History of CIPF
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- History of CIPF
Established as Building Industry Pension Fund, a contributory pension scheme for Journeyman (skilled only) under the administration of Building Industry Trust (BIT) where a pro-rated cost structure prevailed.
The rules of the Fund were amended to make the scheme open to all the designated trades of the industry and became compulsory to all designated trades.
Changes from Building Industry Pension Fund to Construction Industry Pension Fund.
Direct administration of the fund commenced and the fund began bearing its own administration cost which were previously borne by CIT and being prorated on recovery from the Fund.
Dollarisation of the economy resulting in conversion of benefits from $ZW to $US.
The fund had the first ever HIV and AIDS awareness campaign as a risk management measure emanating from the increase in the number of death benefit claims.
Own collection mandate
Effective 1 October 2016 the Fund started collecting pension contributions directly from the industry following a regulatory directive by the Insurance and pension commission, IPEC (NECCIZ informative circular 6 of 2016).
Stoneridge Member Housing Scheme
In the same year the Fund completed the historic Stoneridge member housing scheme a project meant to provide affordable housing solutions to the membership of the Fund and compliment government efforts in reducing the national housing backlog.
Inaugural AGM is held affording members the opportunity to hold the trustees accountable for their management of the fund.
The Fund celebrated its Golden Jubilee with various corporate social responsibility programs being undertaken. Clean up campaigns on the Fund head office and surrounding environment coupled with a donation made to the SODA, a home for the elderly.
Micro Mortgage facility for members.
CIPF rolls out member micro mortgage scheme which provided members of the Fund with a financing facility to build, renovate, install solar system, and drill boreholes.
Norton Shopping Mall Phase 1 completed.
CIPF successfully completed its phase1 of the Norton Shopping Mall Project which will continuous to positively impact on the performance of the Fund’s property portfolio.
Review of Employer contribution rates.
The Fund reviewed the employer contribution rates from 5% to 7% with effect from 1 April 2023.
Outlook.
The Fund continues to pursue various initiatives leveraging on technology to enhance the delivery of value and sustainable benefits of its members of the Fund.
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