Surveillance Dept Presents On-Site Examination Reports of Licensed Pension Operators
The Surveillance Department of the National Pension Commission (PenCom) said it had presented the 2022 On-site Examination Reports to the Board of Directors of nine Licensed Pension Fund Operators.
This was contained in the Commission’s 2023 Second quarter reports posted on its official website in September.
The reports highlighted key findings/issues from the Examination and commitments by the Board of Directors to address the issues, within agreed timelines.
As at 30 June 2023, according to the report, the Department had concluded the 2023 On-site Risk-Based Examination of eight Licensed Pension Fund Operators in accordance with Section 92 (1) of the PRA 2014.
The major objectives of the Examination were to assess the safety of pension assets under management, the operational efficiency and effectiveness as well as compliance of the Licenced Pension Operators with extant pension legislation, regulations and guidelines.
The Examination covered six significant areas: pension assets management; fund accounting & valuation; pension administration; benefits administration, Information & Communication Technology and Customer Support Services.
Relatively, the activities of the Licenced Pension Operators, were in compliance with extant legislation and sub-legislations.
However, some observed lapses with regards to huge uncredited contributions, service delivery and maintenance of contributors’ records, were highlighted during the Examination and are being addressed by the Operators.
