pension assets are safe – access pfc

The Pension Fund Operators Association of Nigeria (PenOp) held its annual media parley which had in attendance its executive council members, representatives of PENCOM in the persons of Mr. Peter Aghahowa; Head of Corporate Communications, and Mr. 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, the Managing Director of Access Pension Fund Custodian (PFC) – Mrs Idu 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 said Mrs Idu Okwuosa.

She went on to add that, 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.
‘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 organized 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.