CPS: PenCom assures safety of pension assets

Against fear over safety of pension assets due to the recent change of guard at the National Pension Commission (PenCom), the commission has assured registered members of the Contributory Pension Scheme (CPS) to protect their money.

Emeka Onuora, Head, Communication PenCom, in a circular said that “Although this change has drawn a lot of press on PenCom, particularly in the print and social media, it is important to note that the transition has been successfully completed.”

Onuora assured the public, especially registered members of the Contributory Pension Scheme (CPS) and retirees that the cardinal principle of PenCom is the safeguard of their pension assets and ensuring that retirees are paid their benefits as and when due, stressing that these objectives shall continue to be pursued with all the deserving commitment and dedication.

He maintained that as part of the established institutional framework, pension assets under the CPS are held-in-trust by licensed Pension Fund Custodians (PFCs) on behalf of contributors, adding that thus, neither PenCom nor Pension Fund Administrators (PFAs) have access to the assets.

He noted that the parent companies of the Custodians had issued guarantees to the total pension assets held by the PFCs and that should there be any loss of the assets, the PFCs and their parents companies will make up the loss.

“It is noteworthy that there has never been any case of loss of pension assets or financial infraction under the CPS since its introduction in 2014,” he posited.

Meanwhile, the former Director-General, National Pension Commission (PenCom), Mrs Chinelo Anohu- Amazu, has handed over the affairs of the Commission to an Acting Director-General, Mrs Aisha Dahir-Umar.

Dahir-Umar, will steer the activities of the commission pending the confirmation of the appointments of the new Executive Management of the commission by the Senate.