The Federal Government has announced the inauguration of 16 members of the National Pension Commission (PENCOM) board.
The Secretary to the Government of the Federation, Boss Mustapha, who represented the FG, launched the board at the inauguration on Thursday in Abuja and said their duties would be to implement innovative and feasible solutions to challenges in Nigeria’s pension sector.
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He disclosed that there were challenges in the pension sector, in spite of the constitutional and statutory provisions that guaranteed pension payment.
He stated that it was the challenges faced in the sector that had prompted the pension reform of 2004, which introduced a mandatory Contributory Pension Scheme (CPS) for employees of both public and private sectors, with few exceptions in the public service.
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However, he said the sector could not meet all the challenges faced, which was a catalyst for re-establishing the PENCOM board.
“As a government, we are always conscious of our responsibilities with regards to the payment of pensions to eligible retirees in the Federal Public Service.
“We are committed to discharging these responsibilities in spite of the perennial challenges, especially as caused by the global COVID-19 pandemic manifesting in dwindling revenue accruing to the nation,” he said.
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The SGF urged that the board should develop new ideas towards general policy guidelines, which would be directed towards the Commission.
The board, chaired by Dr. Oyindasola Oni, includes Aisha Dahir-Umar, Clement Akintola, Mr. Anyim Nyerere, Mr. Charles Sylvester, Mr. Festus Dauda, Mrs. Anita Shitu, Comrade Ayuba Waba, Dr. Bobboi Kaigama, Dr. Abel Afolayan, and Dr. Timothy Olawale as members.
Others are Mr. Edward Adamu, Mr. Lamido Yuguda, Mr. Oscar Onyema, Mr. Olorundare Sunday, and Dr. Umaru Farouk Aminu, Executive Commissioner (Administration) representing the northwest geopolitical zone.
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What you should know
- Nairametrics reported last month that contributors had injected N2.8 trillion into pension funds, although withdrawals stood at N1.64 trillion.
- For the first 8 months of 2020, the pension asset value increased by 11.06% from the N10.218 trillion that the industry ended 2019 with to the N11.347 trillion it reported in August 2020.
- PENCOM disclosed in September that it recovered N17.51 billion from employers that refused to remit deducted monthly pensions from their workers’ salaries to their Retirement Savings Accounts, with the respective Pension Fund Administrators.
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National Pension Commission (PENCOM) on Monday, November 16, 2020, launched the Retirement Savings Account transfer system.
“Accordingly, RSA holders may transfer their accounts from one Pension Fund Administrator (PFA) to another once in a year, in line with section 13 of the Pension Reform Act 2014. The launch date for the RSA Transfer System is scheduled for Monday 16 November, 2020. This will signify the official opening of the RSA Transfer Window,” PENCOM said.
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Hope this will bring improvement to the activities of pencom well known for their in efficient and poor services. The response time to approve withdrawal takes months instead of a maximum of two weeks. Their services is a write off as it is extremely poor when it comes to approving the withdrawal of your Contribution after retirement.