The recent approval of operational license for Nigerian University Pension Management Company (NUPENCO), a new Pension Fund Administrator (PFA) that will oversee the management of pension funds contributed by university workers, by the National Pension Commission (PenCom) has raised a lot of questions on the modus operandi of the 15- year old contributory pension scheme(CPS) in Nigeria.

The questions are coming from stakeholders who argued that before now, many contributors had been agitating to migrate from their pension fund managers to another manager of choice, but were not allowed because both the managers and the regulator kept on telling them to wait for the commencement of the long awaited transfer window.

However, with the licencing of the university workers’ special PFA, these category of contributors have questioned how these university workers would migrate from their existing PFAs to the newly approved pension manager or if the regulator would bend the rule for the category of workers.

According to those who spoke with THISDAY, the regulator would be seen as being partial if it goes ahead to approve the anticipated migration of the university workers to the new PFA before the commencement of the window transfer . They stressed the need for PenCom to fine- tune work on the transfer window to enable it take-off immediately.

Among the issues the commission said had continued to delay the take-off of the policy is registration and biometrics as it had said it wants to address issues such as double registration by some contributors and improper identification which may lead to transferring one person’s fund to another, before it unveils the policy.

Read more @This Day Live