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President Jonathan tasks PENCOM on Adequate utilization of Pension Funds

President Goodluck Jonathan has directed the National Pension Commission, PENCOM, to ensure creative utilisation of pension funds by investing the funds within and outside the country.
He gave the directive at the inauguration of the Board of the PENCOM and swearing-in of members of the Federal Character Commission.
President Jonathan directed that the pension funds should be deployed to the development of national economy in line with global best practices.
The President enjoined the PENCOM to maintain the existing culture of transparency and accountability in the management and custody of the contributory pension fund.
According to the President, the commission should consider creative foreign investment in the deployment of the funds.
He said in line with his administration’s commitment to the well being of retirees, PENCOM must ensure that pensioners receive their retirement benefits as and when due.
President Jonathan explained that the administration carried out a reform of the sub sector to correct the negative reports associated with the administrations of pension in the past.
The President, who urged the new board to work in synergy with the new structure in the sub-sector, underscored the need for PENCOM to expand the coverage of the contributory pension scheme to include the informal sector.



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