IPEC flags insufficient disclosures in 2009 compensation actuarial reports

IPEC flags insufficient disclosures in 2009 compensation actuarial reports

Staff Writer

The Insurance and Pensions Commission (Ipec) says it has noted inadequate disclosures in actuarial reports submitted as part of the 2009 compensation schemes.

Ipec, in a circular seen by Inusrance24, said the inadequate disclosures are inhibiting the Commission from making an informed decision on the compensation schemes.

“Following the submission of 2009 compensation schemes as required in terms of Statutory Instrument 162 of 2023, we have noted instances where the disclosures in the actuarial reports are not adequate to enable the Commission to make an informed decision on the compensation schemes.

“It is against this background that the Commission requires that resubmissions or outstanding submissions make sufficient disclosures in the actuarial report as outlined in the Actuarial Society of Zimbabwe (ASZ) Guidance Note on S1 162 of 2023, released on January 25, 2024,” said Dr. Grace Muradzikwa, the IPEC commissioner, in a circular.

In October 2023, Statutory Instrument 162 of 2023 (“SI162,2023”) was published. This focused on pensions and provident funds’ compensation for the loss of the pre-2009 value of pension benefits.

The implementation of this Statutory Instrument proposed that Actuaries, who are mostly members of the Actuarial Society of Zimbabwe, assist in its implementation.

Please find the attached IPEC Circular 2 of 2024, S.I. 162 of 2023, and ASZ Guidance Note on SI162 of 2023.

ASZ Guidance Note on SI162 of 2023

S.I. 162 of 2023 Pensions and Provident Funds (Compensation for Loss of Norm