Govt vows to settle Pre-2009 Pension Compensation

Rutendo Nyeve

THE Government has reaffirmed its commitment to finalising the long-standing pre-2009 compensation exercise, describing it as essential to restoring public trust in the insurance and pensions sector.

Deputy Minister of Finance, Economic Development and Investment Promotion, Kudakwashe Mnangagwa, said this while addressing the Insurance and Pensions Symposium in Victoria Falls on Wednesday.

The symposium comes as the Insurance and Pensions Commission (IPEC) marks it’s 20th anniversary.

Deputy Minister Mnangagwa characterised the hyperinflationary era that culminated in the 2009 currency reforms as one of the most painful chapters in the financial history of Zimbabwe, saying millions of citizens saw their life savings and policy values wiped out.

“That loss was not merely financial. It was a loss of trust in institutions, in financial products, and in the long- term value of saving itself. Rebuilding that trust is not optional. It is essential to the future of the insurance and pensions industry,” he said.

He added that the completion of the compensation process is explicitly among Government’s priority targets for restoring confidence, calling on IPEC and industry players to work collaboratively and urgently to conclude the matter.

Addressing the proposed transition to a monocurrency framework, Deputy Minister Mnangagwa acknowledged the sensitivity of currency reforms for long-term financial contracts.

He assured that the transition would not disrupt the industry, saying Government is mindful of past mistakes.

“We warmly and genuinely welcome input from the insurance and pensions industry on how the monocurrency transition should be designed, phased, and implemented,” he said.

“This is not a consultation for appearance’s sake; this is Government recognising that the technical expertise in this room is indispensable to getting this right.”

He urged stakeholders to formalise their positions and submit substantive recommendations to the Ministry, calling on the symposium to serve as the beginning of that collaborative conversation.