Most exhaust their pensions within a few years after retirement because the Commissioner of Insurance, under whose office the Registrar of Pension and Provident Funds falls, has authority to authorise lump-sum payments of pensions to those earning salaries in the middle and low income groups. Even if they have a house, they often cannot pay rates because of lack of any sort of income. He dismissed allegations that pension funds are neglecting the pensioners' needs and said the funds have invested heavily in housing as a social responsibility. We do not have our eyes closed to the provision of housing, but it should be the employers' responsibility to provide housing so that when they retire, they can enjoy their monthly pensions without having to invest it building houses. The association is of the opinion that employers should assist employees to be able to prepare their lives in such a way that they would be able to go on holidays, travel and enjoy life.
Most companies managing pension funds are big businesses with assets worth billions of dollars.
Their employees are some of the best paid, with lucrative benefits, while pensioners have seen dwindling benefits because of the depreciation of the Zimbabwe dollar. ZAPF wants pension benefits to be tailor-made to suit individual needs, which could help employees plan their retirement while still at work. Zimbabwe Congress of Trade Unions secretary-general Morgan Tsvangirai said the difficult economic conditions prevailing affect pensioners the most because they have fixed incomes and their benefits are not increased in relation to inflation. There has to be a balance. Tsvangirai said the ZCTU has insisted that the National Social Security Authority should invest in housing as a social responsibility, to help pensioners acquire houses.