Enugu, Oct. 27, 2023: The National Pension Commission (PENCOM) says it has transferred N10.2 billion to the Retirement Savings Accounts (RSA) of 142,486 contributors of the National Social Insurance Trust Fund (NSITF) Scheme.
The Director General of PenCom, Mrs Aisha Dahir-Umar, made the disclosure at an interactive session on the Contributory Pension Scheme (CPS) for the Organised Private Sector (OPS) in Enugu on Thursday.
PenCom organized the interactive session in collaboration with the Nigeria Employers Consultative Association (NECA).
Dahir-Umar, represented by Mr Bala Babangida, Head, Compliance and Enforcement Department of the commission, urged workers of the public and private sectors to apply for the transfer of their contributions.
The DG urged employers to encourage their employees who had contributed to the NSITF Scheme to liaise with their Pension Fund Administrators (PFAs) particularly, TrustFund Pensions, for guidance on the transfer to the RSAs.
She said that the objectives of the interactive session included but not limited to enlightening the organized private sector on the workings of the contributory pension scheme.
Dahir-Umar said it would also help the OPS in sharing thoughts on emerging developments in the Nigerian pension space and providing an opportunity for pension operators to interact with the members of the organized private sector.
According to her, the pension industry is one of the fastest growing financial sectors in Nigeria.
In his remarks, the Enugu State Commissioner for Labour and Productivity, Mr Chika Ugwuoke said the administration of Gov Peter Mbah was committed to the welfare of pensioners in the state.
Ugwuoke said that the government would enlighten and encourage workers to participate in the contributory pension scheme adding that he would meet with all stakeholders including the labour unions to embark on the process.
Earlier, the Chairman of NECA, South East, Mr Ugo Chime, said the association was committed to ensuring the success of the Contributory Pension Scheme.
Chime pledged that NECA would intensify efforts to ensure that workers in the private sector participated in the scheme and regretted that out of the 73 million workforce in Nigeria, only 10 million workers enrolled in the pension scheme.
The session was attended by representatives of the Pension Funds Administrators, the OPS and the Civil Society.