PenCom stops PFAs from giving gifts to RSA holders

National Pension Commission (PenCom) has directed Pension Fund Administrators (PFAs) to stop giving gifts to Retirement Savings Account (RSA) holders.

This was disclosed in a message sent to an RSA holder by a PFA to wish the RSA holder a Happy Birthday.

The message reads,

“Congratulations on your upcoming birthday celebration!”

“This is to inform you that we are in receipt of a new directive from the National Pension Commission, advising the immediate discontinuation of the distribution of gifts by all Pension Fund Administrators to Retirement Savings Account holders.”

“As a result, we are engaging the commission for clarity on the instruction and once confirmation is received to proceed, your gift will be delivered to your preferred address.”

“We sincerely apologise for any inconvenience which may result from this new development. We would, however, like to reassure you of the high value we place on our clients. Our commitment to providing you with excellent services remain unwavering, while our pledge to client obsession remains unchanged.”

PensionNigeria recalls that before the issuance of this directive, the PFA sent a birthday cake to an RSA holder on his birthday.

PenCom is however yet to make the directive publicly available and PensionNigeria would support that PenCom should regulate by issuing guidelines on gifts to be given to RSA holders rather than out rightly banning all gifts to RSA holders.

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