Director-General of National Pension Commission (PenCom) Mr. M.K. Ahmad has commended the management of AIICO Pension Managers for initiating a forum for retirees tagged 'Retirees Forum'.

Speaking at such forum which held in Lagos last week Thursday, Ahmed said the establishment of Retirees' Forum was consistent with the regulatory philosophy of PenCom which he said is basically consultative in nature and thus carrying along stakeholders in all the operational activities of the pension industry.

Ahmad reiterated that the Pension Reform Act of 2004, was aimed at addressing the lapses of the past and facing the challenges of the future.

He said "the Act introduced for the first time in both the public and private sectors a Contributory Pension Scheme that is fully funded and based on private individual account.

"It also provides for life insurance cover for employees.

Against the backdrop of our implementation efforts of the last five years, there have emerged some challenges that the commission in collaboration with other stakeholders would institute the necessary framework to address and the commission would welcome input from our retires in this regards".

Ahmad expressed joy that the five year old the Pension Reform Act 2004 has started bearing fruits assuring retires that they would constitute a significant plank in the actualization of the pension reform.

In a welcome address at the occasion the Chairman board of directors of AIICO Pension Managers, Chief Rasheed Gbadamosi, disclosed that the company has so far paid N2billion as retirement benefits.