Rightful benefits MUST be paid!
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Petition by Members of the Zimbabwe Pensions and Insurance Rights Trust (ZimPIRT) To the President For action to have pensioners paid their rightful benefits
We the undersigned members of ZimPIRT, wish to petition Your Excellency, the President of the Republic of Zimbabwe, to act to ensure urgent payment and honouring of rightful benefits due to pensioners, from pension and insurance schemes (contracts) that they contracted over very long periods.
The actions in question are here respectfully presented to Your Excellency, optionally, in order of preference, as follows;
Urgently setting up an independent body to finalise a compensation strategy and compensation program thereof
Urgently restructuring the regulatory institution of Insurance and Pension Commission (IPEC) at Board level to be equitably representative of pensioners, and at its management level to be competent and professional in its primary role of protecting the interests of pensioners
The actions here being petitioned to Your Excellency have been prompted by concerns raised about the following;
- The recently gazetted Commission of Inquiry (CoI) Report on conversion to United States Dollars (US$) of benefits due from pension and insurance contracts/schemes
- The Inquiry itself and
- The manner or conduct of governance at the regulatory institution of IPEC
Your Excellency, the paramount concern to pensioners about the CoI Report (among very many others) is its recommendation that IPEC implements the recommended compensation program. This is despite the report finding IPEC wholly incompetent to compensate and regulate impartially, and IPEC having been found to be responsible for prejudicing pensioners in the first place.
This recommendation made by the CoI runs counter to principles and practices of good corporate governance. Further, the recommendation, among many other contested recommendations and issues in this Report, raises questions about the professionalism by which the Inquiry was carried out. Pensioner concerns are especially heightened on consideration that a Commissioner of this CoI would resign citing irregularities in the conduct of the Inquiry.
The concerns about the manner of governance at IPEC, Your Excellency, arise from failure by IPEC to attend to prejudice over very many years. It turns out that IPEC management, over the years, have not got the skill and competency to resolve pensioner concerns, but remain in situ regardless. It turns out that this is the case because pensioners and policyholders are not equitably represented (if at all) on the IPEC Board as should be the case, and that the IPEC Board is and has been conflicted for a very long time. The latter is the case as the IPEC Board members are appointed in secrecy without any public consultation.
In these circumstances, several attempts by ZimPIRT to secure pensioners their rightful benefits have been hindered, with continued pensioner destitution and with many pensioners passing on before enjoying their savings.
It is with regards to these concerns that we the undersigned ZimPIRT members petition Your Excellency to take urgent action as optionally laid out above, and prevent further pensioner suffering.
It is our hope that Your Excellency appreciate these pensioner problems, their urgency, and humbly commend them for resolution.
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