Prominent Lawyer and MDC Vice President, Tendai Biti, is suing First Mutual for $15 million over a pension package.
He said the pension fund was converted to an annuity policy back in the 90s but First Mutual has apparently said that it will only pay him after he reaches 60 years – the retirement age.
Said Biti in his High Court summons:
The annuitisation phase commenced with a payment of $15 648, 04 and the written projection given by defendant (First Mutual) was that upon attaining the retirement age of 60, plaintiff would be paid a capital value of $4 133 593 and an annual pension of $782 066, 47 giving a total assured sum of $15 million
In terms of the purchasing power parity theory which constitutes an integral tacit term of the insurance relationship between the parties, plaintiff (Biti) is entitled to a payment which preserves and reflects the total value by which he was insured
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