with industry stakeholders to diversify the investment portfolio of pension assets, and deepen investment channels.
Speaking exclusively to The Guardian, the Acting Director-General, PenCom, Aisha Dahir-Umar, said the Commission is accelerating ongoing efforts with respect to engaging government agencies, private sector participants, and multilateral development financial organisations in developing infrastructure and housing assets that meet requirements for pension fund investment.
She said: “There are some opportunities for pension funds, given the long-term investment outlook. One of the likely fallouts of the COVID-19 pandemic is that prices of stocks may drop over the short to medium term. This would provide an opportunity for long-term investments by pension funds. “Section 11 of the PRA 2014 also requires that monthly pension contributions are deducted at source, and remitted to the Pension Fund Custodians not later than seven working days from the date of salary payment.
Meanwhile, she said the Commission’s appointed agents would continue to review the pension records of employers with a view to recovering all unremitted pension contributions for the benefit of the employees, noting that penalties for late remittance of pension contributions would continue to be charged in line with Section 11 of the PRA 2014.
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