PenCom Reports ASSOPEP To Security Agencies For ‘False’ Claims Of Processing Retirement Benefits

Nigeria’s pension industry regulator has warned industry players of the ‘illicit’ activities of the Association of Pension Desk Practitioners of Nigeria (ASSOPEP).

The National Pension Commission (PenCom) said ASSSOPEP has no affiliation with the pension industry nor authorization from it.

A claim made by the association on its website seen by THE WHISTLER, ASSOPEP said it is seeking the release of contributed pension funds according to law by state actors.

It further claimed it would “create a Pension Issues Solution Hub in each State of the Federation, train all staff in pensionable work to know their rights and obligations under the Pension law, advocate for early payment of retirees and Pensioners.

The website claimed the association was registered on 20th May 2020 with the Corporates Affairs Commission.

But THE WHISTLER could not find it records when checked on NG-checks.com, a website that shows list of registered companies in Nigeria.

PenCom said on Frifay that its “attention of the National Pension Commission (PenCom or Commission) has been drawn to the illicit activities of the Association of Pension Desk Practitioners of Nigeria (ASSOPEP). PenCom has particularly noted ASSOPEP’s claims of resolving pension issues and assisting retirees in securing their retirement benefits.

“The general public is kindly requested to note that the claims by ASSOPEP are entirely false as the Association has no affiliation with the pension industry nor authorization from PenCom.”

The regulator said further that Licensed Pension Fund Operators (LPFOs) under its purview are not associated with ASSOPEP.

PenCom said, “Moreover, Licensed Pension Fund Operators (LPFOs), who are statutorily mandated to undertake the processing and payment of retirement benefits, are not associated with ASSOPEP in any way.

“PenCom, therefore, urges the general public to be cautious of any promise or claim made by ASSOPEP regarding pension and retirement benefits or any other matter relating to the pension industry in Nigeria.

“The Commission especially strongly advises workers, retirees, pension desk officers and everyone approached by the Association with claims of consulting with their Pension Fund Administrators (PFAs) and PenCom for guidance and assistance in respect of their retirement benefits to exercise caution as any interaction with the Association is at the individual’s own risk.

“PenCom has, in the meantime, reported the activities of ASSOPEP to law enforcement agencies for appropriate action.”