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RSA Transfer: PenOp Charges Pension Operators To Maintain High Ethical Standards

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By Sola Alabadan

Pension Fund Operators Association of Nigeria (PenOp) has charged its members to maintain high standards of ethics in the conduct of their business, especially as it is possible for holders of Retirement Savings Account (RSA) to transfer their RSA from one PFA to another.

The Governing Council of PenOp also hailed the National Pension Commission (PenCom) for eventually opening the RSA transfer window, saying it is a welcome development.

PenOp’s Media, Communications & Branding Officer, Ukemeobong Akanam, stated that the council believes this development will accelerate the journey towards greater self-regulation in Nigeria’s pension industry. The council also commended President Buhari for the constitution of the PenCom board.

The Governing Council meeting which was held virtually for the first time, had in attendance all the Trustees and Executives of the association. The meeting was directed by the Chairman of the council of PenOp – Professor Fabian Ajogwu.

The other attendees were Ms. Daisy Ekineh, the former acting Director-General of the Security Exchange Commissionand CEO of DSE advisory Limited, Muhammad Ahmad; Pioneer Director-General of the National Pension Commission and current chairman of Polaris Bank, Alhaji Bello Maccido; Chairman of FBN Quest Merchant Bank Limited and six Executive Council members comprising of Wale Odutola; President, Akeeb Akinola, Vice President, Oguche Agudah, CEO PenOP, Amaka Andy-Azike, Head of Branding & Communications Committee, Glory Etaduovie, Head, Legal And Regulatory, Eric Fajemisin, Head, Technical Committee and Bayo Yusuf, Treasurer.

The Governing Council of PenOp provides advice and guidance to the Executive Committee in the running of the affairs of the association.

PenOp is an independent, non-governmental, non-political and non-profit making body established to promote the operations of the pension industry, provide for self-regulation and ensure that international best practices relating to the industry are observed by the operators registered in Nigeria.

It is the umbrella association for all the Licensed Pension Fund Custodians, Pension Fund Administrators and Closed Pension Fund Administrators (PFCs, PFAs and CPFAs) operating in Nigeria.

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Pension

Lagos Pays N1.49bn To 366 Retirees

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By Sola Alabadan

The Director-General (DG), Lagos State Pension Commission (LASPEC), Babalola Obilana presented bond certificates to the tune of N1. 49 billion to 366 pensioners in Lagos recently.

Obilana reassured that the government is  committed to the speedy resolution of all pension issues in the State and pledged to ensure the prompt payment of pensioners’ entitlements.

LASPEC’s Public Affairs Officer, Mrs. Mariam Adetokunbo Eko, quoted Obilana as saying that LASPEC is fully committed to ensuring that retirees receive their terminal benefits as at when due.

He said that LASPEC was established to take care of the needs of retirees, a role the Commission has been performing diligently and will continue to devote itself to. He went on to say that “we are dedicated to the retirees’ welfare because we know that they have worked so hard for the progress of the State. Now is the time for them to reap the benefit.”

While expressing gratitude to the retirees for always cooperating with the Agency and adhering to laid down rules, the DG explained that this has resulted in a greater percentage reduction in delay of the payment of their entitlements.

“We could have sent these Bond Certificates to everyone at home, but we deemed it proper for everyone to be here so that we can reiterate that LASPEC is open to all for questions. It gives us great joy that there has been a big reduction in reports of retirees being swindled of their entitlements”, he noted.

“This is because the retirees are now better enlightened as a result of our constant advocacy as well as open door policy at LASPEC”, he added.

Obilana urged the retirees to be wary of swindlers and crooks who are out to con them of their hard earned money, saying “LASPEC will not call or send you messages to charge you to get your entitlements. It is not in our mandate to do that.”

Speaking further, the LASPEC boss expressed gratitude to the Lagos State Governor, Babajide Sanwo-Olu, for his swift response to pension matters, just as he emphasised the Governor’s unalloyed commitment to retirees’ welfare.

Obilana said that the government is presently working on a template that will ensure that retirees don’t have to wait longer to get their entitlements.

He disclosed that in order to improve on the current system, the Governor is currently working on a model that will ensure that retirees get their entitlements as soon as they disengage from service.

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Pension

Enugu Assembly Drops Ex-govs, Deputies’ Life Pensions

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Enugu State House of Assembly has dropped the proposed New Pension Bill for former governors and their deputies.
The bill, which scaled first reading during last week Thursday’s plenary soon generated condemnation from the general public.
If the bill is passed by the lawmakers, the state would be spending over N1.1bn annually on ex-governors and their deputies’ pensions while over N1.25bn would be used to purchase vehicles for the five former governors and their deputies.
However, the house during its Tuesday plenary stepped down the bill following a motion by the Leader of the House, Ikechukwu Ezugwu, who is the sponsor of the bill.
In his motion to step down the bill, Ezugwu said the bill though not out of place, needed to be stepped down following the outcry of the masses which they must listen to as their representatives in the House.
He said expressed the need to consult widely before the bill could be reintroduced if need be.
The motion was seconded by Onyinye Ugwu, the Deputy Leader of the House.
In his speech, the Speaker, Edward Ubosi, said there were a lot of provisions in the bill that were not constitutional which he pointed out to include the payment of salaries to spouses of former governors and their deputies.
This was subsequently stepped down for wider consultations.

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PTAD Postpones Resumption Of Pensioners’ Verification  

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The Pension Transitional Arrangement Directorate (PTAD) has postponed the resumption of the walk-in verification exercise for pensioners under the defined benefit scheme (DBS), PTAD spokesperson, Olugbenga Ajayi, said.

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