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By newswatchngr.com 24/12/2011 04:00:00

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Written by Maureen Chigbo Saturday, 24 December 2011 When the National Pension Commission, PENCOM, was set up in 2004, its vision was to be a world-class organisation that would ensure the prompt payment of retirement benefits and promote a sustainable pension scheme that positively impacts on the economic development of Nigeria

When the National Pension Commission, PENCOM, was set up in 2004, its vision was to be a world-class organisation that would ensure the prompt payment of retirement benefits and promote a sustainable pension scheme that positively impacts on the economic development of Nigeria. It was also to serve as an effective regulator and supervisor that would guarantee the safety of pension assets and fair returns on investment utilising appropriate technology, with highly skilled and motivated staff.

Seven years down the line, PENCOM is struggling to meet these objectives amidst complaints from pension contributors. There have been allegations of fraud, incompetence and inefficiency in managing against PENCOM and the pension fund administrators, PFA, which they have denied. Some institutions are threatening to pull out of the scheme while others have already done so. Significantly, pension contributors, most of whom have contributed to the development of the country over the years are worried that with problems in the pension scheme, they may lose their contributions which they hope to rely on when they retire.

These worrisome developments prompted Newswatch to investigate the happenings in the sector. The mind-boggling findings are what we captured for you in this week’s cover story entitled: “Pension Scam: Why ASUU, Army, Police want to pull out”. It is written by Dike Onwuamaeze, principal staff writer. Enjoy it.