The Chronicle
Sikhulekelani Moyo, Business Reporter
THE Insurance and Pension Commission (IPEC) has set 10 July 2022 as the deadline for eligible pensioners to withdraw their US$100 from the first tranche of the Kuvimba House dividend.
In a statement published today, IPEC said the current window of the compensation of the first group of about 4 000 eligible pensioners will be closing 10 July 2022.
“The Insurance and Pension Commission advises pensioners eligible to receive US$100 from the first tranche of the Kuvimba Mining House dividend, who are yet to withdraw their money to do so by 10 July 2022,” reads the statement.
“The commission published the list of all eligible pensioners in the media and the IPEC website on 10 January this year. The list is still accessible on the IPEC website.”
IPEC holds a five percent stake in Kuvimba Mining House, and proceeds from that investment have been earmarked for compensation in respect of legacy pensions.
In June 2021, the mining group paid out a US$5,2 million dividend, with IPEC receiving US$400 000 on behalf of pensioners.
IPEC said after 10 July 2022, available resources will be availed to the next group of pensioners and the remaining batches of pensioners shall be compensated using future dividends.
In the 2021 National Budget Statement, Finance and Economic Development Minister Professor Mthuli Ncube set aside resources then equivalent to US$75 million, to be applied to the compensation of pensioners for the loss of value.
These resources were later availed as US$75 million worth of shareholding in Kuvimba Mining House as compensation to the pensions industry as Government moved to acknowledge that the 2019 currency reforms had unintended consequences on pensioners within the private occupational pension schemes.
Article Source: The Chronicle