‘Increase retirees’ enrolment in contributory pension scheme’
The Interim Chairman of the Management Committee of the First
Guarantee Pensions Limited Comrade Issa Aremu has called on the new
management of the National Pension Commission (Pencom) to increase
contributory pension scheme enrollment figure. He made this call at a
news conference in Abuja.
Aremu, who is also the General Secretary of National Union of Textile, Garment and Tailoring Workers of Nigeria, noted that the current enrolment of less than seven million subscribers in the National Pension Commission was inadequate compared to the over 80 million workers in the country.
He said: “The over six million workers already captured under the reform is commendable. But this number is a far cry from over 80 million potential work force in Nigeria.
“The N6.5 trillion funds contributed so far can hardly meet the future income adequacy of retirees, which underscores the need for an intensified effort on the part of the incoming leadership.”
He stressed the need for all retirees under the scheme to be paid their benefits as at when due.
Aremu said under the previous management, pension assets grew from N2.9 trillion in 2012 to over N6.5 trillion in 2017, due to the efforts of the past leadership of the Pencom.
He recalled that Pencom set up the management with the mandate to superintend over the affairs of the Pension Fund Administrators (PFA) under the direct supervision of the commission after the former management was dissolved “for unsound corporate governance practices, which had significant adverse implication for the pension assets under the management of the PFA”.
Nation Newspapers
Aremu, who is also the General Secretary of National Union of Textile, Garment and Tailoring Workers of Nigeria, noted that the current enrolment of less than seven million subscribers in the National Pension Commission was inadequate compared to the over 80 million workers in the country.
He said: “The over six million workers already captured under the reform is commendable. But this number is a far cry from over 80 million potential work force in Nigeria.
“The N6.5 trillion funds contributed so far can hardly meet the future income adequacy of retirees, which underscores the need for an intensified effort on the part of the incoming leadership.”
Aremu said under the previous management, pension assets grew from N2.9 trillion in 2012 to over N6.5 trillion in 2017, due to the efforts of the past leadership of the Pencom.
He recalled that Pencom set up the management with the mandate to superintend over the affairs of the Pension Fund Administrators (PFA) under the direct supervision of the commission after the former management was dissolved “for unsound corporate governance practices, which had significant adverse implication for the pension assets under the management of the PFA”.
Nation Newspapers
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