Reps beam light on MDAs, banks, multinational companies pension funds

The House of Representatives on Tuesday unveiled plans to engage Ministries, Departments and Agencies (MDAs) as well as oil companies and other major Multinational companies with the view to ensure compliance with the remittance of pension funds.

Chairman, House Committee on Pensions, Hon. Kabiru Alhassan Rurum, who disclosed this during the Committee’s inaugural meeting held in Abuja, vowed to resist attempts by employers of labour.

According to him, the Committee is also expected to embark on quarterly oversight of Closed-Pension Fund Administrators operated by major oil and other multinational companies and Pension Fund Administrators (PFAs) with the view to ascertain their managerial capabilities of pension funds and investment portfolio/profiles.

“The Committee is, therefore, faced with the big challenge of defining the specific jurisdiction/guidelines for the institutional regulators and operators of the Nigerian pension industry as well as identifying the numerous operators in the sector and to enjoin them to always sit up in their oars.

“The Committee would also initiate new legislations as well as amending existing ones to meet the increasing demands in the ever-evolving pension sector.

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“We need to collaborate with all key stakeholders both within and outside the borders of Nigeria towards the accomplishment of our set objectives. We are going to explore all avenues to see that Nigerian workers benefit more from the wide opportunity provided by the Pension Reform Act and to see that workers and pensioners are not short-changed by any means by the operators. We will leave no stone unturned in the effort to achieve the targets/goals set for the committee,” he assured.

In the bid to achieve the feat, he solicited for the support of all governmental agencies charged with regulating the pension sector, especially National Pension Commission, Pension Transition Arrangement Directorate (PTAD), Pension Operators (PENOP), Nigerian Union of Pensioners, and other relevant stakeholders to openly and proactively partner with the Committee in order to fashion out a sustainable environment to advance the pension industry through a seamless service to pensioners who are the ultimate goal for all pension activities.

According to him, the Committee was mandated to: examine issues relating to pensions within the public service in Nigeria (except judicial officers) develop policies on Contributory Pension Scheme for public service; recommend contributory pension policies to be adopted by the private sector as well as modification of existing policies of pensions and disengagement benefits in the private sector; and develop regulatory framework and set standard for institutions operating or seeking registration as Pension Fund Managers and/or Trustees to guarantee security of pension investments and repayment on due terms, among others.