Access Pension Fund Custodian Assures Contributors of Safety

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Ebere Nwoji

The Managing Director, Access Pension Fund Custodian (PFC), Mrs. Idu Okwuosa, has assured contributors into the Contributory Pension Scheme (CPS) that all pension investments in the industry are insured.

Okwuosa, who spoke at the media parley organised by the pension Operators Association (PenOp) said therefore, there would be no opportunity for anyone to have access to the funds in the industry.

At the annual media parley which had in attendance all PenOp executive council members, representatives of National Pension Commission (PenCom), among others, Okwuosa, stated that there was no need for any contributor to panic or doubt the security of his or her contribution or investment, assuring that the funds are safe and secure.

During the parley, in response to a question on whether pension contributors should be worried about the safety of their pensions, Okwuosa – who manages one of the four licensed pension fund custodian in the country said: “The public should be assured that all pension assets are traded in the name of the Pension Fund Administrator (PFA) and Pension Fund Custodian (PFC), in other words, the investments are made in the PFA/PFC’s name.”

According to her, the returns are not paramount to the National Pension Commission (PenCom) or operators, as much as the safety of the funds.

She further said that contributors under the CPS can be rest assured the Pension Fund Administrators (PFAs) and PFCs together with the regulator – the National Pension Commission (PenCom) will continue to ensure the safety of pension assets for the benefit of all contributors.

The annual media parley organised by PenOp is an event that brings together all pension and insurance correspondents in the country to chat and engage directly with the pension regulators and operators in an atmosphere that longs to bridge the gap between the regulators, operators and journalists.