THE Zimbabwe Association of Pension Funds (ZAPF) chairperson, Phoebe Chawasarira, says stronger collaboration between pension funds, regulators, and government is critical to ensure the sector remains a pillar of national stability and inclusive growth.
The billion-dollar pensions industry has battled a myriad of challenges, including loss of value and confidence amid a volatile exchange rate.
The pensions industry continued to show resilience in the second quarter of 2025, with total assets rising by 6% to US$2,63 billion, supported by new investments, contributions, and fair value gains.
According to the Insurance and Pensions Commission, there were 968 registered occupational pension funds as of June, up from the March figures.
Out of a total of 968 funds, 479 were active, accounting for 49% of the sector, with the remaining 489 being inactive, having either been paid up or earmarked for dissolution.
Chawasarira told NewsDay Business the future of pensions would not be defined by past losses, but by what was built next.
“As we shape the next 50 years, we are saying we need to strengthen collaboration between funds, regulators, and government, ensuring that our pension system continues to protect members’ savings, restore confidence, and contribute meaningfully to Zimbabwe’s economic development,” she said.
Chawasarira highlighted the need to restore trust and build a resilient system for members and acknowledge the industry’s critical role in national development.
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Pension funds have financed industries, supported infrastructure, and provided a safety net for millions of Zimbabweans.
Reflecting on past challenges, she recalled the devastating loss of value during the hyperinflationary period leading up to 2009.
“This was not just a financial loss; it was a loss of trust between generations, between savers and the system meant to protect them,” Chawasarira said.
In her speech at the just-ended ZAPF Principal Officers and Chairpersons Convention held in Masvingo recently, Chawasarira said one cannot speak about pensions in Zimbabwe without acknowledging the 2009 period.
“The period leading up to 2009, marked by hyperinflation and the subsequent transition to dollarisation, brought a catastrophic loss of value for our members,” she said.
“Lifetime savings, faithfully contributed over decades, were wiped out in real terms. The promise of retirement security was broken, and the confidence of members was tested.”
Chawasarira added that this was not just a financial loss; it was a loss of trust between generations, savers, and the system meant to protect them.
“As custodians of the pension system, we must ensure that such a loss of value never happens again to sustain our legacy. We must recommit ourselves to the principles that have anchored this industry: prudence, integrity, innovation, and advocacy,” Chawasarira said.
“Sustaining legacies means strengthening governance and upholding fiduciary responsibility. It means nurturing trust, not just through compliance, but through transparency and value creation for members.”
The convention was held under the theme 50 Years of Pension Leadership: Sustaining Legacies, Shaping Futures.
