BY ONLINE REPORTER–
Pressure is mounting on authorities to bring the National Social Security Authority (NSSA) under the supervision of the Insurance and Pensions Commission (IPEC), following strong submissions during nationwide public hearings that exposed serious governance shortcomings.
The Minister of Finance, Economic Development and Investment Promotion, Mthuli Ncube, has indicated that Treasury is now actively weighing the proposal, signalling a possible policy shift aimed at improving oversight, rebuilding trust, and protecting pension funds.
Participants in parliamentary hearings on the IPEC Amendment Bill widely supported placing NSSA under IPEC’s jurisdiction. They pointed to ongoing governance weaknesses, lack of transparency, and poor accountability as major risks threatening the credibility of the pension system.
The proposal, which has been debated within government for years, has gained fresh traction after extensive consultations led by the Parliamentary Portfolio Committee on Budget, Finance and Investment Promotion. This reflects a growing consensus on the need for stronger regulatory coordination.
Addressing Parliament, Professor Ncube acknowledged the widespread support, noting that many stakeholders believe NSSA should fall under IPEC, particularly in relation to pension fund management. He also recognised contributions from legislators such as Pupurai Togarepi and Clemence Chiduwa, saying their submissions reinforced the urgency of the issue.
The proposed shift would not remove NSSA from the Ministry of Public Service, Labour and Social Welfare, but would introduce IPEC as an additional regulatory authority to strengthen supervision of pension assets and ensure long-term sustainability.
Portfolio Committee chairperson Lincoln Dhliwayo said the amendments present an opportunity to harmonise oversight of pension funds, insurance firms, and medical aid societies under a single, technically equipped regulator. Committee member Edwin Mushoriwa criticised the exclusion of NSSA from the Bill, arguing that it weakens efforts to enforce sound financial management within the authority.
He stressed that the proposal seeks to enhance oversight rather than shift institutional control. Mushoriwa highlighted that past allegations of mismanagement and corruption at NSSA were largely due to weak supervision, and noted that separating operational roles from regulatory oversight is feasible. Togarepi echoed similar sentiments, questioning resistance to the proposal and stressing the importance of ensuring pensioners receive reliable payouts. He noted that contributors care less about NSSA’s assets and more about guaranteed pension payments, which require strong regulatory monitoring. Meanwhile, legislator Clifford Hlatywayo described NSSA’s current regulatory position as an anomaly, given its size and importance as one of Zimbabwe’s largest pension funds.
He warned that failing to address the gap would be a serious oversight by Parliament. The push for reform comes amid increasing public frustration over low pension payouts despite years of contributions. Analysts believe placing NSSA under IPEC could help restore credibility, improve investment management, and ensure pensioners receive fair value.