Commission uncovers multiple registrations by pension contributors

The Nigerian commission made the announcement on Saturday.

The National Pension Commission, PENCOM, on Saturday, said it uncovered multiple registrations of Retirement Savings Accounts, RSA, by some pension contributors.

The Commission’s Corporate Affairs Manager, Emeka Obiora, said in Lagos that the affected RSAs were opened with different Pension Fund Administrators, PFAs.

According to Mr. Obiora, the discoveries were made in the course of planning for the new transfer windows for the contributors’ records, adding that in some cases, a single contributor had about six RSAs in six different PFAs.

He condemned the development, blaming it for the delay in the completion of the various transfer windows the Commission is planning for contributors, adding that steps have already been taken to sort out the problem.

“This development is wrong, and what the Commission is doing in such situations is that the first PFA of choice is picked for the contributor,” he said. “The transfer windows will provide the contributor different options to choose from on how he wants his contributions to be invested and how to collect his money as a retiree.”

He said the Commission would not roll out the transfer windows without clearing the data, as it would complicate issues, pointing out that at the heart of the transfer windows were contributors’ biometrics, which would not be released with such problems.

Rather than go to another PFA, the Commission advised contributors that are having problems with their various PFAs to report same to the Commission, adding that a whole department has been dedicated to make the transfer windows possible.

“Work is on-going, and as soon as the data are cleaned up, the guidelines for the transfer windows would be issued by the Commission,” he said, adding that the risked-based supervision, RBS adopted by PENCOM does not give any room for any contributor or PFA to engage in shady businesses and practices.

(NAN)


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: To place a text-based advert here. Call Willie - +2347088095401


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.