The National Pensions
Commission (PenCom) has seen its books move from a N2 trillion deficit to N4.3
trillion asset in its 10 years of operations. The acting Director-General, Mrs
Chinelo Anohu-Amazu, revealed this in her presentation to the National
Conference Committee on Civil Society, Labour, Youths and Sports on Wednesday
in Abuja.
She said that the
growth and achievements recorded were made possible through the reforms that
were carried out in pension administration necessitated by the gaps indentified
in the scheme. “To the credit of the system which is transparent and resilient,
it is designed to cater for workers at old age when they are no longer able to
work.
“This is why the asset has grown from a N2
trillion deficit to a N4.3 trillion asset and with its daily esteem growing. “A
lot of issues were thrown up with the creation of a totally new financial
sector which was the Pension Fund Administration (PFA) and Pension Fund
Custodian (PFC),” she said.
Anohu-Amazu said that the commission was doing
everything possible to ensure effective management of pensioners’ funds in its
custody. Anohu-Amazu said any story that had to do with pension fund being
embezzled had nothing to do with the contributory pension system because the
system in place had made this impossible as the structure prevented access to
the funds.
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