Dear Segun Sanni and Fisayo Esan:
Thank you both very much for the education - and re-education - of the forums on this Pension Funds affair - very much appreciated. Shining some light into the episodic heat around here is most helpful, particularly if it enables us to get away from discussion of personalities, eg Oshiomhole, or Sanni vs. Imperial, etcheram, ad nauseum, all of who may be speaking/writing from a position of part political agenda, part ignorance of all the facts, and part defensiveness, among other reasons.
As further help, I refer to three URLs, where the distinctions between PFAs and PFCs are well made, and a list of PFAs and PFCs are also provided:
Distinctions: http://nairametrics.com/difference-between-a-pension-fund-administrator-pfa-and-a-pension-fund-custodian-pfc/
21 PFAs: http://www.pencom.gov.ng/pfas.php
Moving on...
I must confess that early last year - or maybe late 2013 - I invited about 12 PFAs to FU Otuoke to make their pitches to the (then) over 1000 staff who were either enrolling for the first time or thinking of switching PFAs for a variety of reasons, and then got a thorough education of PENCOM/pension matters in Nigeria. I sat through ALL of the presentations - made one at a time SEPARATELY - and had the privilege of asking the lead questions. Their current number of enrollees, their current major INSTITUTIONAL customers (particularly their experience with universities), their history of return on investments and the SIZE of their investments, as well as their PFC, were all taken into account by our staff who finally made their own choices. At the end of the day, no more than three or four of these PFAs were settled upon by those who chose either to enrol for the first time (like myself, at least in the Nigerian system) or others who chose to switch. [At my home Howard University in Washington DC, I have TIAA-CREF as my PFA for the past 31 years ; as one of ONLY two options available through the university. In Nigeria, I chose Leadway Pensure, after almost choosing AIICO or Stanbic.]
A point that I would like to reiterate is that among the 21 PFAs, a number should be incentivized by government (away from their usual comfort zone) to invest to close the infrastructure and agric gaps in the country, with some kinds of sovereign guarantee of some minimum return on investment. I believe that is possible, without abrogating "PFA investment discretion and prerogative".
Concerning continuing concern about high recurrent expenditures, I expect that that will be addressed properly in the next zero-base budget cycle of 2016 and beyond. The removal of subsidy AT THIS TIME is however a touchy one, because it could cause more upheaval than it would solve. But I firmly believe that as leakages are plugged and loot recovered (and not re-looted), as employment in the private sector increases, and public infrastructure improve on which so many people spend their private money etc., the subsidy regime will decline, and will be replaced possibly by conditional cash transfers to the most vulnerable people of the society.
That is the hope and expectation.
And there you have it....thanks again for the discussion.
Bolaji Aluko
On Sat, Oct 10, 2015 at 1:23 AM, 'Segun Sanni' via AfricanWorldForum <africanworldforum@googlegroups.com> wrote:
Evening Prof.
PFAs are not mandated to invest 70% in FGN Bond Sir - it is only a maximum limit which does not have to be exhausted unless a PFA is so inclined!!
Every PFA under the Pension Act 2004 (now amended) must exercise their investment discretion and justify their license as Pension Fund Administrators to allocate pension funds often times well below the maximum limits. The maximum allocation to equity for instance is 25% - I doubt if any PFA on record has exhausted this limit for obvious market volatility factors!
I do not think it will be prudent to compel PFAs to mandatorily invest any percentage of pension funds in any asset class - we must be mindful that ultimately, it is the choice of the Employee to chose a suitble PFA which must as much as possible reflect the risk appetite of the employee in their investment decisions. I think the option to invest in an infrastructure Fund should be made open to PFAs - where it meets their professional investment criteria, they can invest in it. But not to compel PFAs by statutory imposition to commit any percentage of pension funds rigidly to any asset class.
I believe infrastructure investments should be encouraged but it should be structured along with the existing framework in the pension industry which includes PFA investment discretion and prerogative.
Thank you very much Prof. Please allow me to clarify a few points thus:1. The pension regulations do NOT compel pension funds to invest 70% of their assets in government securities. The Pencom investment guidelines make a demarcation on age basis (of the contributors) and prescribes different investment mixes for the different age groups namely:35yrs and below36yrs to 45yrs46yrs and above.Depending on your age, the guidelines ALLOW a ceiling of between 30 and 50 percent of your funds to be invested in shares of listed companies while the rest may be invested in other asset classes like Government Securities, Sukkuk (Islamic bonds), Real Estate Investment Trusts (REITS), mutual funds, etc. Again, much contrary to the false information confidently and repeatedly affirmed by Imperial on this matter, the pension funds are not compelled to invest the chunk of their assets in government securities.2. Among the asset classes (shares, government securities, real estate, etc), government securities, all over the world, are considered to be the SAFEST and the HIGHEST GRADE securities available and are thus called Gilt-edged securities. Shares are considered to be perhaps the riskiest.For older investors like you and me, we're not likely to be as adventurous as the younger investors and an investment/asset manager would therefore advise that we put a little more of our assets in Gilts, which are almost totally risk free. In the unlikely event of a sovereign default (where the government is not able to pay its creditors), the whole system is presumed to have collapsed and the riskier investments would have likely failed much earlier. Now, in high interest environments like ours, most people/institutions would prefer to lend to the sovereign/government (who would not likely fail) rather than lend to businesses as those are very risky and could easily default in repayment or fail altogether. That's why Nigerian banks oftentimes resort to buying Government Bonds and Treasury Bills rather than lend to risky businesses, especially agriculture and manufacturing. This phenomenon is called the CROWDING OUT EFFECT in Economics, meaning the government is crowding out other borrowers (businesses and individuals) from the loans market.That is why our pension funds (as wise and rational investors like others) would also CHOOSE to put a reasonable portion of their assets in government securities because they're very safe and the interest rate is high (meaning their price/cost is low). It's not rocket science sir. It's a choice, not compulsion.Now to Oshiomhole's argument, I consider it to be totally out of order for the following reasons:1. It's very normal for pension funds to join other investors (including foreign investors) to buy government securities. It's not a new phenomenon. Investors have been buying (investing in) these securities since the time of our independence till today. Why is Oshiomhole making it sound like pension funds were contributed and the government then surreptitiously went to appropriate it as some companies do when they're in trouble?Why tell us pension funds invest in government securities (if that's what he claimed he wanted to say) when we all knew all along and the government is not defaulting in repayment?2. If Oshiomhole wanted to make his now familiar charge that money was wasted or/and stolen under Jonathan, he should simply make the case and prove it without necessarily making the unwarranted connection to pension funds. Monies wasted and stolen don't have any direct connection to pension funds and Oshiomhole apparently attempted to make that connection out of mischief to cause panic or/and disaffection towards his enemies as he's been desperately attempting, for whatever reason, for sometime now.If Oshiomhole is allowed, he'd soon say banks also bought government securities and therefore, depositors funds have been appropriated by the Federal Government under Jonathan. I shudder to imagine the devastating impact that would have on depositors' confidence in the banking system on an issue totally unrelated to banking!3. The issue of the excessive recurrent expenditure in this our democracy has been discussed and discussed. The story has been told and retold. It started under Obasanjo, and our silly (and corruption-laden) petrol subsidy also doesn't help matters as it (subsidy) must be paid for from our fiscal resources. High recurrent expenditure is not a Jonathan phenomenon though he, like Obasanjo and Yar'Adua before him, did not show any/much political will to tackle it. Buhari has promised to do it and we pray he succeeds though I wonder how he wants to do it with his insistence on retaining the petrol subsidy. Depsite all the controversy on the cost of the subsidy, we now hear Nigeria today spends between N2bn and N2.5bn DAILY on petrol subsidy! That is between N730bn and N913bn annually. It's part of our recurrent expenditure, unfortunately.Now the high recurrent expenditure structure remains the same way today (and for every day of this government so far) and government securities have been issued and sold in the same period (part of it to settle Oshiomhole's and other governors' workers' wage bills in his/their helpless situation and near collapse). Oshiomhole is not making any known effort to restructure his wage bill and will, in all likelihood, come back for another bailout very soon, all things being equal. By Oshiomhole's argument on the issuance and sale of government securities, Buhari's government is also taking pension funds and spending them on recurrent expenditure.Should Oshiomhole then have a voice to condemn high recurrent expenditure if not that we're in Nigeria?These are the points I've been trying to make but on which my friend refuses to understand or yield as usual.There you have it Prof (to borrow your famous expression). Lol.
----- Fisayo Esan wrote....
PFAs are not mandated to invest 70% in FGN Bond Sir - it is only a maximum limit which does not have to be exhausted unless a PFA is so inclined!!
Every PFA under the Pension Act 2004 (now amended) must exercise their investment discretion and justify their license as Pension Fund Administrators to allocate pension funds often times well below the maximum limits. The maximum allocation to equity for instance is 25% - I doubt if any PFA on record has exhausted this limit for obvious market volatility factors!
I do not think it will be prudent to compel PFAs to mandatorily invest any percentage of pension funds in any asset class - we must be mindful that ultimately, it is the choice of the Employee to chose a suitble PFA which must as much as possible reflect the risk appetite of the employee in their investment decisions. I think the option to invest in an infrastructure Fund should be made open to PFAs - where it meets their professional investment criteria, they can invest in it. But not to compel PFAs by statutory imposition to commit any percentage of pension funds rigidly to any asset class.
I believe infrastructure investments should be encouraged but it should be structured along with the existing framework in the pension industry which includes PFA investment discretion and prerogative.
FE
--Sent from my BlackBerry 10 smartphone.
Oshiomhole clarifies position on N3.5trn pension fund
Governor Adams Oshiomhole has clarified his position on the Pension fund, saying he never accused PENCOM of diverting N3.5 trillion pension funds because it has nothing to do directly with pension money in the first place.He said, rather, his position is about how pension funds operators invest hard-earned workers' money in FGN Bonds and Treasury Bills, which in turn was grossly mismanaged through funding consumption.
In a statement personally signed by him, Oshiomhole said: "recently, a section of news media attributed comments to me regarding the way and manner in which pension funds to the tune of 3.5 trillion Naira were drawn down to support recurrent expenditure and not infrastructure development. In the said reports, the impression created was that I had accused the National Pension Commission (PENCOM) of colluding with the Federal Ministry of Finance to divert the said amount.
"Considering the manner in which this serious economic issue that borders on the future of the Nigerian economy and the welfare of the Nigerian workers who make contributions to the pension funds, is being misrepresented and trivialized in the media, I wish to make some clarifications and set the record straight.
"As someone involved from the outset in the crafting of the PENCOM Act, I am very much aware that under the law, PENCOM is a regulator of the financial institutions and operators that deal directly with the management of the pension funds and pension assets, namely: the pension funds administrators (PFAs) and the pension funds custodians (PFCs). I could not have said therefore that PENCOM diverted pension money because it has nothing to do directly with pension money in the first place.
"Indeed, I recall that when the pension reforms, which led to the creation of PENCOM were being formulated, the selling point of the contributory pension scheme was that pension funds should be source of cheap and long-term funds that would be used to support programmes and investments that will enhance workers welfare such as workers' housing and the creation of a robust mortgage system.
"However, what turned out in the management and operations of the pension funds was a completely different ball game. It is open knowledge that the PFAs are among the major subscribers of Federal Government of Nigeria (FGN) Bonds and Treasury Bills, which are instruments of FGN's domestic borrowing, issued periodically by the Debt Management Office (DMO) and the Central Bank of Nigeria (CBN) respectively, on behalf of the Federal Government. FGN Bonds as debt securities are generally considered safest relative to other debt instruments in the capital market because they are governed by the "faith and credit" principle; offer attractive rates and guaranteed returns, at least in theory.
"It is, therefore, not a new revelation that total subscriptions of pension funds to the FGN Bonds are in excess of 3.5 trillion Naira or about 70% of the total funds (estimated at 5.1 trillion Naira) so far accrued under the contributory pension scheme. It is also not a secret that in the last five years under the previous administration, the Federal Government had engaged in monthly bond issuances as a means of raising finance to fund recurrent expenditure and service domestic debts, rather than finance capital projects, which was the main purpose of bond issuance if domestic borrowing was to be a productive and beneficial activity to the national economy. These are facts that could easily be verified from the PFAs and PFCs; DMO, Securities and Exchange Commission, as well as CBN, if journalists and the media they represented have gone the extra mile to find out.
"The issue clearly was not about PENCOM diverting pension funds. It was about how pension funds operators invest hard-earned workers' money in FGN Bonds and Treasury Bills, which in turn was grossly mismanaged through funding consumption (recurrent expenditure, payment of salaries for federal employees, financing budget deficits and domestic debt servicing) rather than concrete investment in critical infrastructure, housing, etc.
"Pensions as workers savings, rather than being invested in capital projects with multiplier effects on jobs and incomes, are being invested in bonds which go into funding wasteful recurrent spending. Spending borrowed money on unproductive ventures typically generates inflationary pressures that lead to devaluation of the currency and purchasing power of workers. The net effect is that by the time these savings are required to pay pensioners in the future their real value would have been eroded quite significantly. As we have seen even in advanced economies, such kind of mismanagement of pension funds had easily sparked economic crisis that undermined the welfare of workers and retirees.
"I have followed the recent World Pensions Summit organized by PENCOM and all through experts and analysts kept emphasizing that pension funds should be invested in infrastructure like roads, power and other productive ventures to develop the national economy. The point here is that pension funds should not be invested in instruments that mobilize funds only for unproductive and wasteful ventures.
"It is in the public domain that federal budgets in the last four years have devoted as much as 85% of the budgetary outlay to recurrent expenditures including salaries. The National Assembly on whose onus rests the approval of the budget has been lamenting year-in-year-out, this is clearly bad economics, a situation in which only a paltry 15% of the budgetary outlay was devoted to capital projects and investment in the last five years. Federal legislators have also openly complained about the fact that even the 15% capital expenditure is hardly executed fully, implying that the amount devoted to recurrent expenditure will be even much higher than the 85% reported officially.
"Based on the foregoing, let me reiterate that nothing I have said about pension funds and how they have been managed in the last five years is new. Everything I have said is in the public domain and can be verified. It behooves the media and journalists to refrain from twisting and misrepresenting critical national issues such as this one, so that they will not give individuals or institutions that mismanage the national economy an escape route to divert attention or muddle-up the issues. This is a responsibility we all owe Nigeria and the future generations."
On Fri, Oct 9, 2015 at 6:34 AM, 'Segun Sanni' via AfricanWorldForum <africanworldforum@googlegroups.com> wrote:I just came off a flight, hence my replying you just now.You have not answered the relevant questions posed to you. Let me ask you again, perhaps slightly differently thus:The DMO bonds which the Federal Government just raised to refinance the extravagant spending and salary debts of Oshiomhole and other state governors, is that also about this government dipping its hands into our pension funds?This government has also dipped its hands in the pension funds through the billions of Naira the pension funds have invested in government securities since May 2015?The listed companies have also been dipping their hands in pension funds through monies the pension funds have been investing in the shares of the companies?The government has also been dipping its hands in depositors' funds through the monies the banks invest in government securities?Should we stop pension funds from investing in government securities so that people like you and Oshiomhole would not think the government is dipping its hands in pension funds?I'm laughing in Pidgin English!Yeyenatu!Sent from my BlackBerry 10 smartphone.
On 8 Oct 2015, at 21:06, Segun Sanni therealsegun@yahoo.com [NaijaObserver] <NaijaObserver@yahoogroups.com> wrote:
Let me break it down. If you say the Fed Govt debt stock was N11 Trillion when Buhari took over, please note that that debt stock is made up of Govt Bonds, Treasury Bills, Unpaid pensions, debts to contractors, debts to banks, foreign debts, etc. How much of of the N11 Trillion is Govt Bonds?Now back to the questions which you've ignored: if pension funds, along with other investors, invest in government debt papers, that justifies your position that government has thus dipped its hands in pension funds? So when banks invest in government bonds, that means to you the government is dipping its hands in depositors' funds too? And when pension funds buy shares, it means those companies are also dipping their hands into the pension funds?And if this is your elementary interpretation of finance, it means the debt paper being issued by the DMO for bailout is also from the pension funds and so, President Buhari too is taking the pension funds?This was the philosophy upon which you wanted to collect $1,000??I think even Oshiomhole would disown this your argument if you try sell it to him as explanation for another one of his funny rants.Please note that Treasury bills have other tenors than 91 days. There are the Open Market Operations (OMO) T-bills of 21 days, 23 days, etc and there are 180-day T-bills and there are 364-day T-bills.Sent from my BlackBerry 10 smartphone.
On 8 Oct 2015, at 16:38, Segun Sanni therealsegun@yahoo.com [NaijaObserver] <NaijaObserver@yahoogroups.com> wrote:
When you get on some of these your ridiculous arguments, you often leave us speechless, wondering where that came from! It's either that you don't consider these opinions very deeply before airing them or you thoroughly underrate the intelligence of your readers or both. You just want to throw everything into an argument, no matter how obtuse that point may be!The Fed Govt has 5yr, 7yr, 10yr and 20yr bonds in existence. On that score, a good number of the bonds outstanding today have been in existence since during and before the Obasanjo years. Despite that, all the FGN bonds (of all tenors) still outstanding today are not more than N3.5Trn, if at all they're up to, in value. And the maximum tenor of Treasury bills is one year (meaning all T-bills the CBN issued a year ago have all been paid up as at today).In your knowledge of Public Finance, when investors INVEST in government bonds, that tantamounts to the government misappropriating funds from those investors? Pension Funds INVESTING in Government bonds, Treasury Bills, etc, are the reasonable justification for Oshiomhole's charge that government took and spent pension funds? All the banks which also bought government bonds can be said to have given depositors' funds to the government to spend on recurrent expenditure? All individuals who equally bought government bonds have been robbed of their family wealth by the government on account of their investment in government bonds? And the shares bought by the pension funds are free monies given to the issuing companies by the pension funds for spending too?And the bonds which the DMO has recently issued for bail out for the states were monies taken out of pension funds too?? If that be the case, we can then say Buhari's government has joined Jonathan to take monies out pension funds to finance the extravagant spending of state governors like Oshiomhole. You surprise us with these ghastly arguments o.Yeye dey smell.Sent from my BlackBerry 10 smartphone.
On 8 Oct 2015, at 13:07, Segun Sanni therealsegun@yahoo.com [YanArewa] <YanArewa@yahoogroups.com> wrote:
Please explain to us now!!! You're not known to be reticent when you think you have your facts! Lol.Sent from my BlackBerry 10 smartphone.
Sent from my iPad
On 8 Oct 2015, at 12:57, Segun Sanni therealsegun@yahoo.com [Naijadreamteamintellectuals] <Naijadreamteamintellectuals@yahoogroups.co.uk> wrote:
Please tell us.So the money being raised by the DMO to bail out the states is also from the pension funds?? Lol.Sent from my BlackBerry 10 smartphone.
Sent from my iPad
On 8 Oct 2015, at 11:17, Joe Attueyi topcrestt@yahoo.com [NaijaObserver] <NaijaObserver@yahoogroups.com> wrote:1) Was N3.5 trn drawn from PENCOM during this period?
Prof AlukoWhen a person of the status of a state governor makes a statement one ought to take it seriously. However if it is founded on so flawed a premise as that excerpted above then one has to worry whether 'everything is alright'.PENCOM is a public institution that REGULATES activities of PRIVATE SECTOR institutions--Pension fund administrators and Pension fund custodians. PENCOM has neither custody nor control over pension fund contributionsIt is NOT possible to withdraw N3.5 trillion from PENCOM---simply because PENCOM does NOT have N3.5 trillion.If you and/or Oshio can show that anybody withdrew N3.5 trillion from PENCOM I'll pay $1,000 to any charity of your choice no questions askedJoeSent from my iPhone
On Oct 8, 2015, at 10:56 AM, Ibimgm via AfricanWorldForum <africanworldforum@googlegroups.com> wrote:Just too much speculation! What actually did happen?GMI.--In a message dated 10/8/2015 4:09:14 A.M. Eastern Daylight Time, alukome@gmail.com writes:--
My People:Here is what Oshiomhole is quoted to have said:QUOTEYou challenge Pencom and Ministry of Finance, you will discover that over N3.5tn was drawn by the previous government from pension funds to support recurrent expenditure, not to support infrastructure.UNQUOTEAssuming he was quoted correctly - no embellishment or fabrication - there are two issues here:1. First is the very character of MISAPPROPRIATION. If that is what Oshiomhole is hinting at, then misappropriation/misapplication means not spending a particular money the way it was meant to be spent, sometimes by the person who has custody of the money, who may do it under the influence of another person. I am not sure that is what Oshiomhole is stating here. It is therefore trite to say that something CANNOT happen, when in fact the very POSSIBILITY/REALITY of its happening is the ILLEGALITY being hinted at.2. Secondly, and more importantly, is to ask certain questions:(1) Was N3.5 trn drawn from PENCOM during this period?(2) How much of it was invested in INFRASTRUCTURE?(3) Is there ANY other CAPITAL category OUTSIDE of Infrastructure that PENCOM spent part of the money on?If NONE was invested in Infrastructure or any other Capital Project - as Oshiomhole is likely to be hinting - then the ONLY other category that PENCOM must have spent the money on would be RECURRENT - to pay for(A) its (PENCOM) own workers (salaries + allowances)(B) to pay for its own overhead operations(C) to pay for retirees - its primary aim.I believe that is what Oshimhole is hinting at - that the N3.5 trn was not INVESTED to generate more money - maybe beyond interest income from banks - and was used to do (A), (B), (C) above, rather than to include(D) Investment in Infrastructure (Roads, Railway, Power, Water), for which citizens will be required to pay(E) Low-Interest Loans for Education(F) Low-Interest Loan for Agriculture(G) Low-Interest Loans for Manufacturing Industries(H) Conservative Investment in Foreign SecuritiesA successful investment in these will not only DEVELOP the country, but a portion of the return on investments will be ADDED to the income of the retirees via (D) to (G) above.That is what is done all the world over - except in Nigeria apparently - out of fear of corruption? We must rise above that, and be confident that we can put the proper controls.In conclusion, I fully support the conservative use of the trillions of PENCOM in developing our country. Not doing so is ridiculous, and is like that story of the Bible where one man was given a talent and he BURIED it and returned it to its owner who upbraided him, while the others invested theirs, and where given even more money.And there you have it.Bolaji Aluko
On Wed, Oct 7, 2015 at 10:42 PM, 'Leye Ige' via AfricanWorldForum <africanworldforum@googlegroups.com> wrote:
"The funds are held by one independent institution while the investment decisions are made by a different private sector entity. All regulated by PENCOM..No Government can use pension funds as before because the funds neither belong to Govt nor controlled by Govt."--Joe Attueyi
(1) The funds need NOT belong to or be controlled by the Government BEFORE the government can access it. The Government appoints whoever will be the directors of PENCOM and associated entities.
(2) The government does NOT have to "use it as before"; that is, simply dipping its hands into it; BUT the government can utilize it via "Investments"--which is what Pension funds are all about-- just that in this case, the "investment" is in recurrent expenditure.
Leye Ige
--------------------------------------------
On Wed, 10/7/15, Joe Attueyi topcrestt@yahoo.com [OmoOdua] <OmoOdua@yahoogroups.com> wrote:
Subject: [OmoOdua] Re: [NIgerianWorldForum] Re: Jonathan spent N3.5tn pension fund on recurrent expenditure – Oshiomhole
To: OmoOdua@yahoogroups.com
Cc: OmoOdua@yahoogroups.com, "Segun Sanni therealsegun@yahoo.com [NaijaPolitics]" <NaijaPolitics@yahoogroups.com>, "Oyo State Intellectual Forum" <Oyo-forum@yahoogroups.com>, "NAIJA Dream Team Intellectuals" <naijadreamteamintellectuals@yahoogroups.com>, "Buddies" <Caucusmen@yahoogroups.com>, "Ode- Besilu's Group" <NaijaObserver@yahoogroups.com>, "AfricanWorldForum" <AfricanWorldForum@yahoogroups.com>, "Naija News" <TalkNigeria@yahoogroups.com>, "yahoogroups" <Egbeodua@yahoogroups.com>, "Unilorin friends" <Universityofilorinalum@yahoogroups.com>, "Yan" <YanArewa@yahoogroups.com>, "Professionals" <capitalmarketroundtable@yahoogroups.com>, "Ra'ayi Riga" <raayiriga@yahoogroups.com>, "NaijaEvent@googlegroups.com" <NaijaEvent@googlegroups.com>, "African GM" <africanworldforum@googlegroups.com>
Date: Wednesday, October 7, 2015, 12:29 PM
Post Adeola commission restructuring of
the pension system:
the pension
funds contributed
under the auspices of
the National Pension Commission
(PenCom) are
managed by privately owned Pension Fund
Administrators (PFAs) and kept in custody by
Pension Fund
Custodians
(PFCs).
as Segun
rightly educated those who are interested in knowing how the
pension system currently works in Nigeria. The funds are
held by one independent institution while the investment
decisions are made by a different private sector entity. All
regulated by PENCOM.
No Government can use
pension funds as before because the funds neither belong to
Govt nor controlled by Govt.
Some state governments
have not adopted these pension reforms. Edo is probably one
of them -- which would explain Oshio's
confusion
Joe
Sent from my iPhone
On Oct 7, 2015, at 4:48 PM, Leye Ige ige.leye@yahoo.com
[NIgerianWorldForum] <NIgerianWorldForum@yahoogroups.com>
wrote:
the pension funds contributed
under the auspices of the National Pension Commission
(PenCom) are managed by privately owned Pension Fund
Administrators (PFAs) and kept in custody by Pension
Fund
Custodians (PFCs).
Posted by: Joe Attueyi <topcrestt@yahoo.com>
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