PenCom ups regulations with zero tolerance for non-compliance

Mrs. Aisha Dahir-Umar

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Chuks Udo Okonta

The National Pension Commission (PenCom) says it has adopted zero tolerance for non-compliance and consultative supervisory philosophy in the issuance of guidelines and the review of existing ones to further promote sound corporate governance in the industry and ensure the security of the pension assets.

Its Acting Director-General Mrs. Aisha Dahir-Umar, disclosed this today at the Compliance Officers Forum in Uyo, Akwa Ibom State, stating that the Commission has this year moved to a more risk based approach to supervising pension operators by aligning its supervisory framework with that of the Financial Services Regulation Coordinating Committee (FSRCC). According to her, the step will promote better risk management in licensed pension operators.

From Left: Head, Offsite Supervision Unit, PenCom, M.A Saleem; Head, Surveillance Department, M.Y Datti; Head, Compliance and Enforcement Department, M.B. Umar; Head, Investment Supervision Department, Mr. Ehimeme Ohioma; Head, Corporate Communications Department, Peter Aghahowa; and Head, Micro Pension Department, Kunle Odebiyi at the event.

She noted that the forum was conceived to create a platform in line with Section 80 of the Pension Reform Act (PRA), 2014 for Compliance Officers to regularly meet and share ideas on how best to optimally perform their functions and promote standards of excellence for Compliance Officers, thereby constructively impacting the pension industry. It is therefore imperative that Compliance Officers discharge their statutory roles with the required professionalism, independence and integrity, she added.

“It is also important to mention that the Commission recently released the framework and guidelines for the implementation of the Micro Pension Scheme, which is targeted at increased participation of employees in the informal sector, Multi-fund structure and revised guideline for Fund Accounting as well as revisedCircular for Branch opening and Service Centre by PFAs.

“Similarly, Circulars on pension enhancement and processing procedures of deceased benefits entitlement were also released by the Commission. The monitoring and reporting of non-compliance with regards to the implementation of these guidelines and other existing regulations remains part of the responsibilities of the Compliance Officers,” she said.

The PenCom boss said the commission would continue with its consultative philosophy, transparency and good corporate governance in the implementation of the Contributory Pension Scheme (CPS) in Nigeria.

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