THE Mining Industry Pension Fund (MIPF) will continue paying pension increases in United States dollars throughout 2026 after posting an actuarial surplus of ZiG983 million (US$37,84 million), underscoring the fund’s strong financial position amid Zimbabwe’s challenging economic environment.
The move is expected to shield pensioners from inflation, currency volatility and the erosion of retirement benefits, challenges that have historically affected pension funds in Zimbabwe.
According to MIPF’s latest actuarial valuation, completed on March 31, 2026, the fund’s assets stood at ZiG7,14 billion (US$274,82 million) as at December 31, 2025, compared to liabilities of ZiG6,16 billion (US$237,10 million), resulting in a surplus of ZiG983 million and a funding level of 116% before the declaration of bonuses.
The strong performance enabled the fund to award bonuses.
“In order to cushion pensioners against the difficult operating environment, the board approved that the pension increases be converted to USD quarterly payments over the year 2026,” MIPF said in its first-quarter 2026 report.
MIPF principal executive and chief executive officer Anymore Taruvinga said the quarterly US dollar payments were designed to preserve the real value of pension benefits.
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“The quarterly payments in USD ensure value for money for pensioners but will be reviewed on an annual basis depending on the fund performance,” Taruvinga told businessdigest.
He said the fund's healthy cash flows from member contributions and investment income enabled it to meet current pension obligations while continuing to pursue long-term investments.
“The fund endeavours to continuously improve pension benefits for its pensioners, especially considering the challenging operating environment,” Taruvinga said.
“Since 2023, the fund has been paying a portion of pension increases as United States dollar quarterly pensions.”
The fund’s robust financial performance has been driven largely by its investment strategy, which is anchored on real assets such as property and equities.
“Performance was driven largely by the fund’s investments anchored on real assets, mainly real estate and equities,” Taruvinga said. “This strategic positioning continues to support capital growth and strengthen the fund’s capacity to meet member obligations over time.”