Retirement Benefits

You may retire;

• At 65 years of age (normal retirement) or
• At 55 years to less than 65 years (early retirement) or
• At any age less than 55 years due to ill-health subject to the provision of a medical certificate or
• At any age between the ages of 65 and 70 years (late retirement) subject to approval by your Employer.

Option 1: Partial Commutation and Payment of Monthly Pension from the Fund

You may commute up to one third (1/3) of your pension benefit as a lump sum and the remaining two thirds (2/3) would be used to purchase a monthly pension.

Option 2: Partial Commutation and Transfer of the balance to another retirement annuity fund within Zimbabwe

You may commute up to one third (1/3) of your pension benefit as a lump sum and the remaining two thirds (2/3) may be transferred to any retirement annuity fund within Zimbabwe.

Option 3: Transfer of the total capital value to another retirement annuity fund within Zimbabwe

You may transfer your total capital value to any retirement annuity fund within Zimbabwe.

Option 4: Payment of the total capital value (Full Commutation)

You may opt for a full payment of your accumulated credit if monthly pension is below USD 40. This is in line with Insurance and Pensions Commission (IPEC) Circular 40 of 2022, which sets a minimum monthly pension of USD 40 for determining commutation and preservation amounts.

This is the period where pension is certain to be paid irrespective of whether the pensioner is alive or dead. If a pensioner dies within a guarantee period, his/her dependent will be entitled to the outstanding pension for the remaining guarantee period.

Members can choose either 0, 5, 10, or 15 years guarantee period. Note that the longer the guarantee period, the lesser the monthly payment you will get, but the more protection there is for your dependents. You will be given the guarantee period options at retirement.

This depends on the guaranteed period option you chose at retirement.

If you opted for a single life 0 guarantee period, your pension ceases at death.

If you opted for single life guarantee periods (5, 10 or 15 years) and die before the guarantee period expires, your residual pension to expiry of guarantee period will be paid to your estate as a once-off payment.

If you opted for joint life guarantee periods (i.e., 5, 10, or 15 years) and die before the guarantee period expires, your pension will continue to be paid to your spouse until they die.

Under current legislation, one third (1/3) of your capital value may be taken as a lump sum, which will NOT be subject to PAYE but is taxable if you retire in the year you turn 55 years of age. However, the monthly pension is subject to PAYE/income tax if the amount falls within the taxable bracket and you are below 56 years of age.

On a regular basis, the Fund Actuary calculates the funding level of the Fund and recommends to the Board of Fund, a pension increase which may be awarded to the pensioners upon approval by the Insurance and Pensions Commission (IPEC).

All pensioners are required to complete a Life Certificate by 28 February every year to show that they are still alive. If you fail to complete the life certificate, the pension would be suspended. The benefits would be reinstated upon completing the life certificate.

• Certified copy of your Identity Document (ID) or valid Passport or Driver’s License,
• Spouse’s certified copy of Identity Document (ID),
• Proof of marriage (certified copy of the Marriage Certificate or Confirmation of customary marriage from civil or magistrate court or an affidavit),
• Fully completed Member Exit Form submitted by the Employer,
• Fully completed Employer Benefit Form for Employer extended benefits,
• Current Banking Details,
• Fully completed Medical Aid Application Form,
• Letter or stop orders to confirm deductions a member wants to continue with (e.g. Zesa Group Life Assurance (ZGLA), Nyaradzo, Doves, etc.).
• Medical certificate (in case of ill-health retirement),
• A copy of your last payslip.