THE Construction Industry Pension Fund (CIPF) says its asset base has grown to $50 million as at May 31, 2019, and views this as a milestone achievement in its 50 years of existence.
CIPF is one of the oldest pension funds in the country having been established on July 1, 1969 , and had an asset base of $1,06 million in 1971.
To date, CIPF has a membership of 41 855 from the initial of about 4 219.
As the fund marks its 50th anniversary celebrations, CIPF board of trustees’ chairman Mr Israel Murefu said they were reviewing procedures and policies to identify strategic positions that will ensure the fund consolidates its milestone achievements in its pursuit of continuous learning and best practice.
He said while the CIPF was set up with the sole purpose of providing pension benefits to skilled employees of the construction industry.
The fund has acquired properties in Mutare and Bulawayo to enhance the investments portfolio for the membership.
“One of the Fund’s landmark move was the acquisition of stands 108 and 110 Leopold Takawira Street in Harare and construction of a high rise 13 floor building now known as Construction House,” he said.
CIPF also owns Norton Shopping Mall and has acquired and built Msasa and Windsor Houses in Mutare, Mership and Mimosa Houses in Bulawayo, 697 Craig Allen, New Ardbernie in Harare and Thorngrove industrial shells in Bulawayo. The Fund also undertook development of the Stoneridge Housing Scheme to avail its membership access to decent housing.
Mr Murefu said the fund was geared to aggressively lure all employees of the industry who are outside of the designated trades as well as pursue a growth strategy driven by acquiring capital appreciating and cash flow-generating investments.
“Among our list of future plans is the strategic land purchases for housing and building of office parks; underwriting membership from the SMEs product for the construction industry, establishment of satellite offices outside Harare, development and implementation of mobile applications for fund members as well as migrating the Fund to a paperless office set-up,” said Mr Murefu.
He said as a way of strengthening the governance of the fund his board has put in place a governance code, which is more of a board charter that outlines the terms of reference of the main board and its subcommittees.
As a means of enhancing controls and improvement in service the board approved the investment policy statement, risk management, ICT, property management, pensions administration and human resources policies.
CIPF said these have added value to cost containment measures being undertaken by the fund.