As part of its public enlightenment drive, the regulatory body on pension administration, (PENCOM) has commenced public enlightenment on pension-related issues in various local languages in the country.

The programme’s object is to raise awareness of employers, employees and various workers/administrators through transmitted questions and corresponding answers in its website and brochures. Alhaji Mohammed Ahmed, the director General of the commission disclosed that already related publication providing answers to all inquires on PenCom, currently exist in English Language and will eventually be translated to other local languages.

The Director-General emphasized that the Act establishing PenCom makes it mandatory for every employer of, at least five workers, to register with the commission and he sought to educate such workers on how to take part in the new scheme. He noted the beauty of the new system in that a contributor to the scheme chooses his own administrator from the list approved by the commission.

He said interest shown by the general public to the new scheme, will proffer solution to the problems formerly associated with non-payment of pension arrears.

The PENCOM chief executive added that various state governments are being encouraged by the commission to set up their own state pension body to harmonise the policy of government and for all to benefit from the reform scheme.

On delay in naming the authorized operators, he said because “the fate of workers all through their lives is involved, all necessary measures were taken to ensure that any organization licensed to administer the scheme would not betray people’s trust.”

On the outstanding pension arrears owed civil servants, Ahmed said that arrangements have been made with the Central Bank of Nigeria (CBN) to maintain an account which would be effectively managed and used for setting the outstanding pension arrears.

Culled from The Guardian Newspaper 4 December, 2005..

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