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An Annuity is a contract agreed upon by a retiree and the retirement fund or an insurance company detailing how monthly pension payments would be made to the pensioner for the rest of his or her life.
When a member retires, he or she has the option to either buy a monthly pension (annuity) from the BPOPF or from an insurance company registered in Botswana. In terms of the Pension and Provident Funds Act and Regulations it is compulsory for a member to buy an annuity when he or she retires from the BPOPF. To read more click here...