The Chief Executive Officer of the Botswana Public Officers Pension Fund (BPOPF), Ephraim Letebele, has commended his organisation, saying that it has experienced tremendous growth since its inception.
Giving an overview of the organisation to the participants at the opening of a new regional office in Francistown, Letebele said that it is very commendable to note that the pension fund organisation has blossomed in terms of the number of clients and assets.
“With an asset base of P29.6 billion as at 31 March 2010, the organization accounts for approximately 80 percent of the total pension industry assets in Botswana,” he said. He added that in terms of head count, BPOPF is the largest fund in Botswana with a membership base of 107, 307 as at March 2011, comprising 101,118 active and deferred pensioners and 6,189 pensioners.
Letebele said that one of their core mandates in the organisation is to make sure that adequate and appropriate information is communicated to members. He added that to achieve this objective, the secretariat of the organisation traverses the length and breadth of the country holding meetings and seminars. “The members of the organisation in their individual capacities have a duty to acquaint themselves intimately with the affairs of the Fund and taking active interest by firstly ensuring that their personal data is accurate, by seeking information on the performance of the fund and by also acquainting themselves with the rules of the Fund.”
He warned that sometimes payouts from the Fund may not be sufficient to provide a comfortable retirement income for members; therefore, it is imperative that the primary benefactors of the accrued investments or income members must continuously align their projections with the financial requirements to make informed decisions.
Letebele further advised that every member has the responsibility to take charge of their financial planning and not to rely solely on the provisions of the pension fund.