…… set for the fourth Edition Conference for Directors of Pension Operators
By ANDREW OJIEZEL
Worried that many Nigerian workers would have nothing to lean on as pensioners after years of active service to the nation, the National Pension Commission (PENCOM) has issued a 28-day notice to Pension Fund Administrators (PFAs) to meet the new capital base of N1 billion or fold up.
In the statement signed by the Head of Communication of the commission, Mr. Emeka Onuora, Pencom threatened to revoke the licence of the PFAs which failed to meet the deadline, adding that it had begun a process toward that end.
It said that any revocation would be in line with the provisions of Section 54 of the Pension Reform Act, 2004.
In the same vein, Pencom urged contributors of the affected PFAs of the safety of their funds even after the revocation of any licence.
“This is because pension fund assets are securely in the custody of Pension Fund Custodians licensed and strictly supervised by the commission in accordance with the Act setting it up.”
Similarly, as a way to further ensure full compliance by PFA operators, it said it is going to use the fourth edition of the conference for directors of pension operators, scheduled to take place on September 27, 2012, at Transcorp Hilton Hotel, Abuja, to stamp the need by the operators to take the contributory fund with seriousness.
The Theme of the Conference, according to Pencom, is "Building a More Efficient and Sustainable Pension Industry in Nigeria.”