The acting Managing Director, Radix Pension Managers, Mr. Kunle Adeboye, has Commended the National Pension Commission (PenCom) for its effective regulation of the pension sector through introduction of programmes that are targeted at lifting the flag of the Contributory Pension Scheme (CPS) higher as well as better the lot of pensioners.
Adeboye also acknowledged the efforts of the PenCom in regulating the activities of Pension Fund Managers (PFAs) to ensure security of pensioners’ retirement savings.
He noted that PenCon, through various checks and balances has maintained stability in Nigeria’s pension system since the inception of the CPS.
The Radix Pension boss gave the commendation in a document made available to THISDAY.
“The National Pension Commission has never at anytime refrained in its duties to regulate and administer all PFAs in Nigeria .The body professionally monitors the activities of all participants in the industry, limits are placed on investments made by PFAs of all participants in the industry, limits are placed on investments made by PFAs with contributions received from clients and this is evidenced by the recent review of the Fund Accounting Guideline, which is aimed at enhancing fair competition and safe investments”, he said.
He further said by the newly introduced Enhancement withdrawal scheme of penCom, over 60,000 retirees would have their monthly pay out increased as a result of innovation of the commission.