The Insurance and Pensions Commission (IPEC) says that the sector has invested millions of dollars in agriculture, energy and infrastructure development in line with prescribed asset regulatory requirements.
Speaking at the Zimbabwe Economic Development Conference held 16-19 September, IPEC Commissioner Dr Grace Muradzikwa said pension and insurance funds were not only mandated to invest in prescribed assets, but were also emerging as vital players in propelling national development, reported the news site, The Herald. She also revealed that about $57.3m had so far been channelled into renewable energy projects.
Garnishing authority
Dr Muradzikwa said IPEC was now armed with garnishing authority, a major legal reform set to transform supervision and compliance in the sector. “We can garnish accounts of employers who are not remitting pension contributions. We are working on enhanced regulation and supervision of the sector.”
Noting that the volume of pension contributions had declined, she said, “This is the big elephant in the room for us as a regulator for the insurance sector. We are working on confidence restoration measures.”
In a media statement released on 15 September in conjunction with Pensions Awareness Day, the IPEC said that it is working closely with all key stakeholders, including the government, pension funds, and other stakeholders, to improve retirement outcomes for subscribers to both public and private occupational pension schemes.