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| Chinelo Anohu-Amazu |
Chuks Udo Okonta
The National Pension Commission (PenCom) has reiterated that
Safety mechanisms have been built into the Contributory Pension Scheme
(CPS) to safeguard the over N4.3 trillion contributed by workers.
The
Acting Director-General National Pension Commission (PenCom), Chinelo
Anohu-Amazu, said this at a forum organised by the Nigerian Bar Association
(NBA) in Lagos. She noted that one of the safety valves and beauty of the scheme
is the separation of the function of management
from that of Custody of pension assets, adding that government contribution is a charge on the consolidated revenue fund, unlike
in the past.
She also enumerated that there is guarantee of assets in custody by
owners of the Pension Fund Custodians (PFCs) and mandatory statutory reserve
requirement by Pension Fund Administrators (PFAs).
She said there are also meticulous investment limits and risk rating, daily monitoring of
pension fund investment, ensuring that fit and proper persons are put in place
for pension funds management, strict
corporate governance and disclosure requirement.
Anohu-Amazu said adept attention is taken to ensure that pension assets are not
used to meet the claim of any creditors or be
sold, or granted as loan, statutory
reserve Fund: PFAs required to set aside 12.5 per
cent of profit after tax to absorb any
losses, strict compliance to rules and regulations by operators: requirement
for appointment of compliance officers, scheme is strictly regulated and
supervised by PenCom
On how the mechanisms are enforced, she said the commission
regularly carries
out public enlightenment, collaboration with
other regulatory authorities,
imposition of regime of sanctions and penalties,
engagement of recovery agents.
Others she said are institution of criminal and
civil actions, as appropriate for
infractions through Federal
High Court, National Industrial Court,
investment and Securities Tribunal.
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