Pension

Ahmad, others implore PFAs to adhere to ethics as PenCom unveils RSA transfer system

Mrs. Aisha Dahir-Umar

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Chuks Udo Okonta

Pension Fund Administrators (PFAs) have been implored to esteem high ethical behaviour as they deal with pension contributors and retirees now that the National Pension Commission (PenCom) has launched the Retirement Savings Account Transfer System (RTS).

The pioneer Director-General, PenCom, Muhammad Kabir Ahmad, who said this today at the virtual launch of the Retirement Savings Account Transfer System (RTS), by PenCom, noted that the initiative would really engender competition among pension operators, stressing that operators should not compete on market share but on how to grow the pension sector.

He posited that the Retirement Savings Account Transfer System has provided an opportunity for operators to improve on their service delivery, whilst urging the operators to operate with a clear vision, adhere to ethics, having in their minds that they they are holding people’s savings.

Ahmad urged the operators to strive for more contributors, as the present number of RSA holders still remain below expectations.

According to him self regulation remains the best form of regulation, he therefore, implored operators to abide by the regulations stipulated by the umbrella body Pension Fund Operators Association of Nigeria (PenOp).

Director-General. PenCom, Mrs. Aisha Dahir-Umar, said the commission archived the feat owing to its desire to have a robust information technology platform, adding that the commission would continue to working assiduously to growth and protect the pension fund assets.

She called on the public to tread with caution as they take decision to transfer their funds, stressing that the choice to make transfer comes with the responsibility of conducting full due diligence on the new PFA to be moved to.

She maintained that the commission has put in place measures to ensure full protection of all parties willing to transfer their funds from one PFA to another.

Secretary to the Government of the Federation, Boss Mustapha, who perform the unveiling of the system, lauded PenCom for the feat, stressing that the government would continue to support all noble initiatives of the commission that are aimed at taking the pension sector to lofty heights.

President, Nigeria Labour Congress NLC, Ayuba Wabba, commended PenCom for the initiative and urged workers to embrace the system. He posited that the initiative would really engender competition which would lead to improved service delivery.

President of PenOp, Wale Odutola, said the launch is a landmark for the industry, stressing that the initiative would inspire operators to improve on their services and work harder to get more people into the pension business.

He appealed to his fellow operators to sustain the legacy laid by PenCom and adhere to very high level of ethics as they go about their operations.

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