‘Inadequate Funding from Contributions, a Major Challenge to Pension Sector’

The Managing Director and Chief Executive officer, Sigma Pensions Ltd, Mr. Dave Uduanu ¬¬has said that inadequate contribution of funding has remained a major challenge to the pension industry amid present global fiscal constraint.

Uduanu, who stated this at a media briefing in his office in Abuja during a capacity development programme for human resource personnel of his company’s stakeholders, said his company, understands the current reality on ground in the economy but noted that focus on human resources personnel in key organisations this time around was borne out of the desire to explore ways of helping to improve on their competence in human resources management and productivity as well as on issues bordering on wills and trust.

“The economy is in the downturn, but we’re looking forward positively but many employers are not able to pay employees contribution.

“For those that have and are still in business, many of them have shed weight, which means if they previously had 100 employees, they now manage with 30 or 40years and you see a lot of request from people that have lost jobs trying to access by virtue of what the law says.

He said going by what the law says, if they are below 50 years, they access 25 per cent to keep body and soul together depending on when they will get another job.

He said the situation is not the fault of employers, but the economic situation globally that is not peculiar to Nigeria.

According to him, looking at what government had put in place over the years since the new administration came in, there are positive feelings that things will turn around very soon.