17 June 2019

Zimbabwe: 'Remit Pensioners Contributions Timeously'

The Insurance and Pensions Commission (IPEC) has encouraged employers to remit contributions early to ensure beneficiaries access their pension funds timeously.

This comes amid reports that some companies do not remit employee contributions, who in turn face challenges to access them when required.

IPEC's pensions director Mr Josphat Kakwere told delegates during a pension trustees' basic training workshop in Gweru last week that it was critical for employers to remit contributions on time in line with provisions of the law.

"The law provides that contributions should be remitted in time," said Mr Kakwere. "We have often received complaints from beneficiaries who fail to get their pension funds because the employer was not remitting anything. It is your duty to ensure that members of the fund are adequately informed of their rights, benefits and duties in terms of the rules of the fund."

Meanwhile, board chairperson of the local authorities' pension fund, Ms Elizabeth Gwatipedza, said the harsh economic environment has been the major setback for the timely remittance of pension funds by local authorities.

"For local authorities, the issue of currency turbulence has highly affected our operations," she said.

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