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Pensioners urged to make use of new technology when searching their names for claims.

by BustopTV

BY HAZVINEI MWANAKA
MASVINGO- Insurance and Pension Commission (IPEC) has urged its members to make use of search engines developed by the Commission to search for their names when they want to make claims amid the lockdown which has limited the movement of people.

Recently the Commission said that 153 000 members have unclaimed benefits to the tune of about Z$196million
In an interview, IPEC director of pensions Cuthbert Munjoma said at the moment people can search for their names on the search engines which are on the IPEC website.
“We are also concluding the development of an SMS- based search engine, which will allow members to search for their names via SMS, which will be communicated once ready.
“For the meantime, the Commission issued a circular directing the industry to maintain skeletal staff to ensure minimal business disruptions and especially be in a position to process benefits during this lockdown period. The Commission also directed the industry to have efficient online payment systems, where benefits can be paid using mobile money platforms,” he said.
According to Munjoma, the figure of unclaimed benefits has been accumulating over the years with a marked increase being observed in 2009 and a spike in 2020 first quarter.
The number of 153 000 members with unclaimed benefits has been accumulating over years with a marked increase being observed in 2009 and a spike in 2020 first quarter.

Munjoma also said unclaimed benefits affect the pension sector as pension funds will have to continue to shoulder the responsibility of consistently trying to trace these members and ensure that the unclaimed retirement savings are secured and keeping up with inflation.

“The pensioners and the beneficiaries may be living in poverty whilst their benefits are lying unclaimed at the pension funds or in the Guardian Fund. This may lead to low confidence in the pension sector,” he added.
Though the number of members who has not claimed their benefits has risen over the years IPEC said they are conducting awareness campaigns to sensitise pension scheme members and beneficiaries abo their entitlement to claim benefits that are due to them.
“We have also directed the industry to submit data of people with unclaimed benefits every quarter when making submissions of statutory returns so that we can upload the names in the search engines,” added Munjoma.

According to Munjoma some of the factors that makes members not to claim their benefits includes, members not being aware of the fact that they are supposed to make a claim from the pension fund, lack of communication between trustees and insufficient member details, which makes it difficult to trace them.

The Insurance sector has paid about Z$726 million in claims from April to June 2020 whilst the pensions sector paid benefits worth Z$483 million from January to June 2020

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