The Mining Industry Pension Fund (MIPF) is set to hold its second Annual General Meeting (AGM) on September 30, 2024. This meeting aligns with the Pensions and Provident Funds Act (Chapter 24:32), which mandates that all pension funds must hold AGMs for their members, pensioners, and beneficiaries.
By Ryan Chigoche
The Act, effective from October 2, 2023, aims to ensure greater transparency and accountability in the management of pension funds.
In compliance with this regulation, MIPF conducted its inaugural AGM on February 2, 2024, reviewing the fund’s activities for the year ending December 31, 2022. The upcoming AGM, which will focus on the financial and operational aspects for the year ending December 31, 2023, will take place at 0900 hrs at the Anmy Miller Hall, Zimbabwe Agricultural Society Showgrounds, with a virtual attendance option available.
“We take this opportunity to invite all contributing member mines to allow at least two employee members to attend this important event. Please note that all members unable to attend the AGM are entitled to appoint a representative to stand in for them, either virtually or physically, to vote and speak on their behalf by completing and lodging with the Fund the Proxy Form at least 7 days prior to the meeting date,” read parts of the MIPF circular.
The MIPF was established in 1952 through an industrial agreement between the Associated Mine Workers Union of Zimbabwe (AMWUZ), the Mine Officials and Salaried Staff Association, and the Chamber of Mines of Zimbabwe (COMZ). This agreement created the Fund Rules, initially published as Statutory Instrument 771 of 1982 and later replaced by Statutory Instrument 14 of 2016. These rules, however, are currently under review to ensure alignment with the contemporary regulatory and operational environment.
As of December 31, 2020, the fund had 22,495 active members, 42,139 deferred members, 8,080 preserved members, and 11,782 pensioners, with 143 employer members contributing. Ensuring that members receive their pension benefits in compliance with the Fund Rules remains the primary goal of MIPF.