Pension funds urged to drive Zimbabwe’s economic transformation
Staff Writer
VICTORIA FALLS — Zimbabwe’s pension industry has been challenged to take a more active role in financing national development projects while safeguarding members’ retirement savings, as the sector positions itself as a key partner in the country’s Vision 2030 agenda.
In her welcoming remarks, at the 51st annual congress of the Zimbabwe Association of Pension Funds in Victoria Falls this morning , ZAPF chairperson Phoebe Chawasarira said pension funds should evolve beyond their traditional role as custodians of retirement savings and become “engines of national development”.
She said this year’s congress theme, “Pension Funds as Engines of National Development: Unlocking Growth and Member Value”, reflected the growing importance of pension funds in supporting economic transformation.
“This theme is both relevant and thought provoking. It challenges us to look beyond our traditional roles and reimagine pension funds not only as custodians of retirement savings, but as active contributors to economic transformation and national development,” she said.
Chawasarira said pension funds had an opportunity to channel long-term capital into productive sectors of the economy, including infrastructure, housing, energy, healthcare and agriculture, in line with Zimbabwe’s aspirations of attaining upper middle-income status by 2030.
“As Zimbabwe continues its journey towards Vision 2030 and the aspiration of becoming an upper middle-income economy, pension funds have an increasingly important role to play,” she said.
“Beyond providing security in retirement, pension funds can support national development through strategic investments in infrastructure, housing, energy, healthcare, agriculture and other productive sectors of the economy.”
She said such investments would help stimulate economic growth, create employment opportunities and contribute to long-term national stability while generating sustainable returns for pension fund members.
However, Chawasarira cautioned that pension funds should maintain a careful balance between pursuing investment opportunities and protecting contributors’ savings.
“However, this role must always be balanced with the core responsibility of protecting our members’ savings, rebuilding and preserving confidence in the pension industry,” she said.
“Achieving the right balance between protecting our members’ retirement savings and pursuing growth opportunities requires innovation, prudence, sound governance and responsible investment practices.”
The ZAPF chairperson said stronger collaboration between pension funds, regulators, Government and other stakeholders would be critical in aligning pension fund investments with national development priorities.
“In a rapidly evolving economic landscape, collaboration among regulators, pension funds, Government and industry stakeholders becomes essential,” Chawasarira said.
“Aligning pension fund investments with national development priorities under Vision 2030 presents an opportunity for the industry to become a true partner in economic transformation while unlocking member value.”
She urged delegates attending the congress to actively participate in discussions aimed at strengthening the pension sector and exploring new ideas to improve industry resilience.
“As we engage over the course of this congress, I encourage each one of us to participate actively, share insights openly, and challenge traditional thinking,” she said.
“Let this platform inspire new ideas and strengthen our shared commitment to build a resilient and impactful pension sector.”
Chawasarira also acknowledged the role played by the Ministry of Finance and the Insurance and Pensions Commission in supporting the stability and growth of the pensions industry through regulation and oversight.
The congress brought together pension fund executives, policymakers, regulators and industry stakeholders to deliberate on the future of Zimbabwe’s pension sector and its contribution to economic development.
