Pension Funds Safe, PenCom Assures Nigerians
BY COBHAM NSA, ABUJA –
The National Pension Commission (PenCom) says the recent presidential order that swept off the Commission’s management team will not adversely affect the Contributory Pension Scheme (CPS) and the massive assets in the sector.
With contending arguments over the propriety of dismissing the Mrs Chinelo Anohu-Amazu-led team, the Commission says there is no cause for alarm because the Pension Reform Act (PRA) 2014) adequately provides safeguards for the Scheme and its huge registered contributors’ base.
Head of Communication, PenCom, Mr Emeka Onuora said with the established institutional framework ensuring pension assets under the CPS are held-in-trust by licensed Pension Fund Custodians (PFCs) for contributors, neither Commission nor Pension Fund Administrators (PFAs) have access to these resources as being speculated in the public space.
According to him, though the management change has drawn lots of press attention to PenCom, the public should be assured that CPS is insulated from any form of insider abuse, adding “it is important to note that the transition has been successfully completed.”
Mr Onuora said in a statement issued in Abuja that the cardinal principle of PenCom is the protection of CPS’ registered members and retirees pension assets and ensuring they are paid their benefits as and when due.
He said the Commission will continue to pursue these objectives with all sense of commitment and dedication, noting that parent companies of the Pension Funds Custodians (PFCs) have guaranteed the total pension assets held by the PFCs.
The PenCom spokesman, who explained that should there be any squeeze of assets in the system, the PFCs and their parents companies will be liable for the loss, said, “It is noteworthy that there has never been any case of loss of pension assets or financial infraction under the CPS since its introduction in 2014.”
Onuora said for now, affairs of the Commission are handled by Acting Director-General, Mrs Aisha Dahir-Umar as the most senior officer and she will steer the ship until the Senate confirms the new Executive Management appointed by the President.
