Staff writer ([email protected])
The panel discussion at the 2026 Zimbabwe Association of Pension Funds (ZAPF) Principal Officers and Chairpersons’ Convention recently held in Bulawayo came at a time Zimbabwe’s pension industry, with regulators and industry players are grappling with a rapidly changing operating environment.
At the centre of the discussion is the Insurance and Pensions Commission (IPEC), which is pushing ahead with regulatory reforms designed to strengthen governance, improve member protection and modernise supervision, while pension funds and administrators face growing pressure around compliance costs, investment risks, technology and profitability.
IPEC used the panel to provide clarity on several issues that have become increasingly important to pension fund trustees and principal officers, including the implementation of the new Pension and Provident Funds Regulations, the treatment of investments affected by company delistings, the proposed Policyholder and Pension Scheme Member Protection Fund, digital supervision, administrator losses and compliance with the latest regulatory requirements.
The gazetting of Statutory Instrument 151 of 2026 has added urgency to the regulatory transition, with funds required to redraft their rules by 31 December 2026.
At the same time, IPEC acknowledged that some funds with complex or long-standing structures may require transitional flexibility, while making it clear that provisions that are substantively non-compliant will not be protected simply because they have existed for years.
Investment governance is another major concern, particularly as the migration of companies from the Zimbabwe Stock Exchange to the Victoria Falls Stock Exchange and outright delistings increasingly expose pension funds to unlisted assets.
IPEC said it is considering measures to prevent funds from being forced into distressed sales when listed investments become private, while strengthening valuation, liquidity and minority shareholder protections.
The proposed Policyholder and Pension Scheme Member Protection Fund also emerged as a significant development, with IPEC outlining a phased contribution model that could see pension funds paying an initial levy of 0.05% of annual contributions.
The regulator said the fund is intended to provide a safety net for members when regulated entities fail, while maintaining institutional independence and fairness in how the fund is financed.
Technology and the sustainability of the pension administration business added another layer to the debate. IPEC said its Electronic Supervisory System is at the procurement stage and will eventually automate key supervisory functions, while a separate industry-wide shared ICT system for pension funds is being considered.
Meanwhile, continued losses among administrators have raised questions about the viability of the current market structure and whether consolidation may eventually become necessary.
The discussion therefore offered more than a regulatory update. It highlighted the growing need for pension fund boards and principal officers to strengthen compliance, improve data quality, scrutinise investment risks and prepare for a more technology-driven and closely supervised pension industry. Attached is the full except of the full panel discussion. ZAPF Panel Questions
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