PenCom attributes accumulation of N9tr pension assets to OPS support

The National Pension Commission (PenCom) has attributed netting N9 trillion worth of pension assets under the Contributory Pension Scheme (CPS) to Organised Private Sector (OPS’) support.

PenCom, which commended the impact of continuous social dialogue with members of the OPS under the CPS, assured of its support to ensure the successful implementation of contributory pensions in Nigeria.

Acting Director-General of PenCom, Aisha Dahir-Umar, stated this at an interactive session with OPS on the current developments and challenges in the implementation of the Pension Reform Act (PRA) 2014 in Lagos.

The PRA 2014 as amended is a major move in the country’s journey towards achieving a structured pension regime and successful social security system for Nigerians.

Dahir-Umar, who was represented by the commission’s Head of Compliance, Salihu Mustapha Bwala, noted that since the enactment of the PRA, PenCom, responsible for supervising transfer of the Nigerian Social Insurance Trust Fund (NSITF) under the former National Provident Fund (NPF) employees contributions into their various Retirement Savings Accounts (RSAs) under the CPS, has so far transferred contributions worth N7.45 billion to the RSAs of NPF scheme contributors.

She urged employers to encourage their employees who have contributed to the NPF scheme to liaise with the fund administrators for guidance on how to have their contributions transferred to their RSAs.

Earlier, Director-General of the Nigeria Employers Consultative Association (NECA), Timothy Olawale, who was represented by the association’s Director, Learning and Development, Celine Oni, spoke on how the Commission, OPS, and operators continually work at improving the scheme and addressing safety, accessibility of pension funds and challenges with implementation.

According to him: “In spite of the gains of the scheme over the years, the arising concerns of stakeholders and employers need to be addressed.

“Contributors need to be kept abreast of the regulatory, legal, social and economic issues as it relates to contributors funds, as well as information on recent development within the Commission.

“This will not only boost the confidence of stakeholders, but it will also increase the level of compliance and ensure the continuous implementation of the Act.”