Pension regulation reflects transparency, accountability

The Pension Reform Act (PRA) 2014 is entrenching the principles of transparency and accountability as reflected in the reporting requirements of the PFAs and PFCs to the contributor and the National Pension Commission (PenCom), the Director-General of the commission, Mrs. Aisha Dahir-Umar, has said. Mrs. Dahir-Umar in a statement said the commission is committed to securing pension funds and ensuring that retirees are paid their pension benefits. She reiterated that the safeguards around the funds have been effective due to the strong regulatory and supervisory oversight by PenCom. She stated that the Act prescribes a strict licensing regime to operate as a PFA or PFC. She said: “This includes possessing the professional capacity to manage pension funds and an undertaking not to engage in any other business except that of management of pension funds. The Nation