Pension

Pension investments are insured – Access PFC boss

Mrs. Idu Okwuosa

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Chuks Udo Okonta

The Managing Director, Access Pension Fund Custodian (PFC) – Mrs. Idu Okwuosa, has said
all pension investments in the industry are insured, therefore there’s not a chance that anyone can have access to the funds in the industry.

She spoke at the Pension Fund Operators Association of Nigeria (PenOp) annual media parley which had in attendance its executive council members, representatives of National Pension Commission (PenCom) in the persons of Peter Aghahowa; Head of Corporate Communications, and Polycap Anyanwu; Head Information Communication Technology, and 34 personnel from media houses spanning radio and print media.

This event accorded journalists the opportunity to engage and ask questions bordering on the recently announced Retirement Savings Account (RSA) transfer window, pension fund investment activities and other penitent issues.

During the parley, in response to a question on whether pension contributors should be worried about the safety of their pensions, Okwuosa – who manages one of the four licensed pension fund custodian in the country, said:‘The public should be assured that all pension assets are traded in the name of the Pension Fund Administrator (PFA) and Pension Fund Custodian (PFC), in other words, the investments are made in the PFA/PFC’s name she posited.

‘The returns are not paramount to the National Pension Commission (PENCOM) or operators, as much as the safety of the funds’, she said.

She went on further to say that contributors under the Contributory Pension Scheme (CPS) can be rest assured the Pension Fund Administrators (PFAs) and Pension Fund Custodian (PFCs) together with the regulator – National Pension Commission (PenCom) will continue to ensure the safety of pension assets for the benefit of all contributors.

The annual media parley organised by PenOp is an event that brings together all pension and insurance correspondents in the country to chat and engage directly with the pension regulators and operators in an atmosphere that longs to bridge the gap between the regulators, operators and journalists. The parley also seeks to educate the public through the eyes of the journalists.

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