The Governing Council of the Pension Fund Operators Association of Nigeria (PenOp), has endorsed the recent opening of the retirement savings account (RSA) transfer window for pension savers.
PenOp also commended PenCom on the achievement that seeks to empower the contributors against PFAs not offering significant value.
Recall the National Pension Commission (PenCom) launched the Retirement Savings Accounts Transfer System (RTS) on November 16, 2020.
A statement from PenOp also advised Pension Operators “to maintain high standards of ethics in the conduct of their business, especially in light of the opening of the transfer window.”
PenOp was established to promote the operations of the pension industry, provide for self-regulation and ensure that international best practices relating to the industry are observed by the operators registered in Nigeria.
It is the umbrella association for all the Licensed Pension Fund Custodians, Pension Fund Administrators and Closed Pension Fund Administrators (PFCs, PFAs and CPFAs) operating in Nigeria.
The statement indicated that the Council rising from a recent virtual meeting, believed that the move by PenCom will accelerate the journey towards greater self-regulation in Nigeria’s Pension Industry.
The Governing Council also commended President Buhari for the constitution of the PenCom board.