Botswana Life insurance Limited (BLIL) offers, as part of their product range, Retirement Annuity Policies to individuals. These policies are contracted in the name of the client through an insurance policy contract, issued by BLIL. On 4 June 2017 in Circular 4 of 2017, NBFIRA advised that all existing retirement funds were required to apply for licensing in terms of the new Retirement Funds Act 2014 (“the Act”). BLIL applied for licensing by the 13th of January 2017, and the license was granted on the 13th September 2019, giving birth to the Botswana Life retirement annuity Fund. Botswana Life retirement annuity Fund is now an entity which is registered in terms of the Retirement Funds Act with the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) and approved by the Botswana Unified Revenue Service (BURS).
The Fund is governed by the Fund Rules and relevant legislation. The Act provides quite exhaustive governance legislation requirements, amongst them being the need to appoint a separately licensed retirement fund administrator. In response to these, Botswana Life founded a retirement fund administrator by the name of Peeletso and have since requested for licensing of the establishment.