By Omobola Tolu-Kusimo
The governing council of the Pension Fund Operators Association of Nigeria has commended the National Pension Commission on the opening of the transfer window, which allows contributors to change their Pension Fund Administrators.
The council, however, emphasised the need for pension operators to maintain high standard of ethics in the conduct of their businesses, especially as the transfer window has been opened.
PenOp made this known in a statement entitled ‘PenOp’s governing council commends PenCom on RSA transfer window’.
The council said this move would accelerate the journey towards greater self-regulation in Nigeria’s pension industry.
It said during the governing council’s meeting held virtually for the first time, the operators commended the Federal Government for the constitution of PenCom board.
PenOp said the meeting had in attendance all the trustees and executives of the association, and was directed by the Chairman of the council of PenOp, Prof. Fabian Ajogwu.
The governing council of PenOp provides advice and guidance to the executive committee in the running of the affairs of the association.
PenOp is an independent, non-governmental, non-political and non-profit making body established to promote the operations of the pension industry, provide for self-regulation and ensure that international best practices relating to the industry are observed by the operators registered in Nigeria.
It is the umbrella association for all the licensed Pension Fund Custodians, PFAs and Closed PFAs operating in Nigeria.