BY NKECHI NAECHE-ESEZOBOR–The licensed pension fund operators under the auspices of the Pension Fund Operators Association of Nigeria (PenOp) and federal lawmakers drawn from the National Assembly – Joint Committee for Establishment and Public Service of the Senate and House of Representatives Committee on Pension, have agreed to work together to tackle the issue of accrued rights.
The resolution was reached at the 4th National Assembly Retreat 2024, organized by PenOp which held at the weekend with the theme: ” The CPS: Navigating Challenges and Unlocking A Secured Future For Pensioners”.
Other resolution reached include – to be creative and focused on ensuring that the value of pensions that retirees receive in retirement will be enough to live comfortably, especially in light of the rising inflation and devaluation of the local currency.
They agreed that constant engagement between the industry and the committees in both houses to aid a better understanding of issues affecting the industry.
While pension industry needs to work on constant education and enlightenment of Nigerians, both literate and illiterate, on the workings of the scheme and the positive impact of the industry on the economy as many Nigerians don’t seem to understand the basics of the scheme.
Speaking on the outcome of the retreat, Chairman Senate Committee on Establishment and Public Service, Sen. Fasuyi Oluwole, said the retreat was very enlightening and will arm them with information to enable them understand the scheme more as they go about their lawmaking activities.
Also, the Chairman of the House Committee on pensions, Honourable Hussaini Jallo, commended the pension operators for taking initiative and reiterated that his committee is committed to working for the benefit of pensioners in particular and Nigerians in general.
Earlier, in his welcome address, the Chief Executive Officer, of PenOp, Agudah Oguche, noted that “pension reform act was initially passed 20 years ago. In a room just like this, years ago, some people sat down to craft the pension system that we have today. They gave us the system that has helped to build the assets up to 19.6 trillion naira and more than 10 million contributors today. They sat down to envision a future which might not have benefitted them personally.
He referred to the popular Greek proverb which reads “A society grows great when old men plant trees in whose shade they shall never sit. I believe this is what beckons on us today. How do we design and craft a better pension industry for the Nation that might not benefit us personally? All of us here are privileged to be in the 5 % class of the Nation and the other 95 % are looking to us to deliver a better future for them. The questions we need to ask ourselves, should be things like, what laws do we need to make that will improve the lot of our fellow Nigerians?. How do we work together to improve the pension system that was handed down to us?. How do we make the pension system fit for purpose to benefit the hundreds of millions of Nigerians who live below the poverty line?. I believe these are the issues that should concern us today as we deliberate on the pension industry.”
In her her goodwill message, Joy Ojakovo, Vice President, PenOp, noted that the scheme has brought many benefits to individuals and the nation at large.
She said the industry needs to continue to work with stakeholders to improve the scheme rather than destroy the gains of the system.
The two-day retreat saw the pension operators take the lawmakers on various sessions, including areas like “how pension funds are invested, the benefit payment process, the challenges of accrued rights and state pension management.
At the end of the retreat, the lawmakers left with a better understanding of the CPS and urged continuous engagements between the stakeholders in the industry.
