Of Conversion rates, Pensioners and Pension pay-outs

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The Sunday Mail this week published two articles on how pensioners were prejudiced during the conversion era and gave a practical example of how a Pensioner from the PSMI pension Fund was prejudiced of over US$10, 000. The government of Zimbabwe set up a commission to probe the conversion process of pension and insurance benefits after dollarization in 2009. The commission has wound up its work and will have a comprehensive report by 28 February 2017 and the industry is waiting with a lot of interest what the outcome of the commission is going to be.

Since 2009 there has been a major debate over pension’s funds and the conversation era with the ZimPIRT report concluding that pensioners, pension fund members in general and insurance policy holders were credited with less than their full rightful benefits as a result of flawed calculation methods. The public have often accused pension funds and insurance companies of prejudicing pensioners of millions of dollars.

The Managing Director of ZimSelector.com, Luke Ngwerume, during a breakfast meeting with Journalists under the Insurance Reporting Mentoring Program being sponsored by ZimSelector.com threw in some interesting thoughts that might add some spice to the foregoing debate, accusations and counter accusations on who is to blame for the demise that faced pensioners after conversion.

Watch this video for more.

 

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