PenCom urges private sector to improve on PRA compliance
By David Awoyemi
The National Pension Commission, PenCom, has pleaded with Nigeria Employers’ Consultative Association, NECA, to develop robust programmes to further improve compliance with the Pension Reform Act, PRA 2014 by its member companies.
However, PENCOM had commended NECA member companies for contributing not less than N4.053 trillion into the total pension assets as at 31st May 2023.
In a goodwill message to Nigeria Employers’ Consultative Association, NECA, at its 66th Annual General Meeting, AGM, in Lagos, PenCom’s Director-General, Aisha Dahir-Umar, who was represented by the Commission’s Head of Communication, Abdulquair Dahiru, among others, commended NECA for continuous goodwill by providing platforms for social dialogues with the Organized Private Sector on the Contributory Pension Scheme, this has contributed towards the growth and sustainability of the Scheme.
According to Dahir-Umar, “It is gratifying to note that as a result of the unwavering support of NECA for the Contributory Pension Scheme, the pension fund assets contributed by the Organized Private Sector under the management of Pension Fund Administrators, as at 31st May 2023, amounted to N4.053 trillion.
“Meanwhile, the Commission, therefore, wishes to express its appreciation to Member Companies of NECA for their continued compliance with the provisions of the Pension Reform Act (PRA) 2014.
“Notwithstanding this accomplishment, the Commission urges your Association to develop robust programmes that can further improve compliance with the PRA 2014 by its members.
“As part of its regulatory and supervisory functions, the Commission has continued to issue new and strengthen existing Guidelines, Frameworks, and Regulations to make for the smooth implementation of the Contributory Pension Scheme and the welfare of active employees and pensioners under the Scheme.
“Amongst others, the Commission issued the Revised Regulation on the Administration of Retirement and Terminal Benefits to ensure that pensioners receive their benefits promptly.
“The Commission also issued the Guidelines on Accessing Retirement Savings Account Balance towards Payment of Equity Contribution for Residential Mortgages in order to facilitate contributors’ ownership of residential homes during their working life.
“The Commission would continue to collaborate with NECA and support its activities and programmes geared towards improving the welfare of active employees of the Organised Private Sector.”
