The National Pension Commission says it has the statutory mandate of issuing guidelines on withdrawals from voluntary contributions from Retirement Saving Accounts and the general administration of pension funds.
This position was contained in a statement issued by PenCom’s Head of Communication, Emeka Onuora, in Abuja on Friday.
The statement is sequel to the threat by the Rivers State Council of Trade Union Congress on disruption of work based on PenCom’s draft guidelines on withdrawal from voluntary contribution.
The statement said Section 23 (b) of the Pension Reform Act, 2014 (PRA) and Section 115 clearly empowered the commission to make regulations.
The statement said the draft guidelines on voluntary contribution was exposed to all pension operators for review and comments in line with the consultative approach of the commission over matters it had right.
It noted that the response would not stop the duration for the expected comments and review intended as canvassed by the commission.
The statement stated that the threat of disruption of work was unwarranted and contrary to extant labour laws.
According to it, the TUC and the Nigerian Labour Congress are represented at the highest level of the board of PenCom.
The statement said it was a contradiction to imply that no consultation was made, noting that the threat by the union should not be a basis for friction.
The statement noted that appropriate enlightenment on the provisions of the draft was paramount for an understanding of the issues canvassed in the draft guidelines and observations forwarded to the commission.
It also noted that the provisions of the draft guidelines on voluntary contributions had not negated Section 4(3), Section 10(4) or any other sections in the PRA 2014.
The statement stated that RSAs were not the same as bank accounts, noting that voluntary contributions into RSAs were meant to boost contributors’ final pension.
It explained that the guidelines were consistent and they aligned with government’s fight against financial malpractices and money laundering.
According to it, the guidelines are still a draft and advised the union to harmonise its position on the issue and make input to the draft guidelines.
NAN.