PenCom Seeks Understanding Of Insurance Sector In The Implementation Of CPS

Yemisi Izuora

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The National Pension Commission (PenCom) has expressed its readiness to work out a harmonious path toward the implementation of certain aspects of the 2014 Pension Reform Act, especially with regard educating the public on the features of Annuity and Programmed Withdrawal.

Speaking in Lagos today, at the Annual General Meeting (AGM) of the National Association of Insurance and Pension Correspondents (NAIPCO), Dr. Umaru Farouk Aminu, PenCom’s Head Research and Corporate Strategy, said though a joint committee of the pension regulator and insurance regulator, the National Insurance Commission (NaiCom) is working out modalities to ensure cooperation of operators in both sectors, it has become of the essence for all to work in concert for the benefit of Nigerians.

Aminu said the pension industry is expanding with more state governments enacting the law and informal sector showing interest.

Currently, he said about twenty six states have keyed into the scheme and about seven states at various stages of implementation.


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