Overview of Pension Fund
The Mining Industry Pension Fund (MIPF) was set up in 1952, through an Industrial Agreement between the Chamber of Mines of Zimbabwe (COMZ) as one-party representing employers’ organisations, and the Associated Mine Workers Union of Zimbabwe (AMWUZ), Mine Officials and Salaried Staff Association, collectively referred to as the Trade Unions representing employees in the mining industry, being the other party. The Agreement incorporates Fund Rules which conform to the Pension and Provident Funds Act and Regulations, and serve as a rule book for the administration of the Fund. The Fund Rules were initially published as Statutory Instrument 771 of 1982, then later replaced by Statutory Instrument 14 of 2016 which is currently being reviewed to align with changes in the regulatory and operating environment.
The day to day administration of the Fund is the responsibility of the Principal Officer and Chief Executive who is accountable to the Board of Trustees. In terms of the Fund Rules, the Board of Trustees is appointed by the National Employment Council for the Mining Industry, and is made up of employee and employer representatives.
The main objective of the Fund is to provide for the payment of pension benefits to members in accordance with the Fund Rules. Every member who leaves employment shall be paid a pension benefit depending on the nature of exit from employment. Therefore, all members exiting employment should complete a Claim Form and submit it to the Fund to initiate the processing of their pension benefits.
To be the leading Pension Fund in Zimbabwe’s mining industry.
To create value through delivering superior and sustainable retirement benefits for members in the mining industry.
The values we hold in common are:
The skill, competence, good judgement and polite behaviour that is expected from a person who is trained to do a job well.
Exhibiting the character, conduct, expertise and standards that are expected in business.
The state or quality of being frank, open, and sincere in speech or expression; candidness.
Public accountability characterised by visibility or accessibility of information.
The combined and coordinated effort of a group of people towards one goal with each doing a part and subordinating personal prominence to the efficiency of the whole.
Sense of togetherness with the objective of complementing each other in achieving a common goal.
• Mutual Respect
Proper regard, recognition and honour for an individual’s dignity that is reciprocated.
Respecting and embracing divergent views of other people.
Introduction of new methods and better solutions that meet new requirements, unarticulated needs or existing market needs.
Ability to come up with new ideas and new ways of doing things to improve efficiency.