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| Acting Director-General, PenCom, Mrs. Chinelo Anohu-Amazu |
Pension Fund Administrators will invest part of the growing pension funds in infrastructure after the Pension Reform Act 2004 must have been replaced with a new act.
This was contained in a memorandum submitted by the National Pension Commission to the Senate Committee on Establishment and Public Service and the House Committee on Pensions at the joint public hearing for the proposed enactment of the Pension Reform Act 2013. Acting Director-General, PenCom, Mrs. Chinelo Anohu-Amazu, said the commission proposed that the funds should be utilised for national development.
The bill states, “There is a consensus among stakeholders that the PRA should facilitate the optimal utilisation of pool of funds generated by the Contributory Pension Scheme towards national development.” It added that provisions had been made in the bill for the expansion of permissible investment instruments to accommodate initiatives for national development, such as investment in the real sector.
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