NSIWC Collaborates with PENCOM on Enlightenment Campaign on proper monitoring of Accounts by Contributors

NSIWC Collaborates with PENCOM on Enlightenment Campaign on proper monitoring of Accounts by Contributors.

The National Salaries Incomes and Wages Commission (NSIWC) has called on Contributory Pensioners and pensioners in general to monitor their accounts which serves as their investment to fall back on.

The Chairman of the Commission, Ekpo Nta, Esq. made the call when he hosted the Acting Director General, National Pension Commission (PENCOM), Ms Omolola Oloworaran who led a delegation of Management Staff of the Commission on a courtesy visit to the Chairman.

Ekpo Nta, Esq advised PENCOM to embark on intensive sensitization of contributors on the need to know more of the operations of the Pension Reform Act to avail its benefits.

He pointed out that there is a provision in the Act for Voluntary Contribution by workers to increase their balances in the Retirees Saving Account (RSA), which according to him many workers are not aware.

Earlier, the Acting Director General of PENCOM, Ms Oloworaran had solicited the support of the Commission on what she called the exclusion of Contributory Pension Scheme (CPS) from series of increases to pensioners under the Defined Benefits Scheme (DBS).

In response, the Chairman educated the visiting PENCOM Team that the Commission always makes provisions for increases on the unreleased Redemption Funds (Equity Funds) that are not paid to PFAs/PENCOM in favour of the CPS pensioners. He advised PENCOM to bring this to the knowledge of CPS pensioners.

Ms Oloworaran also said the visit was to facilitate areas of mutual interests to engender a robust collaboration and partnership between the NSIWC and PENCOM, having realized the important roles of the NSIWC in pension matters and workers welfare generally.