Regulatory Alerts2026-02-03
Retirement Funds Regulations, 2025
The Botswana Minister of Finance, acting through the Regulatory Authority, has promulgated comprehensive licensing and operational rules for retirement funds and fund administrators under the Retirement Funds Act. The regulations mandate strict application procedures, minimum capital and professional qualification requirements for administrators, and enforce timely employer contribution payments with specified interest penalties for non-compliance. Additionally, the framework standardizes financial reporting timelines, defines transfer and amalgamation protocols for preservation funds, and establishes clear appointment and accountability standards for principal officers.
REPUBLIC OF BOTSWANA GOVERNMENT GAZETTE EXTRAORDINARY
Vol. LXIII, No. 125 GABORONE 28th November, 2025
CONTENTS
Page
Supplement C — Retirement Funds Regulations, 2025 — S.I. No. 145 of 2025................................C.1245 – 1335
The Botswana Government Gazette is printed by Department of Government Printing and Publishing Services, Private Bag 0081, GABORONE, Republic of Botswana. Annual subscription rates are P700.00 post free surface mail, SADC Countries airmail P1,500.00, Rest of Africa airmail P1,500.00, Europe and USA airmail P1,850.00. The price for this issue of the Extraordinary Gazette is P10.00.
Supplement C — Botswana Government Extraordinary Gazette dated 28th November, 2025 C.1245
Statutory Instrument No. 145 of 2025
RETIREMENT FUNDS ACT (Act No. 38 of 2022)
RETIREMENT FUNDS REGULATIONS, 2025 (Published on 28th November, 2025)
ARRANGEMENT OF REGULATIONS
REGULATION
PART I — Preliminary
- Citation
- Interpretation
PART II — Licensing Requirements for Funds and Fund Administrators
- Application for licence
- Payment of contributions
- Preservation fund
- Beneficiary fund
- External fund
- Multi-employer and individual retirement fund
- Issuance of licence
- Cancellation of licence
- Application for licence as fund administrator
- Renewal of retirement fund administrator’s licence
- Principal officer of licensed fund
PART III — Financial Reports
- Audited financial statements by fund
- Annual returns
PART IV — Amalgamation and Transfers
- Transfer into preservation fund
PART V — General
- Inspection of documents
- Revocation of S.I. No. 38 of 2017
- Savings SCHEDULES
IN EXERCISE of the powers conferred on the Minister of Finance by section 65 of the Retirement Funds Act, the following Regulations are hereby made —
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PART I — Preliminary
Citation
- These Regulations may be cited as the Retirement Funds Regulations, 2025.
Interpretation 2. In these Regulations unless the context otherwise requires — "defined benefit fund" means a fund other than a defined contribution fund; "defined contribution basis of funding" with reference to the manner in which the retirement benefit is determined, means that each member receives a retirement benefit which is not guaranteed and which has a value equal to the balance on the member’s retirement in that member’s individual account; "fund return" means — (a) in relation to the assets of a fund, any income received or accrued and capital gains and losses realised or unrealised, earned on the assets of the fund, net of expenses and tax charges, associated with the acquisition, holding or disposal of assets; or (b) in relation to any portion of the assets of a fund if the assets are separately identifiable, any income received or accrued and capital gains and losses realised or unrealised, earned on those assets, net of expenses and tax charges, associated with the acquisition, holding or disposal of those assets: Provided that where an asset is a policy of insurance, fund return means the growth rate or bonus rate as declared on that policy by the insurer, whether positive, negative or nil; "member’s individual account" means, in relation to a defined contribution fund, an account to which the following amounts are credited — (a) any contributions paid by, or on behalf of the member, less such expenses as the board of trustees shall determine; (b) any transfer value received from another fund; (c) any amount which represents the member’s opening balance on conversion of the fund from a defined benefit to a defined contribution basis of funding, as determined by the actuary; (d) any shares of surplus, approved by the board; (e) fund return; and (f) such interest declared by the board of trustees from time to time and which is debited with any benefit payable, or any transfer of the balance in the account after payment of the benefit due to the member into a reserve account on exit of the member: Provided that where such an accounting structure is not maintained by the fund, such amount as shall approximate what would have applied if such an accounting structure had been maintained; and "pensionable income" means the income of a member of a pension fund or provident fund on which the benefits payable from the fund are to be calculated, whether referred to as salary, pensionable salary, pensionable income or any similar term considered by the Regulatory Authority to be suitable.
PART II — Licensing Requirements for Funds and Fund Administrators
Application for licence 3. (1) A person who wishes to establish a retirement fund shall apply to the Regulatory Authority in Form A set out in Schedule 1.
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(2) An application under subregulation (1) shall be accompanied by — (a) an application letter from the employer, stating that it wishes to establish a retirement fund; (b) a statement from the principal officer setting out the method of funding; (c) three years’ projection of the fund growth in terms of membership, assets including projected interest earnings; (d) proof of consent from members; and (e) a fee set out in Schedule 3. (3) Where the Regulatory Authority is satisfied that conditions set out in section 5 of the Act are met, the Regulatory Authority shall issue a licence to an applicant.
Payment of contributions 4. (1) An employer of a member of a fund shall, within seven days of the contributions becoming payable, pay contributions referred to in section 9 in accordance with the fees schedule set out in Schedule 3. (2) Where an employer fails to pay in accordance with subregulation (1) — (a) the principal officer shall report the failure to the Regulatory Authority; and (b) the employer shall be liable to pay to the fund, interest at the rate of 5% on the amount of contribution not transmitted to the fund or the latest rate of investment return declared by the fund, whichever is greater, from the first day following the expiration of the seven days within which such funds were due and payable.
Preservation fund 5. A person who wishes to operate a preservation fund shall apply in accordance with regulation 3 and such application shall contain — (a) an application letter from the employer, stating that it wishes to start a preservation fund; (b) a statement from the principal officer setting out the method of funding; (c) three years’ projection of the fund growth in terms of membership, assets including projected interest earnings; and (d) proof of consent from members.
Beneficiary fund 6. (1) A person who wishes to operate a beneficiary fund shall apply in accordance with regulation 3 and this regulation. (2) The Regulatory Authority shall only licence an applicant under subregulation (1) if it is satisfied that — (a) the beneficiary fund is allowed to accept and receive retirement benefits or lump sum death benefits of deceased members of retirement funds; (b) death benefits shall be paid over by the pension fund to beneficiary fund with instructions from beneficiaries; (c) the beneficiary fund has set up a beneficiary account when a member dies for the benefit of deceased members of the fund who are minors, still in school or disabled; and (d) ensure that assets are objectively managed and controlled by the appointed board of trustees in the best interest of the beneficiaries or members.
External fund 7. (1) A person who wishes to operate an external fund shall apply in accordance with regulation 3 of these regulations and such application fund shall further be accompanied by the following — (a) information — (i) the full name of the fund, (ii) the full name and address of the fund administrator, (iii) the full name and address of any supervisory authority to which the fund is subject in the jurisdiction in which the fund is established,
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(iv) the full name and address of the custodian, (v) the jurisdiction in which the fund is operated, (vi) the total membership of the fund divided in terms of the number of members resident in Botswana and the rest of the members, (vii) the full names and addresses of a representative or a principal officer and a representative of the fund members in Botswana, and (viii) the physical address where facilities will be maintained to enable the following — (aa) members to obtain benefit statements and payment of pension benefits, (bb) the rules of the fund and the annual and half yearly reports to be examined free of charge and copies to be obtained if required, and (cc) complaints to be made for forwarding to the head office of the fund; and (b) documentation — (i) on the application form, (ii) a statement or certificate from the supervisory authority of the fund, confirming that it has been authorised, (iii) a certified copy of the rules of fund and any amendments thereto, (iv) the audited financial statements of the previous three years, (v) an exemption letter from the actuary where applicable, (vi) the investment policy of the fund, (vii) a compliance letter from the supervisory authority of the fund, and (viii) a copy of any other document affecting the rights of the members in the fund. (3) The documentation submitted in accordance with subregulation (2) (b) to the Regulatory Authority shall be in English. (4) Where an external fund which existed at the date of coming into operation of the Act has admitted members resident in Botswana, such fund shall have six months from the date of operation of these Regulations within which to obtain a licence, failing which those members resident in Botswana shall cease to be members of that fund.
Multi-employer and individual retirement fund 8. (1) A person who wishes to operate a multi-employer or individual retirement fund shall apply for a licence in accordance with regulation 3 and Form B set out in Schedule 1 of these Regulations and the application shall further be accompanied by the following — (a) a covering letter, specifying the name of the fund administrator; (b) a licensing fee; (c) proof of consent of members; (d) cost to the members and employers; (e) where applicable, a charter between the board of trustees and the management committee; and (f) three copies of special rules, to be read in conjunction with the main rules of the multi-employer fund, duly signed by a representative of the participating employer and the principal officer of the multi-employer fund. (2) The rules applicable to a sub-fund shall provide for the following — (a) full name of the participating employer, including reference to any prior changes of the name; (b) date of commencement of participation of the employer in the fund;
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(c) a list of definitions, defining the terms which are frequently used in the rules, and which bear a special connotation; (d) registered physical address of the participating employer; (e) eligibility for membership; (f) contribution rates of both employer and employees; (g) retirement age encompassing normal, early and late retirement; (h) benefits disability and death; (i) mode of communication to members; (j) a management committee which may consist of a minimum of three members; and (k) any other information of importance specific to the sub-fund.
Issuance of licence 9. Where the Regulatory Authority is satisfied that an applicant under these Regulations has satisfied all the requirements and upon payment of a licensing fee set out in Schedule 3, issue a licence in accordance with Form A set out in Schedule 2.
Cancellation of licence 10. A licence issued under these Regulations may be cancelled where — (a) under section 40, the Regulatory Authority has terminated a fund; and (b) under section 48, there has been an amalgamation of two or more funds and any fund has ceased to have assets or liabilities as a result.
Application for licence as fund administrator 11. (1) A person who wishes to apply for a fund administrator’s licence shall apply to the Regulatory Authority in accordance Form C set out in Schedule 1, and such application shall be accompanied by the following documents — (a) contact details of parties assisting with the application; (b) particulars of the directors and senior managers; (c) questionnaires for directors and senior managers; (d) particulars of service providers; (e) questionnaires for service providers; (f) a risk management plan; (g) a business plan which shall contain, amongst others, the following — (i) business strategy and objectives of the fund administrator, (ii) the services to be rendered, (iii) financial projection, and (iv) implementation plan; (h) certified copies of incorporation documents; (i) a structural chart of the company group, where applicable; (j) an organisational chart of the fund administrator; (k) a sample contract and service level agreement to be used in respect of a client pension or provident fund; (l) a copy of the fund administrator’s professional indemnity insurance policy; (m) a copy of report by an insurance professional advising on the amount of professional indemnity cover to be held; (n) an overview of administration system, controls and reporting capabilities of the administrator; (o) a declaration from the auditors that the systems and controls have been investigated and have been found to be appropriate for a fund administrator or a qualified declaration that identifies the issues that the fund administrator may have to address; (p) a disaster recovery plan; (q) the latest three years audited accounts and management letters of the applicant company, where applicable;
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(r) an ownership structure of the applicant in columnar format showing the name and profession, business of proposed investors, address, percentage shareholding, qualifications and resume of a shareholder; (s) the non-refundable application fee as set out in Schedule 3; (t) the board of trustees resolution permitting the institution to undertake fund administration services; (u) an application for approval of board of trustees members and their qualifications; (v) attestation that the applicant or its subscribers, directors or officers have never mismanaged, either fully or partially, any fund; and (w) any other information listed in Form C. (2) An organisation wishing to be licensed to carry on the business of a fund administrator shall satisfy the following requirements, and shall submit evidence that it — (a) is a company duly incorporated under the Companies Act; (b) shall not engage in any business other than the management of retirement funds; (c) has the professional and technical capacity to manage retirement funds and administer retirement benefits; (d) has satisfied all requirements determined by the Regulatory Authority, other relevant laws or any such additional requirements or conditions as may be determined from time to time by the Regulatory Authority; and (e) possesses appropriate information and communication technology that could adequately cater for online real-time transactions in addition to keeping proper accounting records. (3) Where a company is seeking to be licensed as a fund administrator, the minimum paid up share capital including unimpaired reserves of the company shall be P500 000 or such value as the Regulatory Authority may from time to time determine. (4) A company rendering administration services to a fund shall at all times have in its senior management at least four persons who are academically and professionally qualified in matters relating to administration of retirement funds, and at least one person in any of the following disciplines — (a) insurance; (b) law; (c) accounting; (d) actuarial science; (e) economics; (f) banking; (g) finance; or (h) investment of scheme funds. (5) Where the Regulatory Authority is satisfied that conditions set out in this Regulation are met, the Regulatory Authority shall issue a licence to an applicant in accordance with Form B set out in Schedule 2. (6) Where an administrator contravenes any provision of these Regulations, the Regulatory Authority shall forthwith notify the administrator in writing to require the administrator to furnish it with reasons as to why his or her licence as an administrator shall not be revoked within 30 days of the date of the notice.
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(7) The Regulatory Authority may, where no satisfactory reasons have been furnished within the specified period, after giving a notice in writing, revoke the licence of the administrator. (8) Where the administrator otherwise ceases to render administration services, perform administration business, or the business of the administrator is dissolved or liquidated, the licensing of an administrator by the Regulatory Authority shall be deemed to have lapsed, without prejudice to any legal obligations incurred by such administrator under the Act. (9) Where a fund administrator’s licence is revoked due to voluntary winding up, the fund administrator shall submit with the application for approval of the appointment of a liquidator the following information — (a) a questionnaire completed by the liquidator regarding his or her appointment as such; and (b) a declaration by the liquidator. (10) The application for appointment of a liquidator shall be accompanied by a certified copy of the resolution of the board of management of the fund administrator appointing the liquidator, and an indication of the justification for the liquidation.
Renewal of retirement fund administrator’s licence 12. (1) A licensed fund administrator may apply for the renewal of licence, at least one month before the date of expiry of the licence, in accordance with Form D set out in Schedule 1 and such application shall be accompanied by the following — (a) the size of fund administered business as at the latest audited financial statements; (b) the amount of paid-up share capital; (c) the amount of professional indemnity covers and related insurances; (d) the details of key persons; (e) a chart showing the current shareholding and organisational structure of the company, with names of controllers accompanying all senior management positions; (f) a board of trustees resolution authorising the renewal of the licence; (g) a copy of valid fund administrator’s professional indemnity and fidelity guarantee insurance policies; (h) proof of minimum paid up share capital by the auditor, including unimpaired reserves of the company of P 500 000; and (i) an updated business plan, risk management plan and services rendered. (2) The fund administrator’s licence shall be renewable every three years. (3) An application for renewal of a licence shall be accompanied by a non-refundable application fee set out in Schedule 3.
Principal officer of licensed fund 13. (1) A fund shall not appoint a principal officer without the approval of the Regulatory Authority. (2) The fund shall, when appointing a person as a principal officer, ensure that the person — (a) has not been adjudged an undischarged bankrupt or insolvent in any country; (b) has not made an assignment to or an arrangement or composition with creditors which has not been rescinded or set aside; (c) not been convicted by any court in any country of an offence involving dishonesty or of an offence in terms of the Act, for which the applicant was imprisoned without the option of a fine; (d) meets the experience and qualifications requirements determined by the Regulatory Authority; and
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(e) is fit to hold the office. (3) The principal officer shall be appointed in terms of section 18 of the Act and shall complete a declaration in Form E set out in Schedule 1. (4) A fund that is starting up until the fund resigns or his or her contract of employment is terminated, he or she shall submit a report in compliance with section 20 (3) (b) of the Act. (5) Where a principal officer of a retirement fund resigns or his or her contract of employment is terminated, he or she shall submit a report in compliance with section 20 (3) (b) of the Act. (6) When a principal officer of a retirement fund resigns or his or her contract of employment is terminated, he or she shall notify the Regulatory Authority in Form F set out in Schedule 1.
PART III — Financial Reports
Audited financial statements by fund 14. (1) A fund shall, within four months after the end of its financial year, prepare and send to the Regulatory Authority under cover of a letter signed by the chairperson of the board of trustees and the principal officer of the fund, a copy of the audited annual financial statements of the fund together with a report signed by the auditor. (2) The name of the fund and the financial year or date to which the document relates shall be shown on each of the documents submitted in terms of subregulation (1). (3) In the case of a multi-employer fund, the fund shall, within four months after the end of its financial year, prepare and send to the Regulatory Authority under cover of a letter signed by the representative of the management committee and the principal officer of the multi-employer fund, a copy of abridged annual financial accounts of each sub-fund. (4) The minimum requirements of the financial accounts shall be — (a) total contributions; (b) unremitted contributions; (c) benefit payments; (d) returns on investments; and (e) expenses of the fund. (5) In the case of an external fund, the Regulatory Authority may accept documents in a format other than that required in subregulation (1) if the information referred to in subregulation (1) is contained therein. (6) Where the auditor is unable to sign a report in the form required by subregulation (1) without qualification, the auditor shall amend that report in such form as he or she considers appropriate provided the matters shown in that form are addressed, and include the reasons why he or she is unable to sign the report without qualification.
Annual returns 15. A fund administrator shall, within four months after the end of its financial year furnish to the Regulatory Authority the following annual returns, in accordance with section 27 of the Act — (a) audited financial statements; and (b) the annual return for a fund administrator.
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PART IV — Amalgamation and Transfers
Transfer into preservation fund 16. (1) Accrued retirement benefits of a member of a pension fund shall be retained in a preservation fund until retirement or death, whichever comes first. (2) Retirement benefits may be transferred into the preservation fund from — (a) an employer’s pension fund; (b) another preservation fund; (c) an employer’s provident fund; or (d) preservation provident fund. (3) Benefits from a provident fund may only be transferred into a preservation fund if — (a) an employee leaves the service of a participating employer through resignation, dismissal or retrenchment; (b) the pension fund is dissolved; (c) an employer’s business is taken over by another employer; (d) a member of a preservation fund chooses to transfer to another preservation fund; (e) a member of a pension fund or the member’s dependent does not claim the benefits within 24 months of becoming entitled to them; (f) the benefit is reduced as a result of the provisions of section 52 of the Act; (g) a transfer from a preservation fund to an employer pension and provident fund is not allowed; (h) a transfer between two preservation pension funds or two preservation provident funds respectively is allowed; or (i) the benefits relate to employees of an employer whose business is taken over by another in terms of section 45. (4) Where any member has not claimed funds within 24 months of being so entitled to the funds, the board of trustees may determine that the funds be transferred into the preservation fund. (5) Notwithstanding anything provided in these Regulations — (a) a member’s accrued benefit in a specific provident or pension fund may not be transferred to more than one preservation fund but the benefits may be divided between a preservation fund and a retirement annuity fund; (b) a member may transfer a portion of his or her benefits in a preservation fund to a retirement fund; (c) a member may transfer a portion of his or her benefit in a preservation fund to a non-member in terms of a divorce order or in terms of a maintenance order; and (d) an employee whose retirement scheme changes from a pension fund to a provident fund shall not transfer accrued pension benefits to a preservation fund unless the pension fund in question is dissolved.
PART V — General
Inspection of documents 17. (1) Any person may, upon payment of a fee set out in Schedule, inspect any document lodged with the Regulatory Authority. (2) Any person may, upon payment of a fee set out in Schedule 3, take extracts from any document referred to in subregulation (1) or obtain a copy thereof.
Revocation of S.I. No. 38 of 2017 18. The Retirement Funds Regulations are hereby revoked.
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Savings 19. Any decision or action lawfully taken by the Minister, Regulatory Authority or any officer prior to the commencement of these Regulations, in so far as they relate to the powers and functions of the Regulatory Authority and are not inconsistent with the provisions of these Regulations, are deemed to be decisions made and actions taken under these Regulations.
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SCHEDULES
SCHEDULE 1
Forms
NON-BANK FINANCIAL INSTITUTIONS REGULATORY AUTHORITY (NBFIRA)
FORM A
New Licence Application – Retirement Fund (reg. 3 (1))
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- General Information Fund Details 1.1. Name of the fund: .................................................................................... 1.2. State whether the fund is a defined contribution or a defined benefit fund: [ ] Defined Contribution (DC) [ ] Defined Benefit (DB) 1.3. Contribution to be paid by the: Members ............................ Employer.......................... Or (if defined benefit only balance of cost) 1.4. Allocation of contributions (% of contribution): Risk benefits................................................................................................ Expenses...................................................................................................... Savings........................................................................................................ 1.5. If DB, please state the accrual rate:.......................................................... 1.6. Normal retirement age:............................................................................. 1.7. State the type of fund:.............................................................................. [ ] New fund [ ] Existing fund 1.8. And the fund is a: [ ] Single-employer fund [ ] Multi-employer fund
Registered Office 1.9. Provide details of the fund’s registered office: Building....................................................................................................... Road............................................................................................................ Town........................................................................................................... Country........................................................................................................ Postal Address:............................................................................................ .................................................................................................................... .................................................................................................................... Telephone.................................................................................................... Fax.............................................................................................................. Email address...............................................................................................
Principal place of business 1.10. If different to Registered Office, provide details of the fund’s principal place of business: Building....................................................................................................... Road............................................................................................................ Town........................................................................................................... Country........................................................................................................ Postal Address:............................................................................................ ....................................................................................................................
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Telephone.................................................................................................... Fax.............................................................................................................. Email address...............................................................................................
Details of the Sponsor of the Multi-employer Fund (Only to be completed if the fund is seeking to be licensed as a multi-employer fund) 1.11. Provide details of the sponsor of the multi-employer fund (if applicable) Name: ......................................................................................................... Certificate of incorporation: ....................................................................... Registered office: Building....................................................................................................... Road............................................................................................................ Town........................................................................................................... Country........................................................................................................ Postal Address ............................................................................................ .................................................................................................................... .................................................................................................................... Telephone.................................................................................................... Fax.............................................................................................................. Email address ..............................................................................................
Reliance on Other Parties 1.12. Provide the name of the persons who assisted in compiling this application (where applicable). Name........................................................................................................... Name........................................................................................................... Name...........................................................................................................
(Contact details of these persons are provided in Appendix A)
Contact Details 1.13. Provide details of the contact person(s) for further enquiries regarding this application Name........................................................................................................... Qualification/role........................................................................................ Postal Address............................................................................................. .................................................................................................................... .................................................................................................................... Telephone.................................................................................................... Fax.............................................................................................................. Email...........................................................................................................
- Governance
Key Persons 2.1. The trustees have been appointed/elected [ ] Yes [ ] No (If YES, complete Appendix A and Appendix D for each Trustee and attach with application. Please note that the Authority may refuse to register the fund until the Trustees have been appointed and these details have been supplied)
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2.2. The Chairperson of the fund has been appointed [ ] Yes [ ] No (If YES, complete, Appendix A and attach with application)
2.3. The Principal Officer/ Representative has been appointed [ ] Yes [ ] No (If YES, complete Appendix A attach with application)
2.4. The following service providers/office bearers have been appointed: Auditor [ ] Yes [ ] No Actuary [ ] Yes [ ] No Legal Advisor [ ] Yes [ ] No Asset Manager [ ] Yes [ ] No Administrator [ ] Yes [ ] No Custodian [ ] Yes [ ] No
(If YES, complete Appendix C and Appendix E for each service provider and attach with application. Please note that the Authority may refuse to register the fund until at least the auditor and actuary have been appointed. In particular the actuary will be required to certify the rules as financially sound and such certificate must accompany the application.)
- Declaration and Payment I hereby enclose — a. Appendix A: Contact details of assisting parties b. Appendix B: Particulars of the key persons c. Appendix C: Particulars of service providers d. Appendix D: Questionnaire for trustees e. Appendix E: Questionnaires for service providers f. Appendix F: Schedule of participating employers g. Appendix G: Risk management plan h. Appendix H: Business plan (if applicable) i. Rules of the Fund j. Trustee’s Code of Conduct k. Certification of the design and viability of fund by an Actuary (including the funding policy for defined benefit/hybrid funds) l. Certification that the fund rules and method of operation will meet the conditions for valuation-exemption by an actuary (DC funds if applicable). m. Investment policy n. Certification of suitability of investments o. Service level agreements (for every service provider) p. Application form for fund administrator (if applicable) q. Application form for fund asset Manager (if applicable) r. Certified copies of the certificate of incorporation of the sponsor
I hereby declare that the Retirement Funds Act, Act No. 38 of 2022 and the Non-Bank Financial Institutions Regulatory Authority Act, Cap. 46:08 have been complied with and the statements contained herein and the documents submitted herewith are true and accurate to the best of my knowledge and belief. Any alterations in particulars stated herein or in the said documents will be promptly communicated to the Regulatory Authority within a period not later than 30 days from the date of the alteration.
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Signed on this ......... day of .................................................................... ....................................................................................................................
Signature of Chairperson Full Name: ................................................................................................. Designation: ...............................................................................................
Signature of Principal Officer/Representative of the Fund Full Name: ................................................................................................. Designation: ...............................................................................................
I hereby submit payment in respect of application for licensing of a pension fund as per section 4 of the Retirement Funds Act.
Amount paid : ............................................................................................ Date Paid:................................................................................................... Paid By:..................................................................(Full Names) .................................................................................................................... Signature:.................................................................................................... Designation: ...............................................................................................
OFFICIAL DATE STAMP
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APPENDIX A: Reliance on Other Parties
A.1. Provide the contact details of parties assisting with the application (To be completed by every party assisting with the application)
Name........................................................................................................... Qualification/role........................................................................................ Physical Address: Building....................................................................................................... Road............................................................................................................ Town........................................................................................................... Country........................................................................................................ Postal Address............................................................................................. .................................................................................................................... .................................................................................................................... .................................................................................................................... Telephone:................................................................................................... Fax.............................................................................................................. Email address...............................................................................................
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APPENDIX B: Particulars of Key Persons Name of Fund: ....................................................................................................................................................
| Key Person (Full Name) | Nationality | Role (e.g. Chairperson, Trustee or Principal Officer) | Primary Residential Address | Occupation | Date of Appointment | Representation in Board (e.g. employer, employee or independent) Trustees only |
|---|---|---|---|---|---|---|
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APPENDIX C: Particulars of Service Providers Name of Fund: ....................................................................................................................................................
| Name of firm | Income Tax Number | Address | Telephone & Email address | Professional body to which partner/company is a member | Date of appointment | |
|---|---|---|---|---|---|---|
| Auditor | ||||||
| Actuary | ||||||
| Administrator | ||||||
| Custodian | ||||||
| Legal Advisor | ||||||
| Asset Manager | ||||||
| Asset Manager |
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Appendix D: Questionnaire for Trustees
D1. Contact details Name: ......................................................................................................... Date of birth:.............................................................................................. Personal ID number:.................................................................................. Primary residential address: ....................................................................... .................................................................................................................... .................................................................................................................... Postal address: ............................................................................................ .................................................................................................................... .................................................................................................................... .................................................................................................................... Email address: ............................................................................................ Home telephone number:............................................................................ Business telephone number:........................................................................ Mobile phone number: ............................................................................... Occupation: ................................................................................................
D2. In what capacity are you being appointed as a trustee? [ ] Employer appointed [ ] Member elected [ ] Independent
D3. Prior experience as a trustee:
| Period | Name of the fund |
|---|---|
D4. Have you signed acceptance as a trustee of the fund’s code of conduct? [ ] Yes [ ] No
D5. Prior experience in the financial services industry (such as working as an investment manager, administrator, banker, accountant, auditor, actuary, lawyer or trustee)
| Period | Name of the fund or institution | Nature of your involvement |
|---|---|---|
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D6. Have you ever had a previous application to be a trustee of a fund refused or revoked? [ ] Yes [ ] No If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
D7. Have you ever been sentenced for fraud or dishonesty where the sentence has required a period of imprisonment of 6 months or more or payment of a fine as an alternative to such imprisonment? [ ] Yes [ ] No If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
D8. Have you ever been declared bankrupt? [ ] Yes [ ] No If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
D9. Have you ever previously been a trustee of a fund, or have you ever been involved in the investment of assets for a fund, or the administration of a fund, where the fund has had to be deregistered as a result of any failure on the part of the trustees or the persons investing the assets of the fund or administering the fund, or where the Regulatory Authority has appointed a curator? [ ] Yes [ ] No If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
D10. Are you disqualified from holding office as a trustee by any law? [ ] Yes [ ] No If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
D11. Do you have any actual or potential conflicts of interest which might interfere in the exercise of your fiduciary duties towards the fund? (Such conflicts might be employment by, or a financial interest in, the sponsor of the fund, one of the employers who participates in the fund, or an organisation that provides services to the fund.) [ ] Yes [ ] No If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
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D12. Have you disclosed these potential or actual conflicts of interest to your fellow trustees? [ ] Yes [ ] No
D13. If you are appointed as an independent trustee:— a. What proportion of your annual income is derived from services supplied to the sponsor and companies associated with the sponsor, with the exception of funds sponsored by that sponsor? .................................................................................................................... b. List the other funds sponsored by the sponsor of this fund on which you serve as a trustee: .................................................................................................................... .................................................................................................................... ....................................................................................................................
I certify that the above information is, to the best of my knowledge, correct and complete.
Signed: ............................................................ .................................................................. Name in block letters
¹ Please note that the presence of an actual or potential conflict of interest is inevitable for any employer-appointed or member-elected trustee who is also an employee or director or partner of the employer and is therefore not a bar to appointment or election as a trustee. It is important that these conflicts be managed through proper disclosure to your fellow trustees, the regulator and other stakeholders.
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APPENDIX E: Questionnaire for Service Providers (ACTUARY, AUDITOR, LEGAL ADVISOR, ADMINISTRATOR, ASSET MANAGER, OR CUSTODIAN)
E1. Contact details Business name: .......................................................................................... Physical address of business: .................................................................................................................... .................................................................................................................... .................................................................................................................... Postal address of business: .................................................................................................................... .................................................................................................................... .................................................................................................................... Email address: ............................................................................................ Business telephone number: .......................................................................
E2. Service to be offered to the pension fund: [ ] Auditor [ ] Actuary [ ] Legal advisor [ ] Asset manager [ ] Administrator [ ] Custodian
E3. Individual who will take responsibility for service delivery to the pension fund: ....................................................................................................................
E4. Qualifications and membership of professional bodies:
| Qualification or membership of a professional body | Institution granting the qualification or professional body | Date granted |
|---|---|---|
(Please note that evidence of professional and academic qualifications must be enclosed with the questionnaire)
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E5. Has this individual ever been barred from entry to any profession or occupation? [ ] Yes [ ] No If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
E6. Practising certificates from professional bodies of this individual:
| Period | Certificate | Professional Body | Conditions on the certificate |
|---|---|---|---|
E7. Has the application for a practising certificate ever been declined for this individual? [ ] Yes [ ] No
E8. Has this individual ever been dismissed or the subject of disciplinary proceeding by an employer? [ ] Yes [ ] No If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
E9. Prior experience of the individual in offering this sort of service to pension funds:
| Period | Name of the fund | Nature of service provided |
|---|---|---|
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E10. Do you have a contract and service level agreement with the pension fund which complies with the standards laid down in the rules? [ ] Yes [ ] No
² Please note that the NBFIRA may request sight of the contract and service level agreement.
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E11. Names of your directors (if a company) or your partners (if a partnership):
| Name | Primary residential address | Occupation |
|---|---|---|
E12. Have you, or, if a company or partnership, any of your directors or partners, ever been sentenced for fraud or dishonesty where the sentence has required a period of imprisonment of 6 months or more or payment of a fine as an alternative to such imprisonment? [ ] Yes [ ] No If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
E13. Have you or, if a company or partnership, any of your directors or partners, ever been declared bankrupt? [ ] Yes [ ] No If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
E14. Have you or, if a company or partnership, any of your directors or partners, ever previously been a trustee of a fund, or have you ever been involved in the investment of assets for a fund, or the administration of a fund, where the fund has had to be deregistered as a result of any failure on the part of the trustees or the persons investing the assets of the fund or administering the fund, or where the Regulatory Authority has appointed a curator? [ ] Yes [ ] No If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
E15. If you are a member of a professional body which has a disciplinary code, please identify the body and give details of any complaints against you which caused you to have disciplinary action taken against you? Please also complete this statement if you were such a member and had disciplinary action taken against you but you are no longer a member of that body (in Botswana or elsewhere).
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| Name of the professional body | Date, nature of the complaint against you, and nature of the disciplinary action taken against you |
|---|---|
³ Please note that the term "disciplinary action" will include a reprimand and must be stated even if you took remedial steps which avoided more serious disciplinary action.
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E16. Are you or, if a company or partnership, any of your directors or partners, disqualified from holding office as a trustee, manager, custodian or administrator by any law? [ ] Yes [ ] No If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
E17. Do you have any actual or potential conflicts of interest which might interfere in the exercise of your duties towards the fund? [ ] Yes [ ] No If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
E18. Have you disclosed these potential or actual conflicts of interest to the trustees? [ ] Yes [ ] No
⁴ Such conflicts might be a business association, cross shareholding or common holding company with any of the employers that participate in the fund, or any organisation that provides services to the fund. ⁵ Please note that the presence of an actual or potential conflict of interest is not a bar to appointment as a service provider to the fund. It is important that these conflicts be managed through proper disclosure to the trustees, the regulator and other stakeholders.
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I certify that the above information is, to the best of my knowledge, correct and complete.
Signed: ............................................................ .................................................................. Name in block letters
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APPENDIX F: Schedule of Participating Employers
| Name (as reflected on the company register) | Physical Address | Postal Address | Contact person | Telephone number of contact person | Income Tax number | Total number of permanent employees in workforce | Number of potential members of the pension fund | Contribution rate payable by members | Contribution rate payable by the employer |
|---|---|---|---|---|---|---|---|---|---|
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APPENDIX G: Risk Management Plan
G.1 Provide a Risk Management Plan that includes the information that follows below. G.1 An outline of the major risks to the fund, the likelihood and the potential consequences of these risks, including: a. Credit risk b. Market and liquidity risk c. Operational risk (systems failure, outsourcing and fraud and theft) G.1 A brief description of the measures and procedures in place to identify, monitor and manage the following: a. Governance and decision making b. Financial position and solvency c. Investment strategy (market and liquidity risk) d. Credit risk e. Operational risk G.1 A brief description of the measures and procedures in place to mitigate the following risks: a. Credit risk b. Market and liquidity risk c. Operational risk G.1 A description of the internal controls and risk control measures that will be implemented to ensure the proper functioning of the fund. G.1 A description of the use of internal reporting and audit mechanisms to manage the risks of the fund.
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APPENDIX H: Business Plan (Commercial Multi-employer Funds)
H.1 If the fund is a commercial multi-employer fund provide a Business Plan including at least the information that follow below. H.2 List of participating employers H.3 The projected financial position of the fund over 3 years, including a. Initial capital b. Assumptions used c. Initial start up costs d. Projected business acquired e. Operational expenses f. Income from charges and other sources g. Projected Income Statement h. Projected cash flow statements i. Projected Balance Sheet
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NON-BANK FINANCIAL INSTITUTIONS REGULATORY AUTHORITY (NBFIRA)
FORM B
New Licence Application – Multi-Employer Retirement Fund (reg. 8 (1))
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- General Information Fund Details 1.1 Name of the fund: .................................................................................... 1.2 State whether the fund is a defined contribution or a defined benefit fund: [ ] Defined Contribution (DC) [ ] Defined Benefit (DB) 1.3 Contribution rates to be paid by the: Members ............................ Employer.......................... Or (if defined benefit only balance of cost) 1.4 Allocation of contributions (% of contribution): Risk benefits................................................................................................ Expenses...................................................................................................... Savings........................................................................................................ 1.5 If DB, please state the accrual rate :.......................................................... 1.6 Normal retirement age:............................................................................. 1.7 State the type of fund:.............................................................................. [ ] New fund [ ] Existing fund 1.8 And the fund is a: [ ] Single-employer fund [ ] Multi-employer fund
Registered Office 1.9 Provide details of the fund’s registered office: Building....................................................................................................... Road............................................................................................................ Town........................................................................................................... Country........................................................................................................ Postal Address:............................................................................................ .................................................................................................................... .................................................................................................................... Telephone.................................................................................................... Fax.............................................................................................................. Email address...............................................................................................
Principal place of business 1.10 If different to Registered Office, provide details of the fund’s principal place of business: Building....................................................................................................... Road............................................................................................................ Town........................................................................................................... Country........................................................................................................ Postal Address:............................................................................................ .................................................................................................................... Telephone....................................................................................................
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Fax.............................................................................................................. Email address...............................................................................................
Details of the Sponsor of the Multi-employer Fund (Only to be completed if the fund is seeking to be licensed as a multi-employer fund) 1.11 Provide details of the sponsor of the multi-employer fund (if applicable) Name: ......................................................................................................... Certificate of incorporation: ....................................................................... Registered office: Building....................................................................................................... Road............................................................................................................ Town........................................................................................................... Country........................................................................................................ Postal Address ............................................................................................ .................................................................................................................... .................................................................................................................... Telephone.................................................................................................... Fax.............................................................................................................. Email address...............................................................................................
Reliance on Other Parties 1.12 Provide the name of the persons who assisted in compiling this application (where applicable). Name........................................................................................................... Name........................................................................................................... Name...........................................................................................................
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(Contact details of these persons are provided in Appendix A)
Contact Details 1.13 Provide details of the contact person(s) for further enquiries regarding this application Name........................................................................................................... Qualification/role........................................................................................ Postal Address............................................................................................. .................................................................................................................... .................................................................................................................... Telephone.................................................................................................... Fax.............................................................................................................. Email address...............................................................................................
2 Governance
Key Persons 2.1 The trustees have been appointed/elected [ ] Yes [ ] No (If YES, complete Appendix A and Appendix D for each Trustee and attach with application. Please note that the Authority may refuse to register the fund until the Trustees have been appointed and these details have been supplied)
2.2 The Chairperson of the fund has been appointed [ ] Yes [ ] No (If YES, complete, Appendix A and attach with application)
2.3 The Principal Officer/ Representative has been appointed [ ] Yes [ ] No (If YES, complete Appendix A attach with application)
2.4 The following office bearers have been appointed: Auditor [ ] Yes [ ] No Actuary [ ] Yes [ ] No Legal Advisor [ ] Yes [ ] No Asset Manager [ ] Yes [ ] No Administrator [ ] Yes [ ] No Custodian [ ] Yes [ ] No
(If YES, complete Appendix C and Appendix E for each service provider and attach with application. Please note that the Authority may refuse to register the fund until at least the auditor and actuary have been appointed. In particular the actuary will be required to certify the rules as financially sound and such certificate must accompany the application.)
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Multi-employer Funds 2.5 The multi-employer fund will operate with: Special rules for each participating employer [ ] Same rules for each participating employer [ ]
2.6 If there will be special rules for each participating employer, what aspects of the rules may the special rules specify: Contribution rates [ ] Benefits on death and disability [ ] Accrual rate (DB only) [ ] Vesting scale [ ] Normal retirement age [ ]
2.7 Will the fund be applying for exemption from having members elect half the board of trustees? [ ] Yes [ ] No
2.8 If NO, describe the process that will be used to implement this member election and when will the first member election be held: .................................................................................................................... .................................................................................................................... ....................................................................................................................
2.9 If the fund will be applying for exemption from having members elect half the board of trustees, will at least half the board of trustees be independent of the sponsor? [ ] Yes [ ] No
⁶ In this context, "independent" means that the trustee is not an employee of the sponsor, has not been an employee of the sponsor for at least 2 years, and does not derive more than 5% of his/her annual remuneration from services provided to the sponsor or a company associated with the sponsor other than his/her services as an independent trustee.
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3 Group Structure and Control Commercial Multi-employer Funds
Group Structure 3.1 Attach a structural chart of the group of companies to which the commercial multi-employer fund belongs. Include the respective percentages of shareholdings.
4 Particulars of the Fund 4.1 State whether the fund is a defined contribution or a defined benefit fund [ ] Defined contribution (DC) [ ] Defined benefit (DB) If other, specify..........................................................................................
4.2 State whether fund membership is voluntary or compulsory [ ] Voluntary [ ] Compulsory
4.3 Contribution rates payable by the: Members: ................................................................................................... Employer: ................................................... or (if DB only) balance of cost
4.4 Allocation of contributions (% of contribution): Risk benefits:.............................................................................................. Expenses:.................................................................................................... Savings:....................................................................................................... 4.5 If DB, please state the accrual rate: .......................................................... 4.6 Normal retirement age: ............................................................................. 4.7 Vesting formula: ....................................................................................... .................................................................................................................... .................................................................................................................... .................................................................................................................... .................................................................................................................... ....................................................................................................................
5 Other 5.1 Is there any other information or documents that are relevant to this application? If so kindly specify the information and include the relevant documents with your application.
6 Declaration and Payment I hereby enclose — a. Appendix A: Contact details of assisting parties b. Appendix B: Particulars of the key persons c. Appendix C: Particulars of service providers d. Appendix D: Questionnaire for trustees e. Appendix E: Questionnaires for service providers f. Appendix F: Schedule of participating employers g. Appendix G: Risk management plan h. Appendix H: Business plan (if applicable) i. Rules of the Fund
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j. Trustee’s Code of Conduct k. Certification of the design and viability of an Actuary (including the funding policy for defined benefit/hybrid funds) l. Certification that the fund rules and method of operation will meet the conditions for valuation-exemption by an actuary (DC funds if applicable). m. Investment policy n. Certification of suitability of investments o. Service level agreements (for every service provider) p. Application form for fund administrator (if applicable) q. Application form for fund asset Manager (if applicable) r. Certified copies of the certificate of incorporation of the sponsor
I hereby declare that the Retirement Funds Act, Cap. 27:03 and the Non-Bank Financial Institutions Regulatory Authority Act, Cap. 46:08 have been complied with and the statements contained herein and the documents submitted herewith are true and accurate to the best of my knowledge and belief. Any alterations in particulars stated herein or in the said documents will be promptly communicated to the Regulatory Authority within a period not later than 30 days from the date of the alteration.
Signed on this ......... day of ....................................................................
Signature of Chairperson Full Name: ................................................................................................. Designation: ...............................................................................................
Signature of Principal Officer/Representative of the Fund Full Name: ................................................................................................. Designation: ...............................................................................................
I hereby submit payment in respect of application for licensing of a pension fund as per section 4 of the Retirement Funds Act.
Amount paid: ............................................................................................. Date Paid: .................................................................................................. Paid By:..................................................................(Full Names) .................................................................................................................... Signature:.................................................................................................... Designation: ...............................................................................................
OFFICIAL DATE STAMP
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APPENDIX A: Reliance on Other Parties A.2. Provide the contact details of parties assisting with the application (To be completed by every party assisting with the application)
Name........................................................................................................... Qualification/role........................................................................................ Physical Address: Building....................................................................................................... Road............................................................................................................ Town........................................................................................................... Country........................................................................................................ Postal Address............................................................................................. .................................................................................................................... .................................................................................................................... .................................................................................................................... Telephone:................................................................................................... Fax.............................................................................................................. Email address...............................................................................................
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APPENDIX B: Particulars of Key Persons Name of Fund: ....................................................................................................................................................
| Key Person (Full Name) | Nationality | Role (e.g. Chairperson, Trustee or Principal Officer) | Primary Residential Address | Occupation | Date of Appointment | Representation in Board (e.g. employer, employee or independent) Trustees only |
|---|---|---|---|---|---|---|
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APPENDIX C: Particulars of Service Providers Name of Fund: ....................................................................................................................................................
| Name of firm | Income Tax Number | Address | Telephone & Email address | Professional body to which partner/company is a member | Date of appointment | |
|---|---|---|---|---|---|---|
| Auditor | ||||||
| Actuary | ||||||
| Administrator | ||||||
| Custodian | ||||||
| Legal Advisor | ||||||
| Asset Manager | ||||||
| Asset Manager |
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Appendix D: Questionnaire for Trustees D1. Contact details Name: ......................................................................................................... Date of birth:.............................................................................................. ID number:.................................................................................................. Primary residential address: ....................................................................... .................................................................................................................... .................................................................................................................... Postal address: ............................................................................................ .................................................................................................................... .................................................................................................................... .................................................................................................................... Email address: ............................................................................................ Home telephone number:............................................................................ Business telephone number:........................................................................ Mobile phone number: ............................................................................... Occupation: ................................................................................................
D2. In what capacity are you being appointed as a trustee? [ ] Employer appointed [ ] Member elected [ ] Independent
D3. Prior experience as a trustee:
| Period | Name of the fund |
|---|---|
D4. Have you signed acceptance as a trustee of the fund’s code of conduct? [ ] Yes [ ] No
D5. Prior experience in the financial services industry (such as working as an investment manager, administrator, banker, accountant, auditor, actuary, lawyer or trustee)
| Period | Name of the fund or institution | Nature of your involvement |
|---|---|---|
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D6. Have you ever had a previous application to be a trustee of a fund refused or revoked? [ ] Yes [ ] No If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
D7. Have you ever been sentenced for fraud or dishonesty where the sentence has required a period of imprisonment of 6 months or more or payment of a fine as an alternative to such imprisonment? [ ] Yes [ ] No If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
D8. Have you ever been declared bankrupt? [ ] Yes [ ] No If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
D9. Have you ever previously been a trustee of a fund, or have you ever been involved in the investment of assets for a fund, or the administration of a fund, where the fund has had to be deregistered as a result of any failure on the part of the trustees or the persons investing the assets of the fund or administering the fund, or where the Regulatory Authority has appointed a curator? [ ] Yes [ ] No If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
D10. Are you disqualified from holding office as a trustee by any law? [ ] Yes [ ] No If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
D11. Do you have any actual or potential conflicts of interest which might interfere in the exercise of your fiduciary duties towards the fund? (Such conflicts might be employment by, or a financial interest in, the sponsor of the fund, one of the employers who participates in the fund, or an organisation that provides services to the fund.) [ ] Yes [ ] No
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If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
D12. Have you disclosed these potential or actual conflicts of interest to your fellow trustees ? [ ] Yes [ ] No
D13. If you are appointed as an independent trustee:— a. What proportion of your annual income is derived from services supplied to the sponsor and companies associated with the sponsor, with the exception of funds sponsored by that sponsor? .................................................................................................................... b. List the other funds sponsored by the sponsor of this fund on which you serve as a trustee: .................................................................................................................... .................................................................................................................... ....................................................................................................................
I certify that the above information is, to the best of my knowledge, correct and complete.
Signed: ............................................................ .................................................................. Name in block letters
⁷ Please note that the presence of an actual or potential conflict of interest is inevitable for any employer-appointed or member-elected trustee who is also an employee or director or partner of the employer and is therefore not a bar to appointment or election as a trustee. It is important that these conflicts be managed through proper disclosure to your fellow trustees, the regulator and other stakeholders.
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APPENDIX E: Questionnaire for Service Providers (ACTUARY, AUDITOR, LEGAL ADVISOR, ADMINISTRATOR, ASSET MANAGER, OR CUSTODIAN)
E1. Contact details Business name: .......................................................................................... Physical address of business: .................................................................................................................... .................................................................................................................... .................................................................................................................... Postal address of business: .................................................................................................................... .................................................................................................................... .................................................................................................................... Email address: ............................................................................................ Business telephone number: .......................................................................
E2. Service to be offered to the pension fund: [ ] Auditor [ ] Actuary [ ] Legal advisor [ ] Asset manager [ ] Administrator [ ] Custodian
E3. Individual who will take responsibility for service delivery to the pension fund: ....................................................................................................................
E4. Qualifications and membership of professional bodies:
| Qualification or membership of a professional body | Institution granting the qualification or professional body | Date granted |
|---|---|---|
(Please note that evidence of professional and academic qualifications must be enclosed with the questionnaire)
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E5. Has this individual ever been barred from entry to any profession or occupation? [ ] Yes [ ] No If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
E6. Practising certificates from professional bodies of this individual:
| Period | Certificate | Professional Body | Conditions on the certificate |
|---|---|---|---|
E7. Has the application for a practising certificate ever been declined for this individual? [ ] Yes [ ] No
E8. Has this individual ever been dismissed or the subject of disciplinary proceeding by an employer? [ ] Yes [ ] No If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
E9. Prior experience of the individual in offering this sort of service to pension funds:
| Period | Name of the fund | Nature of service provided |
|---|---|---|
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E10. Do you have a contract and service level agreement with the pension fund which complies with the standards laid down in the rules ? [ ] Yes [ ] No
E11. Names of your directors (if a company) or your partners (if a partnership):
| Name | Primary residential address | Occupation |
|---|---|---|
E12. Have you, or, if a company or partnership, any of your directors or partners, ever been sentenced for fraud or dishonesty where the sentence has required a period of imprisonment of 6 months or more or payment of a fine as an alternative to such imprisonment ? [ ] Yes [ ] No If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
⁸ Please note that the NBFIRA may request sight of the contract and service level agreement.
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E13. Have you or, if a company or partnership, any of your directors or partners, ever been declared bankrupt? [ ] Yes [ ] No If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
E14. Have you or, if a company or partnership, any of your directors or partners, ever previously been a trustee of a fund, or have you ever been involved in the investment of assets for a fund, or the administration of a fund, where the fund has had to be deregistered as a result of any failure on the part of the trustees or the persons investing the assets of the fund or administering the fund, or where the Regulatory Authority has appointed a curator? [ ] Yes [ ] No If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
E15. If you are a member of a professional body which has a disciplinary code, please identify the body and give details of any complaints against you which caused you to have disciplinary action taken against you? Please also complete this statement if you were such a member and had disciplinary action taken against you but you are no longer a member of that body (in Botswana or elsewhere)⁹.
⁹ Please note that the term "disciplinary action" will include a reprimand and must be stated even if you took remedial steps which avoided more serious disciplinary action.
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| Name of the professional body | Date, nature of the complaint against you, and nature of the disciplinary action taken against you |
|---|---|
E16. Are you or, if a company or partnership, any of your directors or partners, disqualified from holding office as a trustee, manager, custodian or administrator by any law? [ ] Yes [ ] No If YES, please give details: .................................................................................................................... .................................................................................................................... ....................................................................................................................
E17. Do you have any actual or potential conflicts of interest which might interfere in the exercise of your duties towards the fund? [ ] Yes [ ] No¹⁰
¹⁰ Such conflicts might be a business association, cross shareholding or common holding company with any of the employers that participate in the fund, or