Withdrawal (Resignation/dismisal) Or Transfer to A Member
It should be noted that a member who resigns after attaining age sixty years or
more shall be entitled to a retirement pension and the applicable retirement
termination forms (JF4 and JF8)
plus additional documents must be
Members who resign between the ages of fifty to sixty can be entitled to either
a retirement pension or withdrawal benefit dependant on their elected option and
the relevant documents must be submitted. As a guide, this benefit is applicable
to a member who has not yet attained fifty-five years.
The following documents should be submitted to the Fund in respect of all
-JF4 form fully completed with Local Authority official stamp.
-Retirement documents in cases where the member qualifies for a retirement
-Member’s Identity number must be quoted always for tax purposes.
It should be noted that member with pensionable service of at least fifteen
years is entitled to either an Accumulated Interest In the Fund or Withdrawal
benefit and upon finalizing the calculations, the Fund sends an option letter to
the member copied to the Local Authority.
If a member is transferring to the employment of another Local Authority, which
is a member of the Fund, then a fully completed JF4 form is required, with the
effective transfer date indicated under Section 10.
The various benefits payments from the Fund are subject to the following tax and
a. On Withdrawal from the Fund
The withdrawal amount is subject to tax unless the benefit is transferred to a
registered insurance company to purchase an annuity or member elects for a
deferred pension. If the benefit is taxable, the Fund only pays the benefit on
receipt of a tax directive from the Zimbabwe Revenue Authority (ZIMRA). It
should be noted that, where a member elects for an Accumulated Interest In
, the benefit is not payable in cash but utilized to purchase a
retirement annuity policy which will provide a pension for the member on
attainment of at least age 55 years.