HISTORY OF CIPF

Established as Building Industry Pension Fund, a contributory pension scheme for Journeyman (skilled labour) 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

Changed Administration office for St Barbara House to Construction House.

The rules of the Fund were amended for employers to have an additional contribution towards creation of an in service death fund for self-insuring the Fund against in service death claims, this was discontinued in December 1998.

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.

Separation of the Board of Trustees from Construction Industry Trust to have own Board of Trustees of Construction Industry Pension Fund.