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77 Central Avenue, Harare

Vision

To be a highly competitive financial security provider for current and post-retirement benefits.

Mission

To provide benefits that secure financial independence to members pre and post retirement through: • Delivery of operational and investment excellence; • Excellent customer service and trusted stakeholders engagement

Values

• Team Work • Professionalism and Integrity • Trustworthiness • Excellence • Innovation • Collaboration • Accountability • Stewardship

About Motor Industry

Our Profile

The Motor Industry Pension Fund is a self-administered defined Contribution scheme registered in terms of the Pension and Provident Funds Act (Chap. 24:09). Contribution to the Fund is compulsory to all employees under the age of 65 years whose employers are registered with the National Employment Council for the Motor Industry in terms of Statutory Instrument (S.I) 66 of 1995.

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Contributions

Employers are obliged to deduct 5% from an employee’s monthly basic salary and in turn contribute 5% on behalf of their employee plus 2.5 % stabilization. These contributions should be paid into the Fund’s account or offices on or before the 14th of the following month in terms of S.I 243 of 2006.

Images Modes of Exit
In all the modes of retirement, the member is allowed to commute 1/3 ( one third) of his/her pension in cash. The remaining 2/3 (two-thirds) can purchase a pension to be paid monthly-basis depending on the full commutation limits provided by the Insurance and Pension Commission from time to time.
A member may choose to retire if he/she has at least completed five years of continuous service with the employer and must be between 55 years and 65 years.
This is when a member chooses to retire on the first day of the month following or coinciding with his/ her 65th birthday.
This is when a member continues in service for a further period but not beyond his 70th birthday.
This is when a member retires due to medical grounds having been certified by a medical doctor that he is no longer fit to perform his duties with the consent of his employer.
In the event of a retrenchment, members are paid out immediately both employer and employee contributions plus the bonuses declared. The benefit is subject to tax as outlined by law from time to time.
In the event of a member withdrawing from service, be it through resignation, abscondment or dismissal by the employer, he/she can cash in employee contributions subject to tax and the employer contributions will continue to be invested until the member attains the age of 55 years as prescribed by law from time to time. In the event of a death before the age of 55 years, the preserved employer contribution plus bonuses thereon will be payable in cash to the surviving beneficiaries.
In the event of a death in service, the accumulation (employer and employee contributions plus interest) is paid to the member’s surviving spouses and / or beneficiaries plus a lumpsum death benefit (provided the member contributed continuously for 12 months) as set by the Board of Trustees from time to time.
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