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A Funeral advance is granted when a member of the Fund passes onto assist with funeral expenses. It is only meant for the member and family members and will be considered after it has been proven that they were indeed dependent on the deceased member.
The Insourcing came as a result of the BPOPF’s decision to improve service delivery time in a cost effective manner to members. This means that turnaround times for query resolution will reduce and the cost of administering the Fund is expected to reduce over time.
The member starts contributing in a new account which is referred to as “active account”. The deferred account will remain deferred, it is not merged with the active account. When the member reaches 45 years which is the early retirement age, the member may retire on the deferred account while still working and contributing towards pension. At retirement from active employment, the two accounts will be merged.
Additional voluntary contribution is the contribution that a member decides to contribute towards pension on top of the compulsory 5%. This would mean a higher pension deduction and the remaining salary is taxed.
Yes! There are pensioners who are still paid with cheques and these pensioners are highly encouraged to use prepaid cash cards for their convenience. Nevertheless, those who are being paid through their Banks can also use cash cards if they are interested.
The early retirement age is 45 years and normal/compulsory retirement age is 60 years.
When a member passes on, the whole benefit is paid out to the beneficiaries. BPOPF/ Employer undertakes investigations that will detemine the apportionment of the member’s accumulated pension to the beneficiaries.
The following documents are needed to rectify information in your benefit statement;
- Confirmation of 1st appointment letter
- Certified copy of Omang
- Copy of benefit statement
- Marriage certificate/Decree Absolute (for change of surname)
Members closer to retirement have a lower ability to take risk. In case of a loss they may not have sufficient time to recover before they retire. Their objective is, therefore, to preserve what they have accumulated over the years. To achieve this objective their money is invested in a Conservative Portfolio.
From April 2014, the Botswana Public Officers Pension Fund offers members nearing retirement an option to switch from the more aggressive portfolio (i.e. the Active Member and Deferred Pensioner portfolio to the more conservative portfolio (the Pre-Retirement portfolio). Deadline for submission is 31st January of every year. To read more click here...
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...