Pension assets is about N3 tr, says Ahmad
Chuks Udo Okonta
Pension assets presently stand at about N3 trillion the Director-General National Pension Commission (PenCom) Mohammad Ahmad, has said.
Ahmad, who disclosed this in a television interview, said 5.4 million subscribers had been registered in the scheme.
He expressed misgivings on the numbers of subscribers, adding that it is still a far cry as there are about 40 million workers in the country.
He said the commission is working hard to ensure that small employers in the private sector embrace the scheme, adding that getting small business operators to embrace the scheme and inadequate education and enlightenment remain a great challenge to the industry growth.
He noted that to encourage more people to embrace the scheme, the commission hopes to introduce customers service index, which would ensure that customers get better services from PenCom and operators.
Ahmad said the commission has continued with its regulatory and supervisory philosophy, which is risk-based and consultative, adding that investment regulation that would allow multiple fund is being reviewed.
Ahmad said the Retirement Savings Account (RSA) transfer clearing system application that would be used to coordinate the processes relating to the transfer of retirement savings accounts is being developed and tested to ensure that it meets the capacity and robustness required.
"As part of the implimentation of the opening the transfer window, the Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) who are key stakeholders on the pensions industry will participate in the various workshops geared towards ensuring their full understanding and participation in the transfer process, before the window opens. The estimated date for the opening of the transfer window is December, 2012," he said.
Ahmad noted that the commission would continue to collaborate and engage state governments in the implimentaion of the scheme in the states.
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