1.    Issue
1.1.    Withdrawal of remaining two-thirds pension benefits after commutation at retirement, to pay for loans.

1.2.    Applicant retiring under the repealed Act but failing to purchase an annuity, intending to benefit under the new Retirement Funds Act, 2022.

1.3.    Applicant’s monthly pension being greater than the prescribed threshold for commutation of the whole amount of the benefit.

1.4.    Whether withdrawal of the entire remaining benefit is permitted by the Retirement Funds Act, Regulations, Rules of the Fund, or Income Tax (Superannuation Funds) Regulations.

1.5.    Whether the law permits a member who retired under the repealed Act to benefit under the new Act.

2.    Summary of Facts
2.1.    In the matter between Applicant 1 v. NBFIRA case number NBFIT-0001/2022, Applicant lodged a review application against the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) after NBFIRA dismissed his appeal against NMG Administrators Botswana’s refusal to pay his entire pension benefit. Applicant retired from the public service on or around 31 December 2021, on medical grounds. He had withdrawn his one-third lump sum but had not purchased an annuity with his remaining two-thirds. Thus, he sought to encash the remaining two-thirds from his pension fund to allow him to pay for his medical expenses, pay for legal fees, maintenance and to liquidate some of his loans. His request was declined by both NMG and the Authority.