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Zimbabwe. Regulator reforms for $17bn pensions industry
Zimbabwe’s Insurance and Pensions Commission (Ipec) is laying down the law on pension fund governance, reports News Day. Ipec’s pensions and life department manager Polite Chidumwa said the insurance and pensions regulator was working to make sure that the contributions were not wiped out over time, which involved ensuring proper governance structures. Ipec is engaged in several reforms to ensure that member contributions to pension funds do not lose value as payouts to pensioners continue to decline owing to exchange rate volatility. Chidumwa reiterated that pension funds must have qualified boards and member representation in decision-making processes in the $17bn pensions industry. Ipec in June last year said 135 trustees of pension fund boards were facing the chop for exceeding their term limits and for failing to listen to the regulator to vacate those positions. Chidumwa said the regulator also provided guidance in terms of the composition of the board of funds. ‘What we also do is look at the corporate governance issues. As I have indicated, section 22 of the Pension and Provident Fund Act is very clear in terms of who is supposed to be appointed to be part of the board of funds,’ he said.
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