HARARE, Regulator, the Insurance and Pensions Commission (IPEC) has approved the liquidation of the Lancashire Steel Pension Fund. This is in terms of Section 10 (1) (a) of the Pension and Provident Fund Act (Chapter 24.09) and Section 10.2 of the Rules of the Lancashire Steel Pension Fund as at 31 August 2016.
The steel company folded operations in 2010 due to the shortage of raw materials after the parent company Ziscosteel had indefinitely suspended operations in 2008 because of viability challenges and debts.
Meanwhile, all members, deferred pensioners, pending exits and other stakeholders are required to visit the Fund offices to confirm their membership for the period 7 December to 8 January 2018 to also confirm claims.
Earlier in the year, IPEC approved the liquidation of the Allied Banking Group Pension Fund after Allied Bank, formally trading as Zimbabwe Amalgamated Banking Group was put under liquidation in February 2015, after the Central Bank had said it was no longer viable. – Insurance24