There is serious anxiety in the pension sector pension managers await the issuance of final guidelines for opening of the transfer window as provided by the Pension Reform Act 2014, by the National Pension Commission (Pencom).
Transfer window is a platform created by PenCom to enable pension contributors who are dissatisfied with the services of their current Pension Funds Administrators (PFAs) to transfer to any other PFA of their choice.
The present arrangement by the regulator has made some PFAs to be complacent in service delivery as well the inability of the regulator to dish out the necessary punishments to defaulting employers who hold on to funds deducted from the salaries of their workers rather than remitting it into their accounts with PFAs.
While the FFAs keep sending ‘ordinary’ account statements with their deafening silence on fresh lodgings or credits, which by implications, make them accomplices, they are however, quick to point out to customers to approach the regulator for sanctions as they cannot raise alarm for non-remittances by employers.
Besides, the undue delay by the company in processing payments for the retirees under the guise of waiting for approvals from PenCom has pitched some of the retirees against the company.
According to some experts, implementing the transfer window will be an exciting happening within the industry as this will engender a spirit of competition among the PFAs on how to retain old contributors as much as possible, and also win new ones.
