SENATE President, David Mark, has attributed the serial crisis in pension management in the country to activities of rookies, who have no idea about fund management.

This was as he said about N2.9 trillion was the total amount being managed by the pension managers.

He made this known on Tuesday, at the Senate plenary on a “Bill for an Act to Repeal the Pension Reform Act (No. 2) 2004 and Enact the Pension Reform Act 2013 to Make Provision for

Contributory Pension Scheme and for Connected Matters.”

The bill, sponsored by Senate Leader, Senator Victor Ndoma-Egba, scaled through the second reading and was subsequently passed to the Senate Committee on Establishment for further legislative consideration.

Ndoma-Egba, in his lead debate, said the Pension Reform Bill 2013 applied to employees, both in the public sector and private organisation with as little as three employees.

Asking his colleagues to ensure the passage of the bill, he said it would strengthen the Pension Commission to administer, regulate, supervise and re-enforce the current pension reforms.

Almost all the senators present at the plenary gave their nods to the passage of the bill through the second reading.

Senator Mark, in his remark said, “I think the problem we’ve had is that we have all sorts of rookies; people who have no idea about managing funds, not to talk of very huge pension fund, to manage our pension fund.

“I think it’s a very specialised area where you cannot just wake up tomorrow morning and be appointed to manage the pension fund. You will mismanage it. That’s what I suspect has happened.”



http://www.tribune.com.ng/news2013/en/news/item/13067-rookies-are-managing-n2-9trn-pension-funds-%E2%80%94mark.html

I couldn't agree more.
Most of these funds definitely would have been mismanaged by the time the contributors start retiring.