Wetin dey happen for our pension matter, my people? PenCom don come out with new gist wey go make dem PFAs (Pension Fund Administrators) sharp up their game! E be like say dem notice say plenty Trustees and Sponsor Companies no dey do their work well.
For those wey no sabi wetin dey go down, PenCom na wetin carry body for pension wahala. Dem write letter wey come direct all PFAs say make dem appoint external auditors and actuaries wey go help check the pension schemes wey get approval. Dem even carry the wahala come for dem neck because e clear say dem no fit follow the law wey dey govern pension matter.
As per Section 50(2) of the Pension Reform Act 2014, employers wey dey run Defined Benefits Scheme suppose do actuarial valuation every financial year to check if their fund dey okay. If dem no do am, wetin go happen? Trouble go show face. PenCom talk say e no good at all, as e fit affect the ability of dem schemes to meet up with members’ wahala.
Na so PenCom come put new guidelines wey go make sure say everybody dey follow the rules. Dem talk say, two months before year end – wey be 31 December, the PFA go need to remind Trustees/Sponsor Companies say make dem appoint external auditor and actuary. If dem no gree after 21 days, PFA go just go ahead appoint dem by themselves and come carry the terms to PenCom for approval. Abeg, wetin we go call this one? Na strict adherence wey dey necessary!
Moreover, PenCom don also send message to all Federal Government agencies wey dey manage salaries say make dem implement pension increase for retirees wey fit collect am. If your agency no dey inside the list wey NSIWC drop, you better liaise with dem to know wetin you fit do to sort your retirees out.
As the matter dey hot, e go make sense if we dey watch how this new arrangement go play out. We no go wan hear say our old ones no dey receive their pension o! Because my people, no be small wahala! E be like say every agency should check dem self to follow the right channel. This one na serious matter!
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