PUBLIC NOTICE - COMMENCEMENT OF THE RETIREMENT FUNDS ACT (2022)

1. The Non-Bank Financial Institutions Regulatory Authority (“NBFIRA”) hereby informs members of the public about the commencement of the Retirement Funds Act 2022 (“the Act”) which commenced on the October 14, 2022. The Act repeals and replaces the previous Retirement Funds Act (2014).  The existing Rules and Guidelines remain applicable as far as they are not inconsistent with the provisions of the Act.

2. The main changes introduced by the Act pertain to;

1. Expanding and strengthening the Authority’s regulatory oversight powers;
2. Improving governance of pension funds to enhance professionalism;
3. Strengthening pension fund administration, regulation and oversight;
4. Changes in early withdrawals of accrued pension benefits by members, subject to qualifying conditions.

3. Stakeholders are advised to familiarise themselves with the new Act and other applicable Financial Services Laws. Affected members are urged to contact their pension funds for any inquiries or assistance on this matter.

4. A copy of the Act and related information may be accessed on the Authority’s website www.nbfira.org.bw. For further information, please call the Authority on 3686100 or 3102595 or email info@nbfira.org.bw.

Oduetse A. Motshidisi

CHIEF EXECUTIVE OFFICER

October 24, 2022