THE Insurance and Pensions Commission (IPEC) says it will take legal action against pension funds that have not complied with pre-2009 pension compensation regulations gazetted late last year.
The regulator has so far only approved a single compensation scheme, that of Mimosa’s Pension Fund.
“We have pension funds who did not make any submissions and we are looking at about 50 because we were expecting 1 174 schemes to be submitted,” said IPEC Commissioner Grace Muradzikwa.