Nigeria Mulls Offshore Pension Investments – PenoP Boss

The Chief Executive Officer of the Pension Fund Operators Association of Nigeria (PenOp), Oguche Agudah has disclosed that as part of efforts to shore up investments in the industry, the country is considering offshore pension funds investments.

Agudah disclosed this on Tuesday at a Virtual Session tagged “Ask Me Anything” organized by the Operators to create awareness on activities and operations of the Contributory Pension Scheme (CPS) in the country.

He said “For now all pension funds are invested onshore. However, there are engagements ongoing with the regulator, which is the National Pension Commission, and the Central Bank of Nigeria (CBN) and very soon, once all modalities are put in place we will commence offshore investments of pension funds,”

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The PenoP CEO added that Retirement Savings Account holders get returns of Investments credited to their account because “Pension Fund Administrators everyday investment in different sectors whether bonds, Treasury bills, capital markets among others in line with the laid down guidelines by the regulators, which is PenCom”.

Agudah, while responding to an enquiry on how individuals who left the country can access their pensions, noted that “RSA holders can access their funds anywhere in the world using the cross border arrangement policy in line with regulations of the scheme,”

Shedding light on programmed withdrawal for RSA holders, he said, “Immediately a holder resigns or retires from work before attaining the age of 50, he/she can access 25 per cent of his/her RSA savings after 4months after the PFA has confirmed and the rest will be spread across once the holder attains 50 years of age,”

He said, the notion that “Pension is a scam” is just a myth by people who don’t have a clear understanding of what the Contributory Pension Scheme is all about, adding that the sector currently stands as one of the most strictly regulated in Nigeria where contributors are guaranteed that their monies are safe”.

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