Zimpapers Logo

As a pension fund member, you have right to information such as:

◆ To receive annual benefit statement – this statement should clearly show all accrued benefits;
◆ To receive a summary of the annual Audited accounts of the pension fund free of charge;
◆ To question any anomalies within the audited accounts of the pension fund;
◆ To inspect the registers of pension, custodian or Administrator available at the Commission free of charge;
◆ To access the Fund’s Actuarial Valuation Report, where available;
◆ To request for an investment report of the pension funds, and to know the affairs of the pension including any changes within the pension fund; and
◆ To a copy of the pension plan rules, which sets out the rights and obligations of the members

As a pension fund member you also have Benefit Rights among them;
◆ Right to access benefits at retirement-the employer cannot deny you, your benefits under any circumstances or assign your benefits to settle any claim including a loan balance unless you pledged your benefits in writing; ◆ Right to receive pension benefits within 30 days after your retirement provided that you submit your paperwork within a reasonable period to enable the pension fund to process your benefit; ◆ Right to retain benefits within the pension fund sponsored by the former employer or to transfer the benefits to a new pension fund; ◆ Right to file a complaint or claim for a pension benefit for whatever reason with the Commission for investigations; ◆ Right to know the procedure to be followed in case of a complaint; and ◆ Right to know when there are any changes in the Rules of the fund.

Pension fund members also have general rights such as:
◆ Right to nominate a beneficiary of choice in the event of death; ◆ Right to instruct the trustees on the bank account where the benefits should be paid; ◆ Right to disclose any unusual and abnormal occurrences in confidence to the board of trustees or the Commission; ◆ Right, together with other members, to elect their representatives in the board of trustees for the pension; ◆ Right to the membership of your employer’s pension fund, subject to eligibility; ◆ Right to institute legal proceedings against the Administrator contravening Pension laws, pension plan rules or regulations so as to protect his/her contributions under a pension fund; and

◆ Right to be protected by the Administrator of the pension fund by reporting to the Commission of any occurrences, which in the Administrator’s view, could affect the rights of the members under the pension plan; ◆ Right to be advised by the Commissioner and be notified in the event that the pension fund is de-registered upon arriving at the decision of de-registering the pension fund; ◆ To know upon joining the scheme, the contribution rates by member and by employer; ◆ To know if there are any changes in the contribution rates and the reason for the change; ◆ To know how benefits are calculated; and ◆ To know whether there are risk benefits attached to your fund and the procedure followed in case of a claim.

Where there are rights, there are bound to be obligations, therefore pension fund members are required to◆ Pay monthly contributions;
◆ Elect/appoint trustees;
◆ Provide accurate information; and
◆ Update member records.

How to make a complaint
First submit your complaint to your pension fund or administrator and if you are not satisfied with the outcome, you can then report your complaint to the Insurance and Pensions Commission. ◆ Make your complaint to IPEC in writing either through a letter or email or you can come in person to our offices; ◆ State all important information including the name of the pension fund and the employer. ◆ Clearly state your complaint including relevant dates, policy documents, reference numbers and your contact details; ◆ Attach copies of the relevant documents such as payslip, which indicates that pension contributions were being deducted but keep originals; ◆ Keep a copy of your complaint letter for reference; ◆ The Commission is supposed to respond acknowledging your complaint within three days and state how they would manage the case.

We also have a radio programme, “Inside Insurance and Pensions” on Star FM radio station every Wednesday from 7:30pm-8:00pm.

For any enquiries on insurance and pensions, please contact us on the following details:

160 Rhodesville Avenue, Greendale, Harare

Tel: (04) 443358 /443361 /443422

Cell: 0772 154 281 /2 /3/ 4

WhatsApp: 0772 154 281

Email: [email protected] Facebook: Insurance and Pensions Commission

Twitter: @IPECZW

Website: www.ipec.co.zw