 2nd Instalment of Summer Kids Marathon

      April will see 2nd Instalment of Summer Kids Marathon

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      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)

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      • 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

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