The Insurance and Pensions Commission (Ipec) has directed pension funds to submit sample financial statements in order for the Commission to assess the extent of compliance with financial reporting guidelines.
Ipec last year issued the financial reporting guidelines through circular 34 of 2022 and held capacitation workshops with the industry to enhance understanding of the requirements of the guideline.
“…each fund administrator is, therefore, requested to submit, on or before the 27th of January 2023, a set of sample financial statements as of the 31st of December 2022 for a single fund prepared in line with aforementioned guideline and all the other applicable statutory requirements.
“The purpose of these sample submissions is to enable the Commission to assess the extent of compliance by pensions funds,” Ipec Commissioner Dr Grace Muradzikwa said in a circular.
She added that this will enable the Commission to provide timely feedback to each administrator to enhance compliance before submission of the final audited accounts for each pension fund by the 31st of March 2023.
Dr Muradzikwa noted that the sample accounts do not necessarily need to provide accurate and final figures but should have all the required disclosures as per the guideline.
She indicated that stand-alone funds are also expected to populate the template for the Commission to appreciate the level of compliance with the new guidelines.
Dr Muradzikwa said the Commission expects that the audit of the 2022 financial statements for each pension fund is progressing well and each fund will be able to comply with the submission deadline.