Andrew
Sunday Mail Reporter
THE Insurance and Pensions Commission (IPEC) has paid over US$180 000 to pensioners as partial compensation for the value lost by their retirement packages as a result of the 2019 currency changeover.
Over 1 800 pensioners eligible for compensation have received payments of US$100 each since IPEC began disbursing the funds in January.
At least 3 848 retirees are eligible for restitution under the first phase of the programme.
State-owned mining giant Kuvimba Mining Housing last year paid out a US$5,2 million dividend, with IPEC — a shareholder — receiving US$400 000, which was then earmarked to compensate pensioners.
Finance and Economic Development Minister Professor Mthuli Ncube told The Sunday Mail that uptake of the pay-outs was slow.
“The current collection rate stands at about 54 percent of the members with full details, and whilst this is regrettable, it was to be expected due to the information challenges,” said Prof Ncube.
“Government would want to see all eligible members and beneficiaries collecting their money.
“The goal is to have a 100 percent collection rate and I believe with the measures IPEC is putting in place, we will see increased collections in due course.”
As at March 29, 2022, 1 820 out of 3 375 members and beneficiaries, for whom all information is available, have collected their US$100. The total eligible members for the current tranche of disbursements is 3 848.
IPEC is currently engaging pension funds to get information about beneficiaries with outstanding data.
IPEC, added Prof Ncube, continues to raise public awareness on the existence of funds to ensure that eligible pensioners collect their money.
“The commission has also directly engaged various pension funds for them to contact eligible members and advise them to collect their money.
“IPEC has made commendable progress, but as I said earlier, we would certainly be all the happier when all the eligible members and beneficiaries have collected their money.”
Prof Ncube said completion of the compensation drive depends on how soon eligible members and beneficiaries come forward to collect their money.
“On our part, the resources are already there. I would encourage IPEC to continue with the effort to advise members of the public of the existence of the compensation funds.
“Government is aware that not all pensioners will benefit from the current tranche dividend distribution. Other cohorts of pensioners will benefit from future dividends.”
Last year, Government extended US$75 million worth of shareholding in Kuvimba Mining House to IPEC on behalf of the pensioners who were affected by the 2019 currency reforms.
The investment yielded a dividend of US$400 000 to IPEC.
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