PenCom DG, Aisha Dahir- Umar

By Ngozi Onyeakusi– The pioneer Director-General, the National Pension Commission (PenCom) Muhammad Kabir Ahmad has stated that the birth the of the Retirement Savings Account Transfer System ( RTS) will engender competition among operators in the pension industry.

Ahmad , who made the submission today during his goodwill message at virtual launch of the transfer system called on the PFAs ensure high ethical standard while dealing with pension contributors and retirees who wish to transfer their funds.

He noted that the initiative would really engender competition among pension operators, stressing that operators should not compete on market share but on how to grow the pension sector

He noted that the Retirement Savings Account Transfer System has provided an opportunity for operators to improve on their service delivery, whilst urging the operators to operate with a clear vision, adhere to ethics, having in their minds that they they are holding people’s savings.
Ahmad urged the operators to strive for more contributors, as the present number of RSA holders still remain below expectations.
According to him self regulation remains the best form of regulation, he therefore, implored operators to abide by the regulations stipulated by the umbrella body Pension Fund Operators Association of Nigeria (PenOp).

Earlier in her welcome address at the event, Director-General. PenCom, Mrs. Aisha Dahir-Umar, assured that the commission has put in place measures to ensure full protection of all parties willing to transfer their funds from one Pension Fund Administrator (PFA) to another.
She urged the public to tread with caution as they take decision to transfer their funds, stressing that the choice to make transfer comes with the responsibility of making full due diligence on the new PFA to be moved to.
She equally stated that the birth of the transfer system will promote transparency within the industry.
Similarly, the Secretary to the Government of the Federation, Boss Mustapha, while unveiling the system, pledged the Government’s support to the industry, even as he commended the PenCom for achieving the giant stride.

President of PenOp, Wale Odutola, who described the inintiative as a monumental achievement noted that it will inspire operators to improve on their service delivery in order to attract customers even as he appealed his fellow operators to sustain the legacy laid by PenCom and adhere to very high level of ethics as they go about their businesses.

The President , Nigeria Labour Congress NLC, Ayuba Wabba, commended PenCom for the initiative and urged workers to embrace the system. He posited that the initiative would really engender competition which would lead to improved service delivery.