Life and Pensions

Life and Pensions

Introduction

Pension and Life Assurance Schemes in the private sector have become a common feature on benefits offered by companies as part of staff remuneration packages. The benefits derived from having such schemes are:-

  • A forced way of saving for employees
  • Attractive tax concessions for both employee and employer
  • A way of attracting and retaining qualified staff
  • Boosts relationship between employee and employer
  • Projects a good company image.

In Zimbabwe, all pension funds are governed by Statutory Instrument 323 of 1991 and it is compulsory that all pension funds be registered with this Government legislation.

What is a Pension Fund?

A pension fund is a financial vehicle set up to provide benefits to employees upon death, retirement, withdrawal, retrenchment or disability. The pension fund has three primary functions namely; collection of contributions, investment of monies and payment of benefits.

Eligibility to a pension fund is open to all full-time permanent staff of the employer including working Directors. Also contract or seasonal workers whose contract is for more than two consecutive years are obliged to join the fund.

How do you go about it?

If you have at least 20 employees below the normal retirement age, Eureka Employee Benefits Department can assist in setting up your group pension scheme with the Insurer of your choice. Our Consultants will assist in the following:-

  • Scheme design to suit your unique circumstances
  • Interpretation of scheme rules, policy and other documentation
  • Set up and training of the Board of Trustees
  • Staff addresses
  • Liaison with Insurer in claims handling
  • Following up on all medicals
  • Having Service Level Agreements with Insurer
  • Regular communication with scheme Principal Officer.

Quotation requirements

In order for us to obtain quotations from various Insurers on your behalf, we would require the following information in respect of each of your employees:

  • Name
  • Date of Birth
  • Sex
  • Salary
  • Occupation

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