Reps to probe N5.5 Trillion pension assets regulated by PenCom  

Elizabeth AtimeOctober 3, 202312 min

The Motion Sponsor opined that 65% of the pension funds loaned to the Federal Government is an investment, which exposes the contributors to unnecessary volatility.

 

The House of Representatives has adopted a motion to probe the status of N15.5 trillion in Pension Assets being regulated by the National Pension Commission (PenCom).

It will also probe the status of the N10 trillion loaned to the federal government and efforts being made to recover the funds, which belong to Pensioners.

These resolutions sequel a motion sponsored by Rep. Aliyu Bappa Misau (PDP, Bauchi) at Tuesday’s Plenary.

Presenting the motion, Rep. Misau noted that the pension fund assets which PenCom regulates, were the proceeds of the contributory pension scheme and returns on investment.

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He said assets stood at over N15.5 Trillion (Fifteen Trillion, Five Hundred Billion Naira) as of the close of the first quarter of 2023.

Misau, who lamented the difficulties pensioners face in accessing their funds, argued that there is no justification for retirees not to have access to their Retirement Savings Accounts (RSAs).

“Retirement Saving Accounts (RSAs) are the lifeline that pensioners rely upon to cater to their needs upon retirement. However, most pensioners are unable to access their retirement funds despite complying with the requirements of the contributory pension scheme, and neither the National Pension Commission (PenCom) nor the Pension Fund Administrators (PFAs) have been able to reassure them of prompt payment of their entitlements.”

He further explained that 65% of the pension fund (N10 Trillion Naira) loaned to the Federal Government is an investment, which exposes the contributors to unnecessary volatility as the Federal Government may fail to pay back the loan in due time.

In adopting the motion, the House called on the National Pension Commission (PenCom) to ensure the immediate release of funds for the payment of pension funds to all retirees.

It further mandated the Committee on Pensions to investigate the status of the over N15.5 Trillion pension fund assets and ensure that the N10 trillion Naira loaned to the Federal Government from pension funds is duly recovered and modalities are put in place to hinder a collapse of the pension scheme.

Elizabeth Atime

One comment

  • Kenneth Obi

    December 29, 2023 at 5:32 pm

    Government policy of Retiree, is that they should die and be done away with, and the policy is working because most of them die before they could access their savings, this is why the scriptures said the whole world lied in wickedness, how can you explain the fact that someone who has served his country for thirty five years and has become old will be denied his lifelong savings for medication, general upkeep?when the government is boosting about pension funds to the whole world, organising international conferences for investors to come and invest in those funds when the owners of the funds are left in humiliation conditions to die, some can’t pay their rent hospital bills school fees etc.even in this hardship no body is remembering them,those still in service have been paid palliative, God bless those sponsoring this weakness, I am one of the victims,

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