Early Retirement Benefit
On attaining the age of fifty five (55), a member can opt to go on early retirement.
The member can also opt to go on early retirement provided he/she has reached the age of fifty (50) and has contributed to the Fund for at least 15 years.

Normal Retirement Benefit
On reaching the age of 60, a member is due for normal retirement. A member can however opt to defer retirement for a further period of not more than 5 years.

Late Retirement Benefit
If at normal retirement age, a member opts to defer his/her retirement, he/she is not eligible to continue as a contributing member of the Fund after attaining the age of 65.

When going on retirement, the member can select one of the following options:

• Full monthly pension option
• One third commutation plus reduced monthly pension
• Full monthly pension on Joint and survivorship monthly pension
• One third commutation plus reduced joint and survivorship monthly pension

Requirements For Processing Benefits
• A completed Advice of Withdrawal Form, Form BN1 should be submitted by the    employer.
• A copy of the member's National ID.
• A copy of the member's last payslip.
• A letter of pension options will be sent so that the member can select a pension    option.
• A completed copy of the pension option letter and BN2 form should be submitted    to MIPF before payment can commence.

What The Retirement Options Entail

One Third (1/3) Commutation
• Payable as a lump sum
• Limited to 1/3 of the capital value of pension

Monthly Pension
• This can either be a full monthly pension or can be reduced after commuting the    1/3.
• If a full pension is selected there will be no commutation
• Pension is guaranteed for 5 or 10 years and thereafter for life.

Joint And Survivorship

• It is an option where the member chooses to have a lower monthly pension in    order to build in protection for his/her beneficiaries in the event of his/her death.
• This option is taken with a designated beneficiary e.g. spouse, adult child, brother    or sister.
• Proof of age should be submitted in respect of the beneficiary and proof of    marriage in respect of the spouse.
• Pension is guaranteed for 5 or 10 years and thereafter for life.

Pension Guarantees

The guarantee period provides continuity of the pension to beneficiaries in the event of the death of the pensioner. If the pensioner outlives the guaranteed period, the Fund is obliged to pay the pension until he/she dies. Where a Joint and Survivorship option had been selected and either the pensioner or the designated beneficiary outlives the guaranteed period then the Fund is obliged to pay the pension until the last survivor dies.

NB: The member cannot opt to be paid a 100% commutation (full pension lump sum) if his pension per month is more than the limit prescribed by the regulations and currently, it is ZWL $500 per month. This limit is revised by the Commissioner of Insurance and Pensions from time to time.


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