NMG takes reins at Botswana’s biggest pension fund
NMG Administrators Botswana, a subsidiary of the Johannesburg-based advisory and intermediary firm NMG Benefits, has been appointed the Fund Administrator for Botswana’s biggest pension fund, the Botswana Public Officers Pension Fund (BPOPF), and officially takes over the administration of the BPOPF on 1 June.
The move is a result of a 2017 decision by Botswana’s Non-Bank Financial Institutions Regulatory Authority (NBFIRA) that all pension funds in Botswana be administered by an independent fund administrator. NMG will be handling all claims processing, member education, enquiries, statements, pensioner payroll management and many other day-to-day tasks on behalf of BPOPF.
The appointment is a major win for NMG. The fund considered a range of proposals before selecting NMG due to its specialist skills in fund administration and NMG’s ability to work effectively as a strategic partner, said Jacky Mathekga, CEO of NMG Benefits.
“We are delighted to have been entrusted by BPOPF with this important appointment. As a leading specialist provider of employee benefit services, we focus on high quality strategic advice in relation to retirement, investments, and healthcare, with excellent service to back it up,” said Mathekga.
NMG Administrators Botswana is a 100% Botswana-based company which is 51% owned by the BPOPF’s Lecha investment arm, with 49% shareholding by the NMG Group. The Group’s South African operation, NMG Benefits, focuses on employee benefits such as Healthcare Consulting, Retirement Fund Consulting, Retirement Fund Administration, Investment Consulting and Actuarial Consulting.
The effect of the move on the BPOPF’s ~156 000 members will be ‘minimal’, said NMG Botswana’s acting chief executive officer, Gaolatlhe Otsetswe. NMG has taken leases on BPOPF’s existing offices in Gaborone, Francistown, Jwaneng and Maun, and all services and pay points will remain exactly the same as before.
“BPOPF as a pension fund remains accountable for its members as per the provisions of the Retirement Funds Act. It is simply the administration of the Fund that has been outsourced,” said Ms Otsetswe.
The information in this communication is for information purposes and is not intended to be detailed advice described in the Financial Advisory and Intermediary Services Act. The fund, administrator and trustees cannot be held liable for damage or loss suffered as a result of any action that you take based on the contents of this communication.