If you leave employment by being discharged by your employer

Or voluntary resignation prior to retirement and you don’t enter employment within a period of six months you will receive a refund of your contributions including interest that would have been earned by the Fund.

If you become redundant as result  of company closure or on retrenchment, you will be entitled to full benefits of the amounts held to your credit as if you were retiring at normal retirement date.

Subject to the Trustees being satisfied to the member’s ill health, you will be entitled to full benefits of the amounts held to your credit as if you were retiring at the normal retirement date.

  An amount equal to two years of last salary due to the members together with a further cash sum determined by reference to the amount held to his credit for his pension which can be commuted in full.

If a member dies after retirement, payments will cease immediately unless a member has made provisions for a guaranteed payment period which has not expired at the date of death o provision for dependants which continues to apply at the date of death in terms of sub clause ( ii) of rule ‘23’.In this event payment of pension will continue until such a time as the conditions relating to the pension cease to apply. The rules booklet of the Fund can be obtained from the Funds offices at a reasonable fee.

Your dependants, in the following orders:-

• Surviving spouse and his/her dependents children or
• If there is no surviving spouse or dependent children, to any dependent or
• If there is no surviving spouse or dependent children or other dependents to his /her estate.

NOTE:

If the aggregate of the death benefits exceed an amount equal to twice the member’s annual salary or wage at death, any balance shall be utilized by the Trustees to secure a pension for the dependents of the deceased members at the discretion of the Trustees provided always that in the event of such pension amounting to less than ZWL3000 per month which can be amended by the Commissioner from time to time, the limitation on cash payment shall cease to apply.

The normal retirement date for each member will be the first day of the month following the attainment of age sixty years.

• At normal retirement date: - each member is entitled to a pension secured on his behalf during his period of membership. The amount available to secure the pension will be determined by the total contributions paid to the credit of the member and the value of bonuses awarded during the period of membership.

• Before normal retirement date :- with the consent of the employer, a member who has completed ten years service will have the option of retiring on the first day of the month which is five years or less prior to the normal retirement date. In such an event the member will receive the total contributions to the credit of the member and the value of bonuses awarded during the period of membership.

• After normal retirement date :- if a member and his employer agree that services of a member are to be retained after the normal retirement date subject to the approval of the Trustees, the retirement date may be deferred for a period not exceeding five years. In this event deductions and contributions will continue until the date of retirement of the member or the age of sixty five whichever is earlier and benefits will continue to accrue to the member.

The pension on retirement will be paid payment monthly in arrears and will continue to be paid during the lifetime of the pensioner. At the discretion of the member the pension may include provision for guaranteed minimum payment periods for the protection of dependents.

Yes, a member has the right to commute for a cash sum a portion of the pension to which he is entitled on retirement  subject to such portion not exceeding one third of the amount available for the purchase of a member’s pension in terms of rule ‘22’