Staff Writer
HARARE, The pensions industry closed 2024 with 967 registered occupational pension funds compared to 965 funds in the prior year.
Of the 967 funds, 489 were active, accounting for 50.6% of the industry’s funds.
The remaining 478 funds were inactive as they were either paid up or earmarked for dissolution.
Of the total funds, 34 pension funds were defined benefit schemes, 3 were hybrids and 930 were defined contribution schemes.
As at the date of reporting, the industry had 953 funds which outsourced fund administration services.
This comprised 799 insured funds and 154 self-administered funds. The other 14 are standalone funds, which are self-managed.
As at 31 December 2024, there were 14 registered fund administrators. Of these, five are independent, while the remaining nine are registered life assurance companies engaged in fund administration.
source IPEC Q4 2024 pensions report
Fund Registrations
A total of 5 pension funds were registered during the year ended 31 December 2024 namely Bubi RDC, Contact Family Counselling Centre Provident Fund, Donhodzo Micro-Pension Fund, Medical and Allied Industry and Africa University Provident Fund.
Chipper, under Zimnat, was erroneously reported in the prior quarter as registered, yet unregistered.
Pension scheme sponsors and administrators should ensure that funds are registered with the Insurance and Pensions Commission and a valid registration certificate obtained.
Fund registration should precede any remittance of contributions and commencement of fund administration activities or operations and should be reported upon regardless of status and position.
