By Severino Garah
The ZIMRA Staff Pension Fund’s assets grew by 16.1 percent to ZWG1.119 billion in 2025, up from ZWG963.6 million in 2024, as the Fund pursued investment diversification and strengthened its asset base.
The figures were presented at the Fund’s Third Annual General Meeting (AGM), held at Cresta Oasis in Harare on Thursday, 22 October 2026, where members received updates on financial performance, investment strategy, governance and initiatives aimed at safeguarding their retirement benefits.
Chairman of the Board of Fund, Ms Cynthia Mugwira, said the period under review had recorded progress in strengthening the Fund’s asset base, governance structures and strategic direction.
“The period under review has been marked by notable progress in strengthening the Fund’s asset base, governance structures, and strategic direction as we pursue prudent investment decisions aimed at preserving value and generating sustainable long-term returns for members,” she said.
Ms Mugwira highlighted developments in the Fund’s property portfolio, including the commencement of civil works on 10 hectares of land at Knockmalloch following the appointment of UDCORP to undertake the works.
The Chairperson also reaffirmed the Board’s commitment to prudent investments, sound governance and strategic decision-making, while encouraging members to actively participate in matters concerning the Fund.
“Together, we are not just managing a fund; we are actively safeguarding our futures,” she said.
The Fund also completed the acquisition of a 52-hectare property in Somerby as part of its investment strategy, while plans to acquire additional land in Bulawayo were underway.
Ms Mugwira said the Board had appointed an investment consultant and would hold a strategy session to review the Fund’s priorities, assess emerging opportunities and risks, and align its objectives with developments in the pension and investment environment.
The Board would also undertake a comprehensive review of the Investment Policy Statement to ensure that the Fund’s investment strategy remained relevant to market conditions and its long-term objectives.
Workers’ representative, Mr Valentine Chikosi, underscored the importance of sustainable social protection in safeguarding members’ welfare and ensuring financial security in retirement.
“Sustainable social protection is fundamental to workers’ dignity and security in retirement. Every pension scheme must strive to safeguard the long-term interests of its members and ensure that retirement is a period of dignity, not financial hardship,” he said.
Mr Chikosi said the Workers’ Representatives on the ZIMRA Staff Pension Fund (ZSPF) remained committed to ensuring that members did not retire into poverty.
“As Workers’ Representatives on the ZIMRA Staff Pension Fund (ZSPF), our unwavering commitment is to ensure that no member retires into poverty. We are encouraged by the strategic direction being pursued by the Fund, which we believe provides an important foundation for advancing this vision,” he said.
He added that the representatives would continue championing members’ interests, promoting the Fund’s sustainability and ensuring that the promise of a secure and dignified retirement remained central to its strategic priorities.
The Fund Administrator, represented by Mr Forbes Mutambarika, highlighted that the 2025 financial review showed that guaranteed funds accounted for 67.8 percent of the portfolio, down from 90 percent in 2024, while exposure to land increased from 0.3 percent to 20.3 percent. Managed investments and property accounted for 11.6 percent, while the special fund contributed 0.3 percent.
Operating income in Zimbabwe Gold (ZWG) reached ZWG91.78 million in 2025, against expenditure of ZWG25.26 million, resulting in an operating surplus of ZWG66.52 million.
Benefits paid totalled ZWG22.49 million, accounting for approximately 89 percent of operating expenditure.
Investment income stood at ZWG68.10 million, down from ZWG659.11 million in 2024, while the investment surplus declined to ZWG60.27 million from ZWG655.85 million. Capital appreciation, however, increased by 2.7 percent to ZWG28.32 million.
In United States dollar terms, the Fund closed 2025 with assets of US$905,629, after recording total income of US$949,266 and expenditure of US$43,637.
The Fund reported an underlying asset return of 11.97 percent for 2025, while the declared return was 6.5 percent. The AGM presentation also indicated that a 20 percent bonus had been declared for the six months ending 30 June 2026.
Foreign equities listed locally were the best-performing asset class in the reported investment performance figures, returning 88.29 percent in US dollar terms. Offshore foreign equities returned 14.10 percent, while interest-bearing investments recorded a return of 13.16 percent.
The meeting also reviewed the Fund’s governance arrangements. Members were informed that elections to the Board of Fund had been conducted and that the Board was now fully constituted. The presentation further indicated that the process of appointing an independent expert was underway.
Principal Officer, Mrs Tsitsidzashe C. Tadiwa, who assumed the role on 1 July 2026, said the AGM was significant as it was her first since joining the Authority in April.
The meeting also welcomed three new Board of Fund members: Ms Leah Chigiyegiye, Mr Isdore Kodogo and Mr Joseph Mukurazhizha.
The AGM was held in accordance with Section 14 of the Pension and Provident Funds Act and Circular 12 of 2024. It was not an elective meeting because the current Board members had not yet completed their terms of office.
Established on 1 July 2001, the Fund provides benefits to members upon retirement, resignation, dismissal or retrenchment, as well as benefits to beneficiaries in the event of a member’s death. It also offers a pension-backed mortgage facility.
Under the contribution structure presented at the meeting, the employer contributes 15 percent while employees contribute 7.5 percent, with contributions invested to finance future benefits.
To address members’ concerns regarding potential currency fluctuations arising from policy changes highlighted by ZIMRA Board member Mr Colin Kuhuni, the Chairperson assured them that the Fund was working on a framework aimed at safeguarding the value of members’ investments and preserving their retirement benefits amid changes in the economic and policy environment.
On compensation for pension value losses incurred before 2009, the presentation indicated that the revised compensation framework had not yet been released by the regulator for implementation. It also noted that a further US$1.75 million dividend distribution had been indicated under Circular 27 of 2026, issued on 23 July 2026, with eligibility criteria still awaited.