CIRCULAR TO MEMBERS AND PENSIONERS

IMPORTANT NOTICE – CURRENCY CHANGE FROM ZWL TO ZiG

Dear Members and Pensioners,

The Fund would like to inform its members of the implications of the currency change from
Zimbabwean dollars (ZWL) to Zimbabwe Gold (ZiG) on their pension benefits.

Background

The Governor of the Reserve Bank of Zimbabwe, in his Monetary Policy Statement issued on the
5th of April 2024, announced a currency change from the Zimbabwean dollar (ZWL) to Zimbabwe
Gold (ZiG) effective 5 April 2024. As a result, there will be a transition to a new currency for
pension benefit disbursements from April 2024 going forward. This change is being implemented
in line with Statutory Instrument 60 of 2024.

Key points to note regarding the currency change are stated below:

i. Your pension amount/accumulation credit will be converted from the ZWL to the ZiG at the
mandated exchange rate of 1 ZiG: 2,498.7242 ZWL as of 5 April 2024,
ii. You will continue to receive your pension benefits as usual (monthly) and the Fund will
continue carrying out monthly reviews and paying lumpsums to cushion you from
inflation.

Effect of currency change on Pensioners

The effect of currency change on pension benefits is that all pension benefits will be paid in ZiG
from the April 2024 payroll going forward. Regular lumpsums will continue to be paid in local
currency (ZiG) and in United States Dollars (USD), subject to availability of USD cash.
Payment of April Pension benefits

You will receive your USD pension payment before the 17th of April 2024. There may be a
delay in the payment of your April ZiG pension as the Fund finalises this transition on
its systems and awaits ZIMRA tax tables. An SMS payslip will be sent to you once this is
resolved. We apologise for the inconvenience this may cause.

Effect of currency change on Active Members

Members will receive the following benefit statements, before 30 April 2024 to assist them in
understanding their pension benefits:

i. Member benefit statement as of 31 December 2023 in ZWL for Sub Accounts 1 and 2, and
in USD for Sub Account 3,
ii. Member benefit statement as of 31 March 2024 in ZWL for Sub Accounts 1 and 2, and in
USD for Sub Account 3, and
iii. Member benefit statement as of 5 April 2024 in ZiG for Sub Accounts 1 and 2.

Further explanation of effects of currency conversion

We understand that any change in financial matters can raise questions or concerns. Should you
have any inquiries or require assistance regarding the currency change, please feel free to
contact our dedicated support team on the following platforms:

Contact Personnel: Ellah /Pamela / Pepetua / Portia

Telephone: +263 242 252736-8 /242 252764 / 242 252 845

Email: benefits@zesapf.co.zw

WhatsApp: +263 777 953 777

We are committed to ensuring a smooth transition for all members and appreciate your
understanding and co-operation during this period of change. Thank you for your attention to
this matter.

Yours sincerely,

Bright Kondo
Principal Officer