Pensioners take Ipec to court over 2008-09 pension losses

PENSIONERS throughout the country have cried foul over the failure by the Insurance and Pensions Commission (Ipec) to compensate them for losses incurred during the hyper-inflationary 2008-09 period.

The pensioners lost their benefits when the Zimbabwean dollar tumbled due to record-breaking inflation before dollarisation.

“We are very angry because till today, we have not been compensated but Ipec seems to have forgotten about the promises it made. It is surprising that it has compensated those in the 2019 framework,” a pensioner based in Bulawayo said yesterday.

Ipec  spokesperson Lloyd Gumbo said they were looking into the matter.

“We have made significant strides in addressing the issue of compensation for the 2009 losses. There are ongoing processes involving all stakeholders to finalise the matter and we will be communicating in due course once these processes are complete,” Gumbo said.

Ipec is a statutory body established to regulate the insurance and pension industry.

In 2015, a commission of inquiry led by Retired judge Justice George Smith was set up to enquire into and propose remedies to the crisis.

In 2019, the Smith commission established that many insurance companies had short-changed their clients as they took advantage of the tumultuous inflationary environment.

The commission recommended payment of benefits covering the period.

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