The Construction Industry Pension is a successor to the Building Industry Pension Fund which was established on the 1 st of July 1969. It is registered under the Pensions and Provident Funds Act (Chapter 24:09) and constituted by Statutory Instrument (SI) 323 of 1991 as amended by SI 243 of 2006. Its rules and regulations are founded in SI 239 of 1992 as amended by SI 276 of 1995.
The Fund’s constitution and regulations are amended from time to time to align with laws of the Country and changed circumstances. The objects of the Fund are to provide for the payment of pensions and death benefits and to enable employers should they wish to do so, to provide past services pension benefits for their employees. It is a Defined Contribution Occupational Pension Scheme.
Membership to the Fund is compulsory for all employees with designated trades in the Construction Industry. The pension contributions are made up of the member’s portion and the employers’ portion. They currently contribute each 5% of the member’s wage/salary.
The Fund is administered for the National Employment Council of the Construction Industry in Zimbabwe by the nine appointed Trustees, four who are representative of the employees and four the employers of the industry and an Independent Chairman. who is appointed by Council. This board is non-executive. The Chief Executive Officer is the Principal Officer of the Fund according to the Act referred above and is assisted by Heads of Departments in the day to day management of the Fund.