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Pencom, Stakeholders Seek Solution to N10B Reconciliation Problem
Worried by the inability of the Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to achieve a balanced reconciliation of the contributing pension funds between them, Nigerian Pension Commission (Pencom) and stakeholders in the industry are seeking solutions to the problems.
Financialtechnology exclusively learnt that over N10 billion is currently trapped in what an industry analyst described as “the great pension reconciliation conundrum”. Pencom, the regulatory body decided to intervene in the crisis after it discovered that the PFAs and PFCs could not solved it.
As a result, Pencom has set up an industry high powered committee to look into the crisis and recommend solutions to the problem. However, experts in the industry informed financialtechnology that available software solutions deployed in the industry have failed to resolve the reconciliation crisis.