SENATE URGES PENCOM TO PROTECT FUNDS

The National Pension Commission (PenCom) has been advised to evolve measures that will guarantee security of pension funds in its custody.

Sen. Aloysius Etok, Chairman, Senate Committee on Establishment and Public Service, gave the advice last week in Uyo at a seminar on the implementation of Pension Reform Act 2004 organised for Senators by PenCom.

'Every action and decision that must be taken on matters that concern the welfare and comfort in life after retirement must be based on secured parameters. These patriotic old men and women, senior citizens of our great nation deserve to be treated with utmost respect and dignity.'

Etok said that the seminar was intended to determine the level of efficiency in the operations of the Act and also identify the problems for appropriate legislative actions. He urged PenCom managers to disclose to the Senators the challenges and deficiencies experienced in the implementation of the Pension Act in the past seven years. The chairman urged the seminar participants to find out the type of investments that pension funds were being put into and the degree of risk in such investments.