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Only 11% of workforce is enrolled in the pension scheme – PenOp

By Rosemary Onuoha Despite the astronomical growth recorded in the pension fund, only 11 percent of workforce is enrolled in the Contributory Pension Scheme, CPS, and the micro pension schemes and this number needs to improve, the Pension Fund Operators Association of Nigeria, PenOp, has said. Head of Media, Communications and Branding Committee of PenOp, who is also the Chief Executive of Fidelity Pensions Limited, Mrs. Amaka Andy-Azike, disclosed this during a webinar organized for pension correspondents. Lamenting the development, Andy-Azike said: “We plan to have a pension awareness week, like a pension fair where operators attend to individuals on the spot with media partners available for coverage. We also intend to participate in World Savings Day to drive financial inclusion as only 11 percent of the active workforce is enrolled in contributory and micro pension schemes and this number needs to improve.”

Safety of pension funds crucial to operators – Punch Newspapers

Punch Newspapers Sections Nike Popoola The Managing Director, Access Pension Fund Custodian, Mrs Idu Okwuosa, has said the safety of pension funds is paramount to the operators. She spoke during a virtual media event organised by the Pension Fund Operators Association of Nigeria on ‘Retirement Savings Account transfer window, pension fund investment activities and other penitent issues’ recently. “‘The public should be assured that all pension assets are traded in the name of the Pension Fund Administrators and Pension Fund Custodian, in other words, the investments are made in the PFA/PFC’s name,” she said. She noted that the funds under the Contributory Pension Scheme had continued to grow.

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