Future Unity Glanvils Pensions Ltd (FUG Pensions) has assured contributors in the Union Homes Legacy Scheme that, the National Pension Commission (PenCom) is currently addressing the challenges in the scheme, promising them that their savings is intact.
The company said the contributors should not panic as their contributions is safe, adding that their demand would be met with express approval of PenCom as required by the pension Act.
Clarifying the situation with regard to agitation and fears of the contributors, General Manager and Head of Investment, FUG Pension, Mrs. NgoziChuks-Okeke, said in 2010, FUG Pensions prospected the management of the existing staff pension scheme of Union Homes Savings and Loans Plc in line with the provisions of the Pension Reform Act 2004 and relevant regulations issued by the PenCom.
She explained that after series of meetings and correspondence, FUG Pensions was appointed one of the managers of the scheme and received the total sum of N448.8million in two tranches in 2011.
According to her, “the management of the fund commenced immediately the first tranche was received and the fund management agreement was executed after receipt of the 2nd tranche. It should be noted that the contribution of PenCom was sought and obtained in the preparation of the fund management agreement and same was prepared in line with the provisions of the Pension Reform Act. The execution of agreement by all parties was the second step towards the approval of the scheme.”
Chuks-Okeke stressed that while the management of the fund was being diligently carried out in compliance with investment regulations released by the Commission, Union Homes was asked to produce series of documents, in addition to the executed fund management agreement, to process the approval of the scheme as a continuing pension scheme.
This, she stated was being handled mainly by Union Homes but the input of FUG Pensions was sought and obtained from time to time.
According to the general manager, subsequently, on the 8th January 2015, we received a formal instruction from Union Homes to credit the individual RSAs based on PenCom’s approval dated 9th December 2014.
In view of the mounting pressure from beneficiaries of the fund, she stated that the company commenced the distribution of the funds to retirement savings accounts and pension fund administrators of beneficiaries.