• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Monday, May 23, 2022
  • Login
  • Register
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Pension

Safety Of Pension Assets Inviolable- AccessPFC

Nwanne Ikemefune by Nwanne Ikemefune
January 22, 2021
in Pension
0 0
0
idu okwuosa
0
SHARES
37
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

The pressure created by the failure of defined benefit scheme in the minds of Nigerians, especially contributors, that pension assets when contributors retire, will not be available, has been debunked as not applicable to the current Contributory Pension Scheme.

The failure of the defined benefit was not much with the system of pension in place all over Nigeria, federal, states and local government, but with lack of funding. Before CPS commenced in 2005, the federal government was owing over N1tr pension liabilities in arrears, this struck deep in the government of President Olusegun Obasanjo, and they went straight to fix it. Despite the fix the fear of a repeat lingers.

However, the managing director, Access Pension Fund Custodian PFC, Mrs Idu Okwuosa, affirms that a repeat of the former failed pension era is ruled out. The present pension system is structured differently. She explains. “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 name.”

Okwuosa’s answer came as a reaction to a question on safety of pension assets at the 2020 media retreat hosted by Pension Fund Operators of Nigeria, albeit by webinar and attended by PenOp executive council members, representatives of PenCom in the person of Mr. Peter Aghahowa; head, corporate communications, and Mr. Polycarp Anyanwu, head, information communication technology and 34 media professionals.

As a layer of unbroken assets security, Access Custodian boss said in a statement by PenOp that all pension investments in the industry are insured. Therefore, Okwuosa said there’s not a chance that anyone can have access to the funds in the industry.

Besides the aforementioned, she said there is another layer of protection that shields it from pillaging. This reinforced layer of funds protection she explained rates pension assets far above returns if the need arises. Nonetheless, this does not in itself submerge the need for returns which is supported by volumes of regulator policies and guidelines. For the avoidance of doubt, she clears, “The returns are not paramount to the National Pension Commission (PenCom) or operators, as much as the safety of the funds.”

Okwuosa went on further to say that contributors under the Contributory Pension Scheme (CPS) can be rest assured the Pension Fund Administrators (PFAs) and Pension Fund Custodian (PFCs) together with the regulator- National Pension Commission, 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. The parley also seeks to educate the public through the eyes of the journalists.

Previous Post

Pension Assets Returns Still The Boss Of High Inflation Rate

Next Post

PenOp Christens 2021, Year Of Info And Knowledge Sharing

Nwanne Ikemefune

Nwanne Ikemefune

Next Post
PenOp Christens 2021, Year Of Info And Knowledge Sharing

PenOp Christens 2021, Year Of Info And Knowledge Sharing

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

April 3, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

April 3, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
ncrib logo

NCRIB And Universal In Pictures

August 23, 2020
How Strong Is The Reinsurance Sector Going Into 2021?

How Strong Is The Reinsurance Sector Going Into 2021?

349
Scib CEO Tinubu

Professionals Want Value Dimension Added To Enhance Compulsory Insurance

48
PenCom Trigger Lifts Transfer System Off The Starting Block With Split Responsibilities

Pension Funds Encounter First Waterfall

42
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

41
Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

FG Commends NAICOM Rolls Out More Challenges

May 21, 2022
Brexit Spin-off: Nigerian High Commission Promises Soft Landing For Nigerian Insurance Brokers

African Delegates To BIBA Secure African Issues Presentation In Subsequent Conferences

May 21, 2022
Africa Insurance Solutions Sought To Douse Uninsured Risks And Lift Penetration Level

NEM Insurance Positive Ticks Surround 2021 Performance

May 23, 2022
Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

NAICOM Harvests Real Time Statistical Data, Raises Market Transparency

May 23, 2022

Recent News

Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

FG Commends NAICOM Rolls Out More Challenges

May 21, 2022
Brexit Spin-off: Nigerian High Commission Promises Soft Landing For Nigerian Insurance Brokers

African Delegates To BIBA Secure African Issues Presentation In Subsequent Conferences

May 21, 2022
Africa Insurance Solutions Sought To Douse Uninsured Risks And Lift Penetration Level

NEM Insurance Positive Ticks Surround 2021 Performance

May 23, 2022
Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

NAICOM Harvests Real Time Statistical Data, Raises Market Transparency

May 23, 2022
Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

May 20, 2022
Access Holdings Plc Sets To Clinch Majority Stake In First Guarantee Pension

Access Holdings Plc Sets To Clinch Majority Stake In First Guarantee Pension

May 19, 2022
NAICOM Tells Operators To Match Its Speed, Take Over Secured Markets

College of Insurance Supervisors Charged To Harness Global Standards Fitting For West Africa

May 18, 2022
Brexit Spin-off: Nigerian High Commission Promises Soft Landing For Nigerian Insurance Brokers

Brexit Spin-off: Nigerian High Commission Promises Soft Landing For Nigerian Insurance Brokers

May 18, 2022

Sovereign Trust Performance Soars In Q1 2022, Rises By 37% Over 2021

May 16, 2022
NAICOM Tells Katsina Government And Citizens That Insurance Is A Major Factor For Life And Businesses

Katsina Govt Jabs Mild Insurance Enforcement, Embraces Call For Insurance Partnership

May 16, 2022
NAICOM Tells Katsina Government And Citizens That Insurance Is A Major Factor For Life And Businesses

NAICOM Tells Katsina Government And Citizens That Insurance Is A Major Factor For Life And Businesses

May 13, 2022
Allianz Frees Capital With $35bn Annuity Reinsurance From Street & Resolution

Allianz Engages Gear To Exit Russia Fully, Says CFO

May 13, 2022
KPMG Hit With £14m Fine

KPMG Hit With £14m Fine

May 13, 2022
Preferred PenCom Logo

PFAs Begins The Process Of Handshake With NIMC By Data Recapture Of All RSA Holders

May 12, 2022
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

FG Commends NAICOM Rolls Out More Challenges

May 21, 2022
Brexit Spin-off: Nigerian High Commission Promises Soft Landing For Nigerian Insurance Brokers

African Delegates To BIBA Secure African Issues Presentation In Subsequent Conferences

May 21, 2022
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2020 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2020 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In