24 Feb 2015

The success and achievements of Botswana Public Officers Pension Fund (BPOPF) create a sense of satisfaction, triumph and accomplishment for the government. The Assistant Minister for Presidential Affairs and Public Administration, Mr Philip Makgalemele said this during the official opening of Maun Regional Office recently.

He said such facilities would enhance the local economy and by extension bring services closer to the people.

Mr Makgalemele noted that all these affirm that the government was prudent and farsighted when taking the decision to introduce the defined contributory pension fund in the place of the then defined benefit pension scheme.

He said BPOPF has grown in leaps and bounds as evidenced by the investment returns and interest rates declared since its inception, resulting in enhanced retirement packages and an improved quality of life for them and their families in line with the fund’s mission to afford members ‘a dignified post career life’.

“I must hasten to note that the underlying theme of BPOPF’s mission statement resonates well with one of the 5Ds in the President’s roadmap, that of dignity,” he added. The assistant minister indicated that it was the government’s wish to see workers of this country continued living in dignity after retirement; a wish which he said was shared with BPOPF.

He said the government recognises the leading role that the fund as the largest pension fund both in terms of membership and asset base has had in stimulating the growth of the financial services sector in the country. 

Mr Makgalemele said the fund as not only created the much needed employment but has also quite importantly boosted government’s efforts to diversify the economy away from diamonds.

He hoped that the establishment of new offices would indeed meaningfully bring services closer to the people in the region.The chairperson of the Board of Trustees, Mr Carter Morupisi said the opening of the new offices is another milestone achievement by BPOPF. 

He said it was their view that good customer service was given high priority hence the fund adopted ‘Customer Focus’ as one of its values.

He said they continued exploring ways of serving the best interests of their members, adding that the establishment of the offices in Maun would go a long way in helping the fund bring its services closer to the people as the members would no longer have to travel long distances to Gaborone to access services.

Mr Morupisi, who is also the Permanent Secretary to the President observed that as they drive the fund forward, it was their commitment as the board to ensure that BPOPF continues to abide by good corporate governance and best practice in the pursuit of its vision ‘to be a world class provider of retirement benefits’. 

He said in the execution of its mandate, the board shall always ascertain that BPOPF conducts its business in line with all the regulatory and compliance requirements.

The chairperson said that the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) has approved the fund’s new business model, intended to bring in-house some core functions like fund administration, trust services, data management and investments. Mr Morupisi said the objective of the decision was to improve service delivery to fund members as well as ultimately reduce the fund’s operational costs.

Furthermore, he noted that the new regional offices adds to the recent achievements of the fund, citing some of the achievements such as the launching of the 2014-2016 Investment Strategy, the introduction of the Pre-retirement switch model and the declaration of positive investment returns.

“As the board, it is our desire to see BPOPF play an increasingly active role in the country’s economy. This desire is the bedrock on which the 2014-2016 investment strategy was formulated as the strategy gives a particular focus to the local economy,” he added. Mr Morupisi said the fund would be on the look-out for sustainable investment opportunities available locally. ENDS