ZESA Staff Pension Fund and Zimbabwe Electricity Industry Pension Fund are two separate pension funds established in terms of the Pensions and Provident Funds Amendment Act 24:09 Managed by two Boards of trustees
Reports to the Insurance and Pension Commission (IPEC).
ZESA Staff Pension Fund was established in 1986 as a result of an amalgamation of the following schemes:
- Electricity Supply Commission Weekly- Paid Staff Pension Fund
- Electricity Supply Commission Staff Pension Fund; Scheme A of the Local Authority Employees Principal Pension Scheme
- Scheme A of the Local Authority Employees Principal Pension Scheme
- Electricity Supply Commission Staff Provident Fund
- Central African Power Corporation Gratuity Scheme
- Central African Power Corporation Pension and Life Assurance Fund
It is a Defined Benefit (DB) Fund and was closed to new members on 31 December 2003. It now comprises pensioners and members who participated in the fund up to 31 December 2003. The participation service for active members was frozen as at 31 December 2003.
ZIMBABWE ELECTRICITY INDUSTRY PENSION FUND was established January 2004 as a Defined Contribution (DC) Fund following the passing of the Electricity Act 13:19 . Members of this fund are drawn from the electricity industry and currently participating employers are;
- ZESA Holdings
- ZENT
- ZETDC
- PowerTel
- ZPC
- REA
What we do
The prime mandate is to ensure that their members receive payment of a pension and/or benefits on retirement.
How we do it
Funding is from:
- Employee contributions
- Employer contributions
- Actuarial Deficit payments
- Return from Investment markets
The Constitution of Zimbabwe
Pension and Provident Funds Act Chapter 24:09
Pension and Provident Funds (Amendment) Regulations, 80 2017 (No. 24)
Pension and Provident Funds (Amendment) Regulations 323 1991
Income Tax Act 23:07
Labour Act 28:01
Public Entities Corporate Governance Bill 2017 (proposed)