PenOp comment on PFAs summoned by House of Reps – PensionNigeria

PenOp comment on PFAs summoned by House of Reps

Pension Fund Operators Association of Nigeria has said that it will continue to collaborate with lawmakers in the country on issues affecting the Nigerian pension industry.

PenOp made the statement while explaining its stand on some media reports with respect to the House of Representative Committee’s invitation to some Pension Funds Administrators recently.

The association stated, “We will continue to engage the honorable 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.”

While stating that some of the reports about the invitation were misleading, the association said they failed to convey the meeting’s true essence, which was for a routine interaction session with lawmakers in furtherance of their oversight functions.

It stated, “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.”

PenOp stated that it welcomed the interactions and inquiries by the honourable members and, as always, provided its full cooperation, especially regarding proffering solutions to some of the challenges facing the smooth implementation in conformity with the Pension Reform Act 2014.

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