Working group to facilitate compensation closure established: Ipec

Oliver Kazunga, Acting Business Editor

THE Insurance and Pensions Commission (Ipec) says a working group has been established to facilitate closure on compensation of policyholders and pensioners for the loss of value suffered prior to 2009.

This follows recent recommendations by the Justice Smith-led Commission of Inquiry that insurance policy-holders and pensioners should be compensated for loss of value suffered due to hyper-inflation in 2007-8 and Zimbabwe’s adoption of a multi-currency system in 2009.

In a pensions industry report for the third quarter ended September 30, 2020, released by Ipec recently, Zimbabwe’s insurance and pensions regulator said:

“With regards to loss of value complaints, a working group…has been established to review the compensation framework recommended by the Justice Smith-led Commission of Inquiry to facilitate closure on compensation of policyholders and pensioners for the loss of value for the pre-2009 period.”

During the quarter under review, Ipec handled 162 complaints in relation to pension matters, out of which 45 were resolved while 117 were yet to be resolved.

Complaints on non-remittance were at various stages of resolution as some employers have submitted payment plans to their respective fund administrators while others have resorted to making part payments. – @okazunga