Change of leadership: PenCom assures of assets’ safety

By Victor Ahiuma-Young

NATIONAL Pension Commission, PenCom, has said it remains totally committed to safeguarding pension assets and uplifting of the entire pension industry in Nigeria, saying “it is noteworthy that there has never been any case of loss of pension assets or financial infraction under the Contributory Pension Scheme since its introduction in 2004.”

The commission in a statement by its head, corporate communication, Emeka Onuora, said: “The National Pension Commission (PenCom), wishes to notify the general public that following the replacement of its Executive Management by Mr. President on 13 April 2017, an acting director general, Mrs. Aisha Oahir-Umar, has been appointed to steer its activities pending the confirmation of the appointments of the new Executive Management by the Senate.

“Although this change has drawn a lot of press on PenCom particularly in the print and social media, it is important to note that the transition has been successfully completed. The general public, particularly registered members of the Contributory Pension Scheme (CPS) and retirees are invited to note that the cardinal principle of PenCom is the safeguard of their pension assets and ensuring that retirees are paid their benefits as and when due. These objectives shall continue to be pursued with all the deserving dedication.

“As part of the established institutional framework, pension assets under the CPS are held in-trust by licensed Pension Fund Custodians (PFCs) on behalf of the contributors. Thus, neither PenCom nor the Pension Fund Administrators (PFAs) have access to the assets. The parent companies of the Custodians had issued guarantees to the total pension assets held by PFCs. Therefore, should there be any loss of the assets, the PFCs and their parent companies will make up the loss.

“It is noteworthy that there has never been any case of loss of pension assets or financial infraction under the Contributory Pension Scheme since its introduction in 2004. The Commission remains totally dedicated to the safeguard of pension assets and upliftment of the entire pension industry in Nigeria.

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