Business
Manager Harps On Effective Legisation On Pension Fund
The Property Manager of PABOD Finance and Investment company Limited, Mr Aribiobara Bestman, has reiterated that only effective legislation on National Pension Fund by the National Assembly will guarantee the usefulness of the fund to both the contributors and beneficiaries.
Bestman who made this known in an interview with The Tide in Port Harcourt, said the essence of the legislation is to save the fund from loosing its value and purpose.
The manager, who is an expert in the building industry, stated that the essence of the pension funds will be meaningless, if it is not geared towards addressing one major basic need of pensioners, which is housing.
According to Bestman who is an expert in property management, and also the Property Manager of PABOD Finance and Investment Company Limited, “the rate at which the pension fund is being managed by the National Pension Commission (PENCOM) potends a lot of risks to the system,” he said. Adding that the present system where the fund is being pushed to the capital market for trading in liquid form indicates a very high risk, because any thing can happen to the fund with the instability in the system, since they are not fixed”.
Bestman described the liquidity state of pension funds at the capital market like a boat at the high sea without an anchor, and urged the authorities to get the fund fixed into housing development for pensioned that needs them at retirement.
To this end, he urged the federal lawmakers to urgently enact law that will compel the pension fund managers immediately divert the fund to Real Estate development.
This according to him will give real assurance to contributors of the funds, and as well make them visibly enjoy the efforts they have put in service over the years.
Corlins Walter