20 November 2012

Nigeria: Trustfund Decries Non-Compliance With Provisions of Pension Act

Chairman, Trustfund Pensions Plc, Dr. Ngozi Olejeme, has decried the nonchalant attitude of some state governments to the contributory pension scheme sating that it poses a major challenge in the implementation of the provisions of the Pension Act.

Olejeme, who made this declaration recently in Abuja also berated some private companies for not complying with the provisions of the Act calling on the National Pension Commission to review and upgrade its compliance and monitoring oversight functions.

Currently, only 21 states have fully embraced the Contributory Pension Scheme while 14 other states are at various levels of enacting their CPS laws following a robust interaction with National Pension Commission (PenCom) the Federal Government appointed regulator for the industry.

Olejeme, who commended the efforts made so far by PenCom in securing the compliance of employers to the provisions of the PRA 2004, stressed the need for increased level of compliance.

She said Trustfund would continue to monitor developments especially in the state, while sustaining its existing clientele base in that segment.

Also speaking, Acting Managing Director of the Trustfund Plc, Mrs. Helen Da-Souza, has warned that the implementation of the scheme by state governments must be guided by high ethical standards to preserve the integrity of the scheme.

Da- Souza, who commended state governments that had keyed into the new contributory pension scheme added that Trustfund was collaborating with them to ensure a hitch free contributory pension system.

She explained that Trustfund had adopted good corporate governance, good management strategies and well-thought out decisions that had boosted the quality of the services rendered.

"Most state governments are ready to introduce the scheme because they like what it is done at the federal level. We are cooperating with them on how to ensure the scheme does not run into any hitch at the state level. We are also cooperating with labour to ensure that the process is not abused.

"We have adopted good corporate governance, good management strategies and well-thought out decisions that have boosted the quality of the services we render to our customers. We have embarked on steady policy direction that enable us increase our market base to get more shares in the market for our contributions and good investment decisions," she added.

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