Ipec pensions reforms long overdue: ZAPF
HARARE, Zimbabwe Association of Pension Funds (ZAPF) says the proposed Ipec reforms were long overdue and embrace the spirit behind the proposals as insuring the remains relevant.
Ipec is set to introduce some solid measures aimed at improving the country’s pension industry in line with international standards.
This has come at a time when the country’s pension industry is in extremely serious difficulties as a result of low confidence after the multiple-currency system in 2009 which saw pension funds liabilities having their values eroded by decade-long hyperinflation and low activity in the economy.
In emailed responses recently ZAPF Chairperson Reginald Chihota said the associations view was that it was never so much about the interests of the pension players but rather about those of the intruded beneficiaries.
He said this would mean the contributing members would get the best possible deal from the activities of the Industry.
“We feel the reforming of the Industry is long overdue and certainly welcome the Regulator’s initiative in this regard.
As an Industry, we certainly appreciate the spirit and intention behind the proposals which we understand to be about insuring the industry which remains relevant remains, guaranteeing the sustainability of the Industry and the need to tackle affordability issues through reviewing the adequacy of pensions,” he said.
Chihota said the proposals were also likely to see the increase in insurance to cater for players like those in the informal sector and also dealing with governance issues particularly those relating to eligibility, membership, competencies and costs associated with running pension funds
“In terms of the extent that we are in agreement with weather the proposed reforms would address the above, we see this from the perspective that it’s early days yet and further robust and frank conversations need to be conducted with all the stakeholders involved led by the Regulator.
In terms of the extent that we are in agreement with weather the proposed reforms would address the above, we see this from the perspective that it’s early days yet and further robust and frank conversations need to be conducted with all the stakeholders involved led by the Regulator,” he said.
