STAKEHOLDERS at a one-day workshop on “Sustaining the Contributory Pension Scheme”, have called on Pension Fund Administrators, PFAs, to improve on their service delivery to RSA holders especially by complying with the stipulated laws on lump sum withdrawal.

Three papers; two from the Commission on the “Status and Level of Compliance with the Pension Reform Act, PRA, 2004” by Mr. M B Umar, Head of Compliance and Enforcement Department and The “Dynamics of Pension Fund Investment” to be delivered by Ehimeme Ohioma, Head of Investment Supervision Department as well as “Sustaining the contributory scheme-The role of stakeholders” by Mr. Dave Uduanu, Chairman of Pension Operators’ Forum, PenOP, were presented at the seminar.

A communiqué at the end of the workshop participants observed that PenCom had adopted various strategies to “ensure compliance which include public enlightenment, Media Publicity Campaigns, Collaboration with other Regulatory and Professional Bodies, Engagement of Consultants, Disclosure requirements, Issuance of one year compliance certificates to companies who have complied with the scheme from January 2012, financial literacy and enforcement.

The compliance certificates would be issued to organizations bidding for contracts with MDAs effective January 2012. Therefore organizations requesting for compliance must provide comprehensive evidence of compliance up to 31 December 2011.”

The participants noted the delay and inaccurate remittances of monthly contributions into public sector employees’ RSAs due largely to the failure of MDAs to submit updated nominal rolls to PenCom. It therefore urged the Government to compel MDAs to submit updated nominal rolls annually to the Commission.

They expressed concern about the exit of the armed forces from the scheme and the Commission provided clarification that the armed forces are no longer part of the scheme and that they now operate a defined benefit scheme.