CASE NO: NBFIT – 0002/2022

APPLICANT 2 v. NBFIRA

NON-BANK FINANCIAL INSTITUTIONS TRIBUNAL
CASE NO: NBFIT – 0002/2022
Sector - Retirement Funds

1.    Issue
1.1.    Whether the applicant is entitled to be paid the difference between the conflicting benefit statements.

2.    Summary of Facts
2.1.    In the matter between Applicant 2 v. NBFIRA case number NBFIT-0002/2022, the Applicant lodged her appeal against the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) after it did not allow her appeal against Botswana Public Officers Pension Fund (BPOPF). Alexandar Forbes Financial Services Botswana (AFFSB), the fund administrator, indicated that her fund credit upon retirement would amount to P 4,401,400.63. However, BPOPF confirmed that her benefit statement reflected an amount of P2,325,363.66 as opposed to the Alexandar Forbes Financial Services Botswana (AFFSB) statement which reflected an amount of P4,401,400.63 which was due to an error in calculation by AFFSB.  

2.2.    The Applicant upon being informed that her pension benefit would be paid in accordance with the lesser sum reflected on her pension statement, sought to be paid the difference between the two sums as damages. The Applicant asserted that, but for the higher amount reflected on her fund administrator’s benefit statement she would not have retired at the time she did. Her request was not acceded to by both BPOPF and the Authority.

3.    Issues for Determination:
3.1.    Whether the applicant is entitled to be paid the difference between the conflicting benefit statements.

4.    Relevant Provision of the Law
4.1.    Not applicable as the matter was based solely on a dispute of fact which is about the member’s total fund credit as at 31st March 2016.

5.    Determination
The Tribunal dismissed the application for the following reasons:
5.1.    The Applicant had failed to prove that she had in fact suffered any economic loss as a result of the misstatements contained in the differing statements, as she had seen the higher statement after she had tendered her resignation.

5.2.    Neither the Authority nor the Tribunal had the powers to award the Applicant an order regarding damages.

5.3.    It was necessary for NBFIRA to take against the Fund and the Administrator for their lack of diligence.  

Full Judgement Here