IPEC Approves Mimosa Pension Fund’s Compensation Plan for Pre-2009 Losses

Underground at Mimosa Mine

The Insurance and Pensions Commission (IPEC) has given the green light to Mimosa Pension Fund’s compensation plan for pre-2009 losses, following adherence to the mandates of Statutory Instrument 162 of 2023.

This Statutory Instrument, enacted on September 29, 2023, and effective from October 1, 2023, requires pension funds and life insurers to provide compensation to pensioners and policyholders at a compounded interest rate of 3 per cent.

During the hyperinflation period leading up to February 2009, many pension contributions and savings suffered significant value erosion.

In its statement, IPEC confirmed that Mimosa Pension Fund’s compliance allows the fund to begin the compensation process.

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“Upon approval of a compensation scheme, the pension fund will inform eligible members about the payment procedures. Meanwhile, IPEC is actively assisting other funds nearing compliance with the compensation regulations to ensure their schemes are also approved,” the statement explained.

The Commission is also pursuing criminal charges against entities failing to meet the requirements set out in Statutory Instrument 162 of 2023.

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