Ipec approves Heritage pension fund liquidation

Ipec approves Heritage pension fund liquidation

Walter Mapfumo

Staff Reporter

HARARE, Insurance and Pensions Commission (Ipec) has approved the liquidation of Heritage pension fund with an independent consulting actuary MAOS having been appointed liquidator of the fund.

The approval is as at December 31 2017. In an update Insurance Broking and Risk Management company, Marsh said all members, deferred pensioners, pending   exits or other stakeholders of the fund should   confirm their membership or claims on the fund.
“Notice is hereby given   that the Insurance and Pensions Commission (Ipec ) has  approved the liquidation   of the heritage  pension  fund (the fund)   n terms of  section   19(3) and section (2) of the Pension and Provident   Fund CT (CHAPTER 24.09) as at  31 December 2017.
Independent   consulting    actuary, Mr David Mureriwa of MAOS has been appointed the liquidator of the fund,” said Marsh.

This comes as number of insurance companies has been struggling to meet capital requirements mainly driven by the worsening economic situation.

Available statistics show that in 2016 alone, six companies were placed under judicial management, while 13 were liquidated during the first quarter of 2016, compared to 11 and 17, respectively during the same period in 2015.

Although its yet not clear as to why the company has been put under liquidation, it has become prevalent that Top executives at in-house pension funds for the local authorities, mining, motor, local authorities and catering industries have been abusing funds for the purchase of information technology (IT) systems meant to improve internal engagement, prejudicing thousands of pensioners in the process.