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Chuks Udo Okonta
The National Pension Commission (PenCom) has said strengthening compliance will be its main interest when the Pension Reform Act (PRA 2004) will be reviewed.
The Director General of PenCom Ms Omolola Oloworaran, who anticipated a review of the Act, disclosed this at an event in Lagos, adding that complying with the Act will engender big growth for the pension industry.
She submitted that the federal government is the only organ that is fully complying with the Act, while many states and private companies are yet to comply.
According to her, PenCom would continue to engage states that are yet to comply and ensure that companies failing to comply are blacklisted from doing business with pension entities and their affiliates.
She noted that hat in the current regime there would be zero tolerance to non compliance with pension law, whilst charging organisations to comply with the stipulated laws
