Pension

PenCom tackles PFAs over poor customer service

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From left: Head, Benefits and Insurance, National Pension Commission, Olulana Loyinmi; President, Pension Fund Operators Association of Nigeria (PenOp), Longe Eguarekhide and Head, Micro Pensions Department, Polycarp Anyanwu
at the event.

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Chuks Udo Okonta

The National Pension Commission (PenCom) has said the poor customer service by some Pension Fund Administrators (PFAs) has brought about influx of retirees into the Commission to obtain clarifications on trivial issues.

According to Head, Benefits and Insurance, National Pension Commission, Olulana Loyinmi; who identified some challenges presently encountered by the commission, in a paper entitled: Benefits Administration and Payment, presented at an event in Calabar, Cross River State, noted that some issues that would have been tackled by pension fund administrators are brought to the commission to address.

He also said there is still the challenge of comparison of benefits under the old and new scheme by retirees; comparison of benefits by colleagues on similar position and different variables/data and misinformation of retirees by PFAs and Insurance Companies in order to gain patronage.

To address the challenges, he called for increased public education and awareness campaigns, through Workshops; discouraging issues of misinformation/De-marketing in the Pension/Insurance Industry; strengthening the administration of Programmed Withdrawal and Annuity in the interest of stakeholders; continued engagement of relevant agencies for the release of outstanding accrued rights and considerations of ways to help address delay in the release of accrued pension rights.

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