Pension funds invested in accordance with industry’s guidelines – Longe

Mr Eguarekhide Longe, President, Pension Fund Operators Association of Nigeria (PenOP), said on Monday that pension fund managers have invested all pension funds in projects within the authorised channels of their investment guidelines.
Longe disclosed this while speaking with the News Agency of Nigeria (NAN) on the sideline of the Mandatory Continuous Professional Development (MCPD) programme of the Nigerian Institute of Estate Surveyors and Valuers (NIESV) in Lagos.
He said that the industry’s investment guidelines specified how the funds were to be invested.
According to him, there is no pension fund lying idle in any bank account, as alleged by those who do not undetstand how the Contributory Pension Scheme (CPS) works.
“There is no pension fund lying idle anywhere. All pension funds are invested according to the industry’s investment guidelines.
He said the industry was willing to investment in infrastructure and real estate projects, but the terms and conditions spelt out in the investment guidelines of the Real Estate Investment Trust (REITs) must be strictly adhered to.
Longe noted that the REIT specified the conditions for accessing pension fund for real estate developments, saying that pension operators would not compromise the rules to please anybody.
He urged those agitating for the deployment of the pension funds to understand that the funds are held in trust for workers who would definitely get their contributions at retirement.
The PenOP president said that some investors do not get funds from the industry because they failed to meet the requirements in the guidelines.
Longe, therefore, called on real estate developers and investors seeking for the funds to tailor their proposals in line with the investment guidelines of the REIT, to enable them access it.
“But the pension operators have to be very sensitive in releasing the fund because the focus of any pension administrator is to pay retirees their entitlements, as at when due.’’

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