PenCom again reassures contributors of safety of their money.

By: Afolabi Oyekunle.

Always good news for Contributors to the Pension Scheme from the National Pension Commission (PenCom) as they have nothing to worry concerning their investment as they are safe and well invested.

This assurance is coming from Pencom who assured every contributor that the objective of the organisation is to ensure pensioners receive their pension as soon as they are qualified.

This good news was reiterated in Lagos at the 2023 journalists conference to brief them of activities of Pencom.

Head of Corporate Communication of PenCom, AbdulKadir Dabir in one of the papers, “Strengthening Regulatory Oversight for Improved Service, said all the measures that have been put in place guarantee the safety of Contributors money as no one has the monopoly of their money in hand.

He said it was not possible for any PFA to dissapear with their money as the money has to be passed to a Custodian as soon as they received it. According to him, contributors money are daily monitored and there are sactions for any PFA defaulter.

Already 3.3 billion naira has been disbursed to retirees, as the Commission is determined to ensure credibility in its activities to ensure no contributor is made to suffer after retirement.

Employers have therefore being challenged to promptly forward the contributions of their workers to their respective PFA, while workers were advised to report defaulting employers to PenCom.

In the address sent to the gathering, the Director General of Pencom, Mrs. Aisha Dahir-Umar said the Organisation has introduced new strategic plan to provide

Retirement Savings Account (RSA) holders with the care they rightfully deserve and enhance customer service delivery.

The Director General Mrs Dahir-Umar, who was represented by the Head of Corporate Communication, Abdulkadir Dabir, said that the essence of the new plan is to protect retirees, contributors rights, quality service delivery, continue safety of pension assets and consistent and effective service delivery.

PenCom’s new strategic plan would highlight the Commission’s latest initiatives to elevate customer service and engender more confidence in the Pension Industry.

“The creation of the Consumer Protection Department (CPD) underscores PenCom’s determination to prioritise service delivery and provide our Retirement Savings Account holders with the care and attention they rightfully deserve, she added.“

The Director General stressed further that regulatory oversight for improved service delivery in the Pension Industry would explore how regulatory measures that can effectively bolster the quality of services provided in the pension sector.

“Regulatory oversight is pivotal in maintaining transparency, fairness, and efficiency, which are the cornerstones of our pension system, she said.“

She said PenCom’s proactive regulatory approach has strengthened the oversight and governance of pension funds, promoting transparency, accountability and safeguarding the interests of pension contributors.“

Pension assets have risen by N1.77 trillion in the first half of 2023, from N14.99 trillion in December 2022 to N16.76 trillion at the end of June 2023.

Membership also increased by 146,920 new contributors, from 9.86 members as of the end of 2022 to over 10 million members as of June 2023.