PenOp Explains Meeting with Lawmakers

Ebere Nwoji

The Pension Fund Operators Association of Nigeria (PenOp) has explained reasons for recent invitation of some Pension Fund Administrators (PFAs) by the House Committee on Pensions.

It said the essence of the meeting was for a routine interaction session with the lawmakers.

Recent reports by some media had said the committee set up by the House of Representatives on pensions had invited some PFAs for the purpose of investigating unwholesome practices in the sector.

But explained: “We wish to state that the report is misleading as it failed to convey the meeting’s true essence, which was for a routine interaction session with members in furtherance of their oversight functions.”

According to PenOp, the lawmakers invited some PFAs for an interactive meeting to discuss the non-remittance of pensions by employers, the delay or non-payment of pension entitlements by pension fund operators, and general compliance with the provisions of the Pension Reform Act 2014.

Explaining further, “We will continue to engage the honourable members and collaborate with them in the area of strict compliance with the Contributory Pension Scheme.”

The association, in the statement further said its members value the House members and their contributions towards improving the welfare of the Nigerian workers who contribute to their Retirement Savings Account monthly, adding that the PFAs are fully committed to ensuring that these individuals receive inflation-adjusted returns during their retirement.