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Stats: 95 members, 7920 topics. Date: Wednesday, 20th January 2021
|Over 2,100 RSA holders applied for transfer – PENCOM by admin: 9:19 am On December 4, 2020|
The Federal Government has announced the inauguration of 16 members of the National Pension Commission (PENCOM) board.
The Secretary to the Government of the Federation, Boss Mustapha, who represented the FG, launched the board at the inauguration on Thursday in Abuja and said their duties would be to implement innovative and feasible solutions to challenges in Nigeria’s pension sector.
READ: About 160,000 more Nigerians registered to participate in Pension Plans in Q1 2019
He disclosed that there were challenges in the pension sector, in spite of the constitutional and statutory provisions that guaranteed pension payment.
He stated that it was the challenges faced in the sector that had prompted the pension reform of 2004, which introduced a mandatory Contributory Pension Scheme (CPS) for employees of both public and private sectors, with few exceptions in the public service.
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However, he said the sector could not meet all the challenges faced, which was a catalyst for re-establishing the PENCOM board.
“As a government, we are always conscious of our responsibilities with regards to the payment of pensions to eligible retirees in the Federal Public Service.
“We are committed to discharging these responsibilities in spite of the perennial challenges, especially as caused by the global COVID-19 pandemic manifesting in dwindling revenue accruing to the nation,” he said.
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The SGF urged that the board should develop new ideas towards general policy guidelines, which would be directed towards the Commission.
The board, chaired by Dr. Oyindasola Oni, includes Aisha Dahir-Umar, Clement Akintola, Mr. Anyim Nyerere, Mr. Charles Sylvester, Mr. Festus Dauda, Mrs. Anita Shitu, Comrade Ayuba Waba, Dr. Bobboi Kaigama, Dr. Abel Afolayan, and Dr. Timothy Olawale as members.
Others are Mr. Edward Adamu, Mr. Lamido Yuguda, Mr. Oscar Onyema, Mr. Olorundare Sunday, and Dr. Umaru Farouk Aminu, Executive Commissioner (Administration) representing the northwest geopolitical zone.
(READ MORE: FG commences payment of cash transfer to the vulnerable, as lockdown takes effect)
What you should know
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National Pension Commission (PENCOM) on Monday, November 16, 2020, launched the Retirement Savings Account transfer system.
“Accordingly, RSA holders may transfer their accounts from one Pension Fund Administrator (PFA) to another once in a year, in line with section 13 of the Pension Reform Act 2014. The launch date for the RSA Transfer System is scheduled for Monday 16 November, 2020. This will signify the official opening of the RSA Transfer Window,” PENCOM said.
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