The National Pension Commission (PenCom) has lifted restrictions on Licensed Pension Fund Administrators (LPFAs) investing in commercial papers where capital market operators act as Issuing and Paying
She said that PFAs and PenCom must provide accessible complaint channels to ensure speedy resolution of issues.
He said most pensioners cannot access their retirement funds despite complying with the requirements of the contributory pension scheme.
She said that the policy marked a significant milestone in the commission’s ongoing efforts to provide greater flexibility and access to pension funds for the benefit of RSA holders.
“Out of the ranking of 511 institutions which you saw where some did well, and some did not do well. We want MDAs to do well.”
The PenCom boss said the government was making frantic efforts to clear the backlog of accrued rights.
In 2021, PenCom approved recapitalisation for PFAs, with a 12-month transition from April 27, 2021 to April 27, 2022.
Pension assets transferred among pension fund administrators (PFAs) as of June 2021 were valued at N47.8 billion.
The federal government released N16.67 billion to pay accrued pension rights to 2021 retirees of treasury-funded ministries, departments and agencies.
The LCCI charged PENCOM to exercise the strictest form of supervision and monitoring of pension assets.
