By Bisi Bamishe
Pension Operators Association of Nigeria (PenOp) has said that pension fund assets would increase from N14.6 trillion recorded as at September 30, 2022 to N14.8 trillion by the year end.
President of PenOp, Olumide Oyetan made this known during a media parley for pension editors held in Lagos.
Oyetan, who is also the Managing Director/CEO of Stanbic IBTC Pension Managers, assured that successful implementation of residential mortgage initiative which allows contributors to access their equity contributions for the acquisition of residential mortgage would improve people’s welfare and move the country forward.
He urged stakeholders to work together to ensure successful implementation of the guidelines on using Retirement Savings Account (RSA) to access their equity contributions for the acquisition of residential mortgage.
“Pension is a sensitive subject and providing the right information to the public is important. We have a big responsibility to get it right. Our responsibility today is how to sustain the success recorded so far. Pension should be relevant to the lives of people”, he said.
He noted that successful implementation of the initiative would improve people’s welfare and move the country forward.
In his welcome speech, Head of Media Branding and Communication, PenOp, Mr Lanre Idris, said the annual media parley was another opportunity for the industry to engage with the media, to share a number of our wins and challenges within the pension industry, to provide an opportunity for Operators, Regulators and the media to engage and ensure we create a growing community of champions for the pension industry reforms and the work that is going on within the industry.
According to Idris who is the Managing Director/CEO, Leadway Pensure Limited as an industry, we value the role of the media very much and we hold you all in high esteem.
Presenting the theme paper, Mr. Ibrahim Kangiwa, Head of Investment Department, National Pension Commission (PenCom), said for contributors under the Contributory Pension Scheme (CPS) to be eligible to use their RSA balance for acquisition of residential mortgages, they must have contributed for five years (60 months) cumulative of employer and employee’s mandatory contributions.
Speaking on “Pension: An Opportunity to Own Your Own Home, An X-Ray of the New RSA Plan On Home Ownership”, Chief Executive Officer (CEO) of PenOp, Oguche Agudah gave the assurance that the policy which has come to stay will continue to be improved upon and revised as PenCom) has promised.
Agudah who stated that Nigeria is the lowest in the world when it comes to access to house, lamented that many Nigerians do not have a home.
He disclosed that what the pension regulator, PenCom did would hopefully ensure that people own their houses through Retired Savings Account ( RSA).
