8 Functions of the National Pensions Commission are listed and explained herein as well as outlining its peculiar ways of achieving its mandate.
The Pension Reform Act of 2004 birthed the National Pension Commission (PenCom) as the body in charge of regulating, supervising, and ensuring the effective administration of pension-related matters in Nigeria.
Functions of the National Pensions Commission
Out of the need for serious concern for the welfare of pensioners in Nigeria, the Pension Commission was established to look into many issues.
Some of the Functions of the National Pensions Commission include:
1. Welfare of pensioners
The National Pensions Commission ensures the total welfare of pensioners in Nigeria.
It works closely with the federal government and other related agencies towards ensuring that the plights of the pensioners are taken into serious consideration. Taking care of the Welfare of the pensioners is a key responsibility of the commission.
2. It also ensures effective regulation and supervision of the Nigerian Pension Industry to ensure that retirement benefits are paid as and when due
This is in line with its mandate of ensuring the welfare of the pensioners in Nigeria. It updates the government on the recent happenings in the civil service, outlining and giving due reports on retirements for prompt payment of retirement benefits.
3. Advising and issuing of guidelines to the federal government on pension funds
The National pensions commission plays a role in advising the government, and also issuing guidelines for proper investment of pension funds for sustainable economic development.
This is because the National Pensions Commission understands issues better, as they pertain to pensions in Nigeria.
4. The National pensions commission issues Approval, licenses, regulates, and supervises personnel and institutions involved in pension issues
This is done in a bid to make sure that personnel involved in administering pensions services are well vested and would work in the best interest of the agency.
5. Establishing standards, rules, and guidelines for the management of the pension funds under the Act
Being an agency of the federal government saddled with the task of ensuring a smooth sail of the pensions scheme in Nigeria, it sets standards and ensures adherence to such.
It also sets rules and regulations to be followed in the pensions scheme so as to deliver on its mandate. All these are done to ensure compliance with the Pensions Act.
6. Ensuring the maintenance of a National Data Base on all pension matters
The national pensions commission helps in the proper documentation of all pension matters which goes a long way towards assisting the government, and even the National pensions commission in good policymaking.
7. It promotes capacity building and institutional strengthening of pension fund administrators and custodians
The National Pensions Commission acts as an agency that ensures that pensions funds administrators and other related officers are brought to light and made to stand firm in spite of challenges while delivering on its mandate.
8. The National pensions commission also receives, investigates, and sorts out complaints such as impropriety made against any pension fund administrator, custodian or employer, or any of their staff or agents
Read Also: Functions of the Central Bank of Nigeria
This is done to ensure consumer protection while delivering on its mandate. The roles of the National pensions commission towards ensuring the welfare and happiness of the pensioners have been so invaluable in the sustainable economic development of Nigeria and such strides are so commendable.