Zimbabwe mulls pension reforms
Zimbabwe is proposing pension reforms as it seeks to come up with an efficient pension system, according to a draft document compiled by the Insurance and Pension Commission.
This comes amid challenges besetting the industry, including low confidence levels, poor viability of pension funds, low coverage and poor corporate governance.
“In view of the above challenges, the Insurance and Pensions Commission has taken an initiative to propose holistic reforms for the country’s pension sector in order to come up with an efficient pension system,” said the industry regulatory body.
Broadly, the reform agenda will focus on improving sustainability, affordability, adequacy and coverage of the pension. The reforms are also meant to improve welfare of pensioners, harness long term domestic savings and improve on regulatory framework.
In addition, they are targeted at strengthening the governance, management and efficiency in the delivery of pension services.
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