Abuja, Nov. 22, 2023: The Pension Fund Operators Association of Nigeria (PenOp) said that the Nigeria offshore pension funds’ investments to commence soon, as part of the efforts to boost return on investments.
The Chief Executive Officer of PenoP, Oguche Agudah said this at a virtual session on Tuesday.
The session was tagged “Ask Me Anything” organised by the operators to create awareness on activities and operations of the Contributory Pension Scheme (CPS) in the country.
Agudah said that all pension funds were presently invested onshore.
“However, there are engagements ongoing with the regulators, the National Pension Commission (PenCom) and the Central Bank of Nigeria (CBN) that once all modalities are put in place we will commence offshore investments of pension funds,” Agudah said.
Responding to question on where Retirement Savings Account (RSA) holders access their funds after retirement, Agudah said the fund could be accessed even outside Nigeria.
“In RSA, holders get returns of Investments credited to their accounts because “Pension Fund Administrators (PFAs) everyday invest in different sectors like bonds, treasury bills, or capital markets among others in line with the laid down guidelines by the regulators PenCom.
“Those who left the country can access their pension, RSA holders can access their funds anywhere in the world using the cross border arrangement policy in line with regulations of the scheme,” Agudah said.
He said that for programmed withdrawal for RSA holders, immediately a holder resigns or retires from work before attaining the age of 50, the person could access 25 per cent of their RSA savings after four months.
Agudah said that after the PFA has confirmed important information the rest would be spread across once the holder attains 50 years of age.
Fielding question on the perception that “pension is a scam”, Agudah said that such expression was just a myth by people who did not have a clear understanding of what the CPS is all about.
He said that pension is currently stand as one of the most strictly regulated sectors in Nigeria where contributors are guaranteed that their monies are safe.
