The ZIMTA Provident Fund (ZPF) held its inaugural annual general meeting (AGM) on Sunday night as part of the ongoing 39th Extraordinary National Conference as the fund moves to ensure investments with high returns, which will benefit members.
The fund’s chairman John Mulilo said the ZPF will enhance member experience through competitive benefits payout and efficient service delivery.
“We want long-term sustainability of the fund; ensure that the going concern of the fund is not threatened through prudent selection of investments and actuarially determined benefit payout. There should be improved access to member information- through the provision of digital platforms for members to access information anywhere, anytime,” he said.
Mulilo said there was a need to reduce turnaround time on investment decisions and minimise membership cessations and an exodus by increasing visibility and product knowledge and diversity.
He noted that ZPF was planning to acquire a membership management system as per IPEC prescription.
Going into the future, Mulilo said the fund will acquire more ‘turn-key’ properties and spread the property portfolio by identifying investment opportunities in all the other provinces.
The fund will also offer competitive services by acquiring Tents and lowering devices for members in the short run and consider acquiring funeral parlours in the long run in line with ZIMTA’s long-term strategy.
ZPF was provisionally registered on 29 June 2020 with the operation of the Fund and establishment of the Board of Trustees set on 1 November 2020. The entity was fully registered on 19 November 2021, after getting a licence from the Insurance and Pension Commission (IPEC) as a Self -Administered Fund.
“Following the Audit observation made by Grant Thornton it was recommended that these Provincial Retirement and Bereavement Funds be amalgamated and registered as an entity with the regulatory authority IPEC (Insurance and Pensions Commission),” Mulilo said.
He went on: “The fund has noted an upsurge in members who are opting for early retirement to join the diaspora and other private learning institutions which are sprouting. The development entails investing more in semi-liquid or near-money instruments to cater to the contingency demand. There has also been an upsurge in child bereavements who otherwise are considered to be less risky in the insurance industry.”