Staff Writer
Vic Falls: The Zimbabwe Association of Pension Funds (ZAPF) 50th annual conference and general meeting kicked off in the resort town of Victoria Falls this morning with the fund celebrating its 50th anniversary.
The annual conference is running under the theme 50 Years Together: Shaping Tomorrow,Today. Building on the past ,embracing the future.
Giving his opening remarks,ZAPF chairperson Wilferston Chibaya said this was not just a
celebration of years, but of peoples’ resilience and collective progress.
“We gather under the powerful theme, 50 years together, shaping tomorrow, today, building on the past and embracing the future.A fitting reflection for our journey, our present and our aspirations” he said.
He added that half a century ago, the association was formed with a clear vision to safeguard the future of Zimbabwe’s workers
through robust and sustainable pension systems.
“Since then, we have walked a path shaped by growth, reform, innovation and at times, profound adversity.” Chibaya said through economic transitions, policy shifts and regulatory evolution, the pension industry has remained steadfast, not only in protecting retirement savings, but in anchoring long-term national development.
“Over the years, pension funds have played a vital role in the economy,” he said
Chibaya said the funds had invested in infrastructure, real estate, financial markets and development projects, contributing to job creation, capital formation and social stability.
In many respects,Chibaya said the pension industry had acquired a powerful engine of progress, focused not on the short
term, but on the future.
“Yet, we must acknowledge the significant trials that have tested our industry. Trials that at times have threatened its very foundation. Chief among these have been the loss of value experienced by pension funds, largely as a result of obvious macroeconomic policies and structural economic instability.
Hyperinflation, abrupt currency changes and monetary policy inconsistencies have eroded the real value of pension services. These events did not just disrupt balance sheets, they shattered the hopes of many pensioners who had entrusted their future to long-term savings. The social and human cost has been enormous.
Retirees left vulnerable and active members questioning the reliability of their future benefits,”he said
Chibaya added that this erosion of value undermined confidence in our pension system and exposed structural vulnerabilities, from investment concentration risks to outdated benefit models and insufficient
hedging mechanisms.
For fund managers, he said navigating this terrain required agility, innovation
and deep resilience, all while maintaining a fiduciary duty to members.
“As an association, we have stood idly by. We have advocated and continue to advocate for
reforms that strengthen pension fund governance, protect savings from economic shocks and foster a stable macroeconomic environment that supports long-term investments.
We have encouraged diversification, promoted actuarial soundness and called for policy consistency that aligns with the interests of our members and the nation at large.
Today, as we stand to this golden milestone, we take pride in the progress we have made, but
we also recognise that the work ahead is no less important.
The future calls on us to embrace
digital transformation, to respond to the needs of an evolving workforce, to strengthen risk
management frameworks and to ensure that our pension systems are inclusive, transparent
and resilient,” he said.
He urged players not to re-margin the role of pensions not merely as financial
instruments, but as vehicles for national development and social protection.
“Let us invest with impact, manage with integrity and sell with empathy, building a system that the next generation can trust and rely on. To all our members, past and present,” he said
