NOTICE TO FUND MEMBERS
UPDATE ON CURRENCY CONVERSION AS AT 31 DECEMBER 2021: USD PENSION PAYMENTS
Kindly be advised that the Fund Actuary has concluded the Fund’s Actuarial Valuation report as at 31 December 2021 which has been submitted to the Regulator for consideration and approval. The Fund Actuary has determined that the Fund should award an 88.9% pension increase, being the 2021 net revaluations gains due.
In order to cushion pensioners against the prevailing harsh economic environment, the Trustees have resolved to pay the revaluation gains arrears from January to June 2022 in USD converted using the 30 June 2022 bank rate of USD1:ZWL366.26870 subject to a maximum per Member category as follows:
- USD50 for pensioners,
- USD25 for widows and
- 50 for orphans
Below are the additional key conditions to note:
- Depending on each Member’s pension, some Members’ arrears will be extinguished at this juncture, while others will have a balance payable. These balances (if any) of pension arrears shall be ring fenced in ZWL to be paid as and when cash flows improve.
- The benefit is payable to pensioners who were on the Fund payroll as at 31 December 2021. Pensioners inserted into the Fund payroll from 1 January 2022 and onwards will benefit from future ZWL pension increases to be granted by the Fund.
- The Fund has engaged BancABC to facilitate the disbursements of these funds (at no cost to Members ) through their “City Hopper” bulk payments system, which is mainly found in kiosks inside TM Pick’n Pay Supermarkets as well as Gain Cash and Carry and Quickmart Supermarkets as well as all BancABC branches. We have attached a schedule of outlets across the country where members can receive their payments.
- Only active pensioners who have provided the Fund with their mobile phone numbers shall be eligible for this benefit. Efforts are being made to engage members whose mobile phone numbers are not on file. Affected pensioners are also encouraged to contact the Fund in order for their payments to be disbursed without delay.
- This payment in USD is a once-off dispensation pending further investigations to fully understand the implications of the proposal to pay pension benefits in USD on a regular basis.
The Fund will continue to explore initiatives to improve the welfare of its pensioners and to cushion them against the prevailing economic hardships.
05/08/2022
MRS. P.B. DHLIWAYO DATE
PRINCIPAL OFFICER