Pension

PFAs were invited for routine interaction session with honourable members – PenOp

Agudah

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Chuks Udo Okonta

The Pension Fund Operators Association of Nigeria (PenOp) has said contrary to misleading reports on mismanagement of funds, some Pension Fund Administrators (PFAs) were only invited by the House Committee on Pensions, for a routine interaction session with Honourable members in furtherance of their oversight functions.

Chief Executive Officer (CEO), Pension Fund Operators Association of Nigeria (PenOp) Oguche Agudah, stated this in a statement made available to Inspenonline.

The statement reads:

Our attention has been drawn to the recent media reports with respect to the House of Representative Committee’s invitation to some Pension Funds Administrators (PFAs).

We wish to state that the report is misleading as it failed to convey the meeting’s true essence, which was for a routine interaction session with Honourable members in furtherance of their oversight functions.

The House Committee on Pensions had invited some Pension Fund Operators for an interactive meeting to discuss the non-remittance of pensions by employers, the delay or non-payment of pension entitlements by pension fund operators, and general compliance with the provisions of the Pension Reform Act 2014. The Committee also asked for some information to aid in their investigative hearing, which the pension operators duly provided.

We wish to state that we welcome interactions and inquiries by the Honourable members and, as always, provide our full cooperation, especially regarding proffering solutions to some of the challenges facing the smooth implementation in conformity with the Pension Reform Act 2014.

We will continue to engage the honourable members and collaborate with them in the area of strict compliance with the Contributory Pension Scheme.

We value the House members and their contributions towards improving the welfare of the Nigerian workers who contribute to their Retirement Savings Account monthly and we, the pension operators, are fully committed to ensuring that these individuals receive inflation-adjusted returns during their retirement.

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