The House of Representatives has directed its pensions committee to investigate the status of pension fund assets totaling over N15.5 trillion. This investigation aims to ensure the recovery of the N10 trillion loaned to the federal government from the pension fund and establish measures to prevent the pension scheme from collapsing.
The House has also called upon the National Pension Commission (PenCom) to promptly release funds for retirees’ pension payments and has resolved to scrutinize the failure of Pension Fund Administrators (PFAs) to meet their obligations to retirees. This mandate resulted from a motion presented by Aliy Misau during the Abuja plenary session.
Misau emphasized that Retirement Saving Accounts (RSAs) are crucial for retirees but expressed concerns about retirees’ inability to access their funds despite complying with the pension scheme requirements. He pointed out that PenCom and PFAs have not provided assurances of timely entitlement payments.
This inability to access pensions has caused significant hardship for retirees, affecting their ability to afford basic necessities. As of the first quarter of 2023, pension fund assets under PenCom’s regulation, which include contributions and investment returns, exceeded N15.5 trillion.
“There is no justification for retirees not to have access to their RSA. Critical stakeholders have expressed concern that 65% of the pension funds (N10 trillion) loaned to the federal government is an investment which exposes the contributors to unnecessary volatility as the federal government may fail to pay back the loan in due time,” Misau noted.
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