The National Pension Commission,PenCom, over the weekend said the N5.32 trillion pension asset has been invested.
The Commission has therefore challenged investors with good investment ideas, who are interested in the pension fund to study the guidelines on pension fund investment contained in its website and ensure their investment ideas meet the criteria stipulated by law before approaching the commission .
PenCom Director General Chinelo Anohu- Amazu who stated this at a media parley in Lagos at the weekend explained that contrary to the clamour that the huge accumulated pension fund is lying idle while the need for its investment abound, the accrued pension asset put at N5.32 trillion has been legally invested and the investments regularly and closely monitored.
She explained that every step taken in investment of the money is guided by the law and no body not even government can arbitrarily take decision on the investment of the pension assets without following the due process of the law.
She clarified: “The contributory pension system is governed by law that is sacrosanct, the law states clearly where the pension fund can go ….neither the PenCom nor the PFAs, PFCs nor government nor anybody can step outside of these parameters it is not a case of taking an arbitrary decision by PenCom or government to wake up one morning or the PFCs or PFAs this is governed by the law and it is deliberate.”
She also explained that no part of the pension fund is in custody of PenCom or Pension Fund Administrators but that it is strictly with the pension Fund Custodians(PFCs) who in turn have invested the funds and is returning profits.
“It is not with PenCom, PenCom only issues guidelines for the operational working of those laws nothing in the guideline can deviate from the law otherwise it becomes illegal. This is the procedure in the law dealing with investment is very clear on where the pension fund can go and cannot go into. The key thing is primarily to pay retirement benefit as and when due. Investing has the first objective to ensure that there is fair return on investment in that money you are saving when you retire,” she said.
She urged Nigerians insinuating that the funds are starched in one bank to disabuse their minds insisting that all aspect of the fund has been invested.
