The National Forum of Retirees and Pensioners in Nigeria has lauded the Federal Government of Nigeria and National Pension Commission (PenCom) on ongoing reforms and regulations of the country’s Pension Sector.
The Forum describes the reforms and regulation of the Sector as “comprehensive, inclusive, dynamic and capable of optimally enhancing retirement safety for Pensioners.”
In a statement on Monday by its National Chairman, Olabode Gbenga Rowland, the Forum said the reforms are capable of “diversifying investment of retirement savings, protecting pension plans without placing undue burdens on pension markets, stabilizing the economy as a whole and reinforcing national security.”
Olabode added that: “worthy of note in this raft of reforms are the Unprecedent growth of Pension Assets cum number of registered Pension Contributors; Payment of Outstanding Pension Liabilities; Pension Enhancement for Contributory Pension Scheme; Micro Pension Plan; Enabled Home Acquisition system for holders of Retirement Savings Account; Online Enrolment and Verification Systems; and recapitalization of Pension Fund Administrators’ Minimum Shares by the Federal Government of Nigeria through the National Pension Commission (PenCom), all in line with global standards of conduct and fiduciary responsibility laws.”
National Forum of Retirees and Pensioners in Nigeria therefore commended the Management of the National Pension Commission (PenCom) for the initiatives, and encourage its members, retirees and prospective pensioners across the country to leverage on the opportunities provided by these reforms and enroll in the contributory pension scheme in order to aid purchasing power in retirement and thus minimize some retirement risks.
Olabode thereafter called on the Federal Government of Nigeria to sustain these reforms and regulatory strategies far into the future so as to enhance prospects as well as consolidate their impacts on the nation’s pension sector.
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