Story by Peter Chivhima
THE Insurance and Pensions Amendment Bill of 2024 has received majority endorsement from lawmakers after it was taken to Parliament for review this Thursday.
Legislators are convinced that the bill will instill confidence within the sector but highlighted the need to also align the bill to the needs of the elderly and people with disabilities.
“Some come to corruptly take away people’s money and abuse contributions by members, so IPEC must have enough regulatory powers to deal with such,” Gutu South Legislator Honourable, Pupurai Togarepi said.
Murewa West Legislator, Honourable Farai Jere states that the protection of pensioners is crucial as their role is vital and can not be overlooked.
“We fully support the amendment of the bill, which has undergone a thorough review. Considering the issues discussed, including internet access, the welfare of our people, the challenges faced by our pensioners, and the shortcomings in our insurance companies, it is clear that the current bill is outdated.”
The Insurance and Pensions Commission (IPEC) Amendment Bill, 2024, seeks to enact significant changes to the Insurance and Pensions Commission Act [Chapter 24:21].
“From 2009, we have been working diligently to resolve the pre-2009 pensioner compensation. Following the 2019 currency changes, we issued a guidance paper to address asset revaluation. This ensures pensioners receive the actual value of their contributions, which are invested in specific assets.
“We want to assess the performance of these assets before discussing potential value losses. Additionally, the government has allocated shares in Kuvimba Mine to support compensation from private sector players,” IPEC’s Commissioner, Dr Grace Muradzikwa said.
The bill will be taken to communities for public consultations and feedback starting next week.
