The National Pension Commission, PenCom, says N10.2 billion have been transferred into the Retirement Savings Account, RSAs, of 142,486 Nigerian Social Insurance Trust Fund, NSITF, Scheme contributors from 2014 thus far.
Aisha Dahir-Umar, Director-General, PenCom, revealed this at an interactive session, organised by PenCom and Nigeria Employers’ Consultative Association, NECA, on CPS for the Organised Private Sector, OPS, in Lagos.
Mrs Dahir-Umar, represented by Dr Anyim Nyerere, Commissioner for Technical, PenCom, stated this was in compliance with the fee’s accountability of supervising the switch, following the enactment of the Pension Reform Act, PRA, 2014.
“In order to ensure that all contributors under the NSITF scheme have their NSITF contributions transferred to their RSAs, the commission had severally featured advertorials requesting NSITF contributors to apply for the transfer of their contributions.
“PenCom wishes to implore all employers to encourage their employees, who have contributed to the NSITF scheme, to liaise with their PFAs and in particular Trustfund Pensions for guidance on how to have their contributions transferred to their RSAs,” she stated.
According to her, the quantity of Retirement Savings Accounts, RSAs, below the Contributory Pension Scheme, CPS, as on the finish of third quarter 2023, stood at 10 million.
Mrs Dahir-Umar stated that the scale of the pension Asset Under Management(AUM) amounted to N16.76 trillion within the interval below overview.
She famous that, accordingly, the contributions of the OPS on this regard couldn’t be over-emphasised.
According to her, the interactive session was organised to unfold new developments and sort out challenges dealing with the pension scheme within the nation.
The director-general stated that the programme was initiated to enlighten OPS on the present developments and challenges within the implementation of the Pension Reform Act (PRA) 2014.
“Obviously the pension industry is one of the fastest-growing financial sectors in Nigeria.
“This programme was put in place to enlighten the organised private sector on the new developments and resolve some of the challenges facing the sector.
“The objective of the interactive session is to enlighten the OPS on the workings of the CPS and share thoughts on emerging developments in the Nigerian pension space,” she stated.
Mrs Dahir-Umar stated that the fee had continued to take big strides in the direction of guaranteeing the sleek implementation of the CPS by the revision of present rules, pointers and the event of new ones.
She stated that PenCom had deployed the Enhanced Contributors Registration System, ECRS, and Data Recapture Exercise, DRE.
The director-general said that this mandatorily requires all RSA holders, who joined the CPS previous to July 1, 2019, to replace their data with their respective Pension Fund Administrators, PFAs.
She charged RSA holders who’re but to strategy their PFAs for knowledge recapture to take action.
She assured the OPS that the fee would proceed to make sure sturdy social dialogue with NECA within the curiosity of all stakeholders below the CPS.
According to her, the fee will all the time help NECA to champion programmes that can make sure the profitable implementation of the CPS in Nigeria.
Commenting, Bala Babangida, Head, Department of Compliance and Enforcement, PenCom, stated that compliance within the business consists of opening of RSA with a PFA by workers.
Mr Babangide added that employers should additionally guarantee month-to-month deduction and remittance of pension contributions and provision of Group Life insurance coverage coverage for his or her workers
Obiora Ibeziako, Head, Department of Benefit and Investment, PenCom, listed the fundamental aims of pension investments to incorporate security liquidity and truthful return.
Mr Ibeziako added that the overall ideas of the pension scheme concerned session, prudent, efficient surveillance and regulation.
In his comment, the Director-General, NECA, Adewale Oyerinde, stated that the deliberation would give rooms for extra enchancment and improvement within the pension sector.
“There is always a room for improvement and this is one of the area of development.
“I am sure that this interactive session would pave way to improving further the pension scheme,” Mr Oyerinde stated.
NAN
