A quick browse on the internet, will show a number of news articles, detailing the developments and progress made over time on the matter. Thus, we gather from these press articles, that the government of Zimbabwe, had approved compensation plans, following a detailed investigation on the matter, which came to be known as the Justice George Smith Commission of Inquiry of 2015. The approved plans for compensation on lost value, was thus to be done in accordance with the Pensions and Provident Funds – Compensation for Loss of Pre-2009 Value of Pension Benefits Regulations. This would see affected pensioners, like myself and many others, finally receive “fair value” for their pensions, which had been diminished to virtually nothing. Using my own pension as a good case in point; it was officially communicated to me by Old Mutual, that my pension, representing almost thirteen full years of service in one of Zimbabwe’s biggest commercial banks, had translated to a total of just USD$50, as calculated from a total amount of ZWD$306 278 447,35!
However, although it was reported back in October 2023, by the respected Commissioner of The Insurance and Pensions Commission (IPEC), that the anticipated payments to beneficiaries would be due to start in February/March 2024, to date, to the best of my knowledge, only Mimosa has complied with the directive. The other insurers, notably giants like Old Mutual, seem to be dragging their feet, without even so much as a word of update or explanation on progress, to the affected beneficiaries, to whom they owe this obligation. It would appear that the insurers’ nonchalant attitudes, smacks of gross arrogance, and a lack of integrity, empathy, goodwill to those affected. None is showing any signs or willingness to commit to a reasonable future date, by which they should start paying out to entitled persons.
Now, I’m sure that in a sensitive case such as this one, one which may actually mean making a difference to the lives or deaths of the policy holders, all would agree with me that, justice delayed, indeed equates to justice denied! One does stop to ponder as to how many affected individuals, have died over the many years, whilst waiting for justice to finally be served on this matter.
As such, I would gratefully appreciate it, if this weighty matter, is brought to the attention of the public, and the powers-that-be, so that hopefully, pressure can be put on IPEC, and other governing authorities, to push insurers to act to hastily see this matter to its logical conclusion.
It is also my humble suggestion, that there should be severe penalties levied on insurers who fail to conclude this all-important exercise, by a new set deadline; otherwise insurers will continue to stall in their complacence, whilst deserving beneficiaries continue to be deprived of what is rightfully theirs. Also, it cannot be far-fetched to conclude that the continued silence of government authorities on this matter, or their non-intervention, makes them complicit, and equally liable, in the role that insurers have thus far played, in robbing long-suffering Zimbabweans of their source of livelihood/income, and subjecting many others into avoidable poverty.
At this point, kindly indulge me a while, as I feel the need to provide you a very good example; one which hits close to home and my heart, which clearly illustrates how the retrogressive policies of governance, have negatively impacted on the lives of already overburdened ordinary Zimbabweans. Those affected were once productive members of the working class, working hard to provide for their families, whilst also uplifting the economic fortunes of their country Zimbabwe, through the contribution of the sweat of their brow! In fact, I feel that in part, I owe the winning of this “fight” largely in part, to the memory of my late brother-in-law, who passed on in June 2020, in the distant land of the Czech Republic, where he had journeyed alongside his wife, to seek asylum as economic refugees, in November 2019. They had been living in Pietermaritzburg, South Africa, since 2008, having emigrated there from Zimbabwe, in a concerted effort to escape from the hyper-inflationary environment bedevilling their home country. Unfortunately, his health quickly deteriorated in a matter of months, after it was detected that he was in the terminal stages of prostate cancer.
So when my brother-in-law passed on, the heavy task now fell on my shoulders, to claim his pensions on his wife’s and three dependent daughters’ behalf. His wife was unable to travel back to Zimbabwe to oversee this exercise. The couple had hoped that at a later date, their three young daughters left behind in S.A, would be able to join them in the Czech Republic.
Having been granted Power of Attorney to act on the beneficiaries’ behalf, I remain thankful to God that he gave me the necessary guidance and strength to overcome the many frustrating hurdles I met with, until the insurance policies from both Old Mutual and NSSA, were finally paid out. I encountered red-tape bureaucracy matters, legal and policy-related matters, which are too many to mention here. But most importantly, because of the government’s skewed policies, the monies especially from Old Mutual, could not be paid directly to the beneficiaries’ bank accounts held in the foreign countries of S.Africa, and the Czech Republic. The reasons being that Old Mutual and NSSA could not source the forex equivalent of the pensions; and then again, there were no correspondent banks through which the monies could be transferred, because of “sanctions” affecting the country.
Consequently, Old Mutual felt compelled to pay out the whole Zim-dollar denominated pension amount (RTGS$504 869-13 as at 30 July 2021) directly to my personal bank account. This amount represented 21 years of active service to the company he had worked for from 1987 to 2008. Thus, I now faced the dilemma of trying to figure out the best, most “legal” and cost-effective way/s, to try and convert this RTGS amount, now lying idle in my personal account, and how to send it to its rightful owners abroad, who at that time, were in dire need of it to survive.
My bankers could not assist me in any way, citing that my case did not qualify to buy forex on the Reserve Bank Auction. That being the case, I was left with no option, but to take the only option open to me, which was to source forex on the parallel market, which I could then send abroad. So it was also most dejecting that this small pension amount, which ended up translating to little over USD$3000, ended up being whittled down further by significant amounts, through transfer fees and other related charges. Then again, since my bankers were unable to wire the monies to S.A, and the Czech Republic through official channels, for lack of correspondent banks, again, the only option left open to me to transfer these funds, was to utilize the services of Western Union, which permitted me to effect daily maximum transfers amounts of USD$500, some to S.A, and some to the Czech Republic, until I finally sent the whole amount of USD$3000.
The process of trying to claim the NSSA pension, proved to be no small feat either! But most frustrating, was the fact that I was forced to wait unnecessarily for about two months before the pension pay-out could be processed, because the IT system at the Births and Registration office, which was first supposed to erase the record of my brother-in-law from amongst those of living persons, was reported to be down in all that time! Honestly, two whole months, with state-employed technicians reportedly unable to fix a national IT system of such importance, is surely laughable to many I’m sure.
Finally, let me conclude by posing to us all, the serious questions that are begging for logical answers here! Does our government really know how its ill-conceived policies, negatively impact, in massive ways, the fragile lives of those that it has sworn to loyally and dutifully serve? Does it care at all that it has been largely instrumental to bringing about untold suffering upon many, who feel they have no choice, but to suffer in silence, for fear of retribution? For now, I guess that beyond penning this write-up, some of us can only pray that those in the relevant/responsible offices, will soon develop consciences, that will motivate them to act in the best interests of its long-suffering subjects.
By Cherie Chiweshe
Post published in: Featured