Principal Pension Scheme
Withdrawal Benefits
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Withdrawal (Resignation/dismisal) Or Transfer to A Member Local Authority

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 submitted.

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 withdrawals:-

-JF4 form fully completed with Local Authority official stamp.
 -Retirement documents in cases where the member qualifies for  a   retirement pension.
-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 legislative provisions:-

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 Fund, 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.

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