House of Representatives, on Tuesday, resolved to probe the status of the over N15.5 trillion pension assets being regulated by the National Pension Commission (PenCom).
In addition, the House would also investigate the status of the N10 trillion loaned to the Federal Government and the efforts being made to recover the funds which belong to Pensioners.
This followed the adoption of a motion moved by Hon Aliyu Bappa Misau (PDP, Bauchi) at the Plenary on Tuesday.
While presenting the motion, the Lawmaker said that the pension fund assets which PenCom regulates, were the proceeds of the contributory pension scheme and returns on investment.
He pointed out that the fund stood at more than N15.5 trillion as at the close of the first quarter of 2023.
He argued that there was no justification for retirees not to have access to their Retirement Savings Accounts (RSAs).
According to him, “Retirement Saving Accounts (RSAs) are the lifeline that pensioners rely upon to cater to their needs upon retirement.
“Most pensioners are unable to access their retirement funds despite complying with the requirements of the contributory pension scheme, and neither the National Pension Commission (PenCom) nor the Pension Fund Administrators (PFAs) have been able to reassure them of prompt payment of their entitlements”.
He explained that critical stakeholders have expressed concern that 65% of the pension funds (N10 Trillion Naira) loaned to the Federal Government was an investment which exposed the contributors to unnecessary volatility as the Federal Government might fail to pay back the loan in due time.
The House, therefore, urged the National Pension Commission (PenCom) to ensure the immediate release of funds for the payment of pension funds to all retirees
The House also mandated the Committee on Pensions to investigate the status of the over N15.5 Trillion pension fund assets and ensure that the N10 trillion Naira loaned to the Federal Government from pension funds is duly recovered and modalities are put in place to hinder a collapse of the pension scheme.
. TheWitness
