ZESA STAFF PENSION FUND (ZESA STAFF PF)- DEFINED BENEFIT (DB)
- The Fund was established in 1985 (Formerly ESC Pension Fund)
- It is a Defined Benefit scheme (DB) self-administered Pension Fund
- This means that the benefits are defined in terms of the member’s service and salary.
- The benefit is guaranteed by the Employer. The risk is borne by the Employer.
- Every three years the Actuary carries out the Actuarial valuation to determine the Funding level of the Fund.
- The Fund was closed to new members on 31 December 2003
ZIMBABWE ELECTRICITY INDUSTRY PENSION FUND (ZEIPF)- DEFINED CONTRIBUTION (DC)
- The Fund was established in January 2004.
- It is a Defined Contribution Scheme self-administered Pension Fund
- The Employer contributes 21.25% of the basic salary of the member every month to the Pension Fund.
- The member contributes a minimum of 6.25% (compulsory) of basic salary towards pension.
- The risk is borne by the employee hence the need for the member to track his/her investment.
- The Actuary carries out a Financial review and propose a bonus to be declared during the period under review.
According to the Fund Rules, Sponsoring Employers/Employer means any one of:
- ZESA Holdings Limited;
- Powertel Communications (Private) Limited;
- ZESA Enterprises (Private) Limited;
- Zimbabwe Electricity Transmission and Distribution Company (Private) Limited;
- Zimbabwe Power Company (Private) Limited;
- Rural Electrification Agency (Private) Limited;
- And any other company or organization which with the consent of the Employer and upon terms agreed between the Employer and the trustees has been admitted to the Fund;