THE National Pension fund has hit about N5trillion, Director-General, National Pension Commission (PENCOM), Mrs. Chinelo Anohu-Amazu disclosed weekend.
Briefing newsmen on the second Word Pension Summit ‘Africa Special’ holding in Abuja on October 5-6, 2015, she said the fund stood at N4.93 trillion as at the end of July this year adding that the fund accounts for 63 per cent of Federal Government’s bonds.
Highlighting the gains of PENCOM since its establishment in 2004, Mrs. Anohu-Amazu stated that no single case of fraud has been recorded in the last decade due to “ring fencing of pension funds”.
She said the remittance of pension to the commission by employers after deduction from employees’ salaries has been a major issue adding that PENCOM now relies on workers to blow the whistle when their employers refuse to remit their pension.
Unlike what obtained in the past, she stated that employees so affected no longer suffer in silence even as she revealed the establishment of contact centres by the commission as part of measures to ensure transparency and accountability in pension administration in the country.
On the forthcoming World Pension Summit ‘Africa Special’, the Director-General said it has the theme: Building sustainable pension systems in Africa” and aims “to focus on how to entrench enduring pension systems across Africa with particular emphasis on channeling pension funds towards addressing the huge infrastructure deficit” on the continent.
She said: Global and thought leaders, together with key practitioners will debate and exchange ideas on developing and structuring sustainable pension systems for African nations. A unique addition to this year’s summit is the introduction of high level regional reports on the advancement of pension systems within the regions.
“This novel concept seeks to highlight developments within the pension space in Africa and how takeaways from the inaugural edition of the summit had assisted the various African countries in improving their pension uptake and the quality of services rendered by administrators and regulators of pension in their jurisdictions”.
Anohu-Amazu added : “Indeed, the summit would provide a platform for pension regulators and operators in Africa to brace up to the challenge of positively contributing to the socio-economic growth of the continent, whilst also ensuring that retirement benefits are paid as and when due”. Besides, she disclosed that the highpoint of the summit would be the Africa Pension Awards ceremony which was initiated to encourage good and innovative practices in pension administration in Africa.The climax of the media briefing was the unveiling of PENCOM new logo.