The Motor Industry Pension Fund is a self-administered defined contribution scheme registered under the Pension and Provident Funds Act. It provides retirement and death benefits to employees in the motor industry whose employers are registered with the National Employment Council for the Motor Industry.

Pensions provide financial security after retirement, ensuring you have income for necessities when you are no longer able to work. They also provide benefits to dependents in case of death.

Vision: To be a highly competitive financial security provider for current and post-retirement benefits.
Mission: To secure financial independence for members pre- and post-retirement through operational and investment excellence.

A committee of eight elected members (four from employers, four from employees) plus an independent Chairperson. They administer the Fund and appoint the Principal Officer and executive management team.

The account where member and employer contributions are paid, together with interest, for the provision of member benefits.

A full-time permanent staff member of a registered employer under the age of 65, including working directors.

All employees with an employment contract who have not reached the normal pensionable age of 65, and whose employers are registered with the National Employment Council for the Motor Industry, must join the Fund.

Yes, it is a condition of employment for all eligible employees.

Members contribute 5% of their pensionable salary (basic salary or wage, excluding special payments or allowances). The employer deducts and remits this amount to the Fund.

Employers contribute 5% of the basic salary to the Accumulation Account, plus 2.5% for death benefits and administration expenses, totaling 7.5% of the basic salary.

Contributions must be paid into the Fund’s account or offices on or before the 14th of the following month.

Yes, you may make voluntary contributions up to 10% of your pensionable salary. These contributions earn interest and can be stopped with one month’s written notice. The employer does not match voluntary contributions.

The normal retirement age is 65. Early retirement is possible between ages 55 and 65 with employer consent.

You receive your full Accumulation Account, including interest. Up to one-third may be taken as a tax-free lump sum; the remainder is used to provide a monthly pension.

Example: If your Accumulation Account is $10,000, you may take $3,333.33 as a tax-free lump sum and use the remaining $6,666.67 for monthly pension payments.

Yes, provided your employer agrees and you have reached age 55.

If you are medically unable to perform your duties, you may be retired and receive an immediate pension based on your Accumulation Account.

Yes, with employer agreement, you may continue working up to age 70, with continued contributions.

You may convert up to one-third of your total pension account into a cash sum (commutation). If your pension falls below the minimum set by the Commissioner, the full amount may be commuted.

Yes. Every year, the Fund’s Actuary recommends pension increases based on the Fund’s performance.

A lump sum equal to an average of 24 months’ salary, plus the member’s Accumulation Account, is paid to your beneficiaries.

In order: surviving spouse and dependent children; other dependents; nominated beneficiary; or your estate if none of the above exist.

Your beneficiaries will receive the remainder of your guaranteed pension (up to 10 years). If the guarantee period has expired, no further benefits are paid.

The spouse’s pension is paid monthly until the end of the guaranteed period or death. Each unmarried child receives a monthly pension until age 18 (or 21 if in full-time education).

An eligible spouse is a legal spouse under Zimbabwean law (including multiple spouses if permitted). An eligible child is biological, born out of wedlock, or posthumous, unmarried and under 18 (or 23 if in full-time education), or permanently incapacitated and dependent.

You may receive a cash refund of your portion of the Accumulation Account (net of tax). The employer’s portion is transferred to a Preservation Account, payable at retirement or upon death.

Yes, you may transfer your total benefit to another registered pension fund, retirement annuity fund, or preservation fund without tax deducted.

You will be paid a benefit equal to your Accumulation Account as per Section 4.2 of the member benefit booklet.

You must submit full member details (names, date of birth, ID number, marital status) to the Fund administrators.

Proof of age is required—certified copy of National ID, birth certificate, driver’s license, or passport.

Beneficiaries must submit the original death certificate and documents proving relationship (marriage certificate, ID, birth certificate, or affidavits if necessary).

Up to amounts advised by tax authorities annually are not taxed. On withdrawal, employee contributions plus interest are paid in cash and taxed; employer contributions transferred to the Preservation Fund are not taxed.

The Fund is managed by the Fund Manager/Principal Officer and their team, governed by the Pension and Provident Funds Act and the Income Tax Act. Investments are managed by Asset Managers appointed by the Trustees.

Harare: Motor Industry Pension Fund, 77 Central Avenue. Tel: 024-2764264 / 08677240435 / 705595. WhatsApp: 0775 015 555. Email: enquiries@motorpension.co.zw
Bulawayo: 48A Josiah Tongogara. Tel: 029-888083.