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Tinashe Makichi Property Reporter
THE Construction Industry Pension Fund has plans to construct a state of the art shopping mall in Harare’s western satellite town of Norton. CIPF has already opened the tendering process whose adjudication will determine the development cost of the project. Once it has been completed, the shopping mall is expected to generate income for the fund, which can be channelled towards other developmental projects.

CIPF chief executive Elisha Ngunga, told the Property Guide yesterday that the project has gone to tender and progress was ongoing.

“We have advertised the project and we are now waiting for bids. The Fund is of the opinion that the adjudication will determine the development cost of the project.

“At one time we had started the development of the project but due to some challenges we had to put it on hold. The mall is likely going to change the face of Norton and is situated at Govans Shopping Centre.”

“We are going to develop the project in phases and this is a good project. We cannot determine the construction figures involved at the moment,” he said.

Phase one of the project will entail the construction of a shopping mall, service station and other external works.

CIPF is a successor to the Building Industry Pension Fund ,which was established in July 1969. It is registered under the Pensions and Provident Funds Act (Chapter 24:09) and constituted by Statutory Instrument (SI) 323 of 1991 as amended by SI 243 of 2006. Its rules and regulations are founded in SI 239 of 1992 as amended by SI 276 of 1995.

The Fund’s constitution and regulations are amended from time to time to align with laws of the country and changed circumstances.

Objectives of the Fund are to provide for the payment of pensions and death benefits and to enable employers should they wish to do so, to provide past services pension benefits for their employees.

It is a Defined Contribution Occupational Pension Scheme and membership to the Fund is compulsory for all employees with designated trades in the construction Industry.

The pension contributions are made up of the member’s portion and the employers’ portion. They currently contribute each five percent of the member’s wage/salary.

The Fund is administered for the National Employment Council of the Construction Industry in Zimbabwe by the nine appointed Trustees, four who are representative of the employees and four the employers of the industry and an Independent Chairman who is appointed by Council.