Shortchanged pensioners filed a total 214 complaints in just four months with the majority decrying non-payment of pensions and value erosion, the latest Insurance and Pensions Commission (IPEC) report has revealed.

The regulator also revealed that significant progress was made in resolving the reported cases.

"IPEC received 214 complaints during the fourth quarter of 2022, of which 71 were resolved, representing 33, 18% resolution rate.

"During the period, we noted the following as the general challenges facing the pensions industry during the quarter under review: Non-payment of pension benefits and low values caused by hyperinflation and dollarisation in February 2009," said the report.

IPEC also noted issues such as near stagnant monthly pensions that have been eroded by inflation, late payment of payments and little or no benefits in US$.

Complaints related to low pension values occasioned by the currency conversion of 2009 accounted for 42% of the complaints received.

The regulator revealed that some of the pensioners believe that the US$175 million, which was promised by the government, was already paid to the Commission, and should be disbursed immediately.

Notably, the delay in payment of compensation for the 2009 loss of values continues to be a source of many complaints received by the IPEC.

A total of 31 pensioners (15%), complained about non-payment of benefits whilst late payment of benefits accounted for 7%, low benefits had 18 complaints representing 8% and late payment of benefits had 7% of complaints during the same period.

"Fund members and beneficiaries also raised concerns about the criteria used to identify beneficiaries of the 2019 Compensation as well as when the next batch will be invited to access their benefits.

"This category accounted for 28% of the complaints received in the quarter under review," added IPEC.