Abuja - President Goodluck Jonathan has directed the National Pension Commission (Pencom) to ensure creative utilisation of pension funds by investing the funds within and outside the country.
The President gave the directive at the inauguration of the Board of the National Pension Commission (Pencom) and swearing-in of members of the Federal Character Commission (FCC).
Jonathan directed that the pension funds should be deployed to the development of national economy in line with global best practices.
He charged Pencom to maintain the existing culture of transparency and accountability in the management and custody of the contributory pension fund.
The President said that the commission should consider creative foreign investment in the deployment of the funds.
"We know that other countries that have similar funds are even coming to invest in Nigeria.
"There is no reason why Pencom should not invest within and outside this country to even improve on the funds."
He said that in line administration's commitment to the well-being of retirees, Pencom must ensure that pensioners receive their retirement benefits as and when due.
Jonathan said the administration carried out a reform of the sub sector to correct the negative reports associated with the administrations of pension in the past.
He, therefore, charged the new board to work in synergy with the new structure in the sub-sector.
"In the recent past, pension administration had become an issue of grave national concern.
"In addressing this concern, we recently took radical measures to restructure the scheme.
"This included the setting up, as provided by law, the Pension Constitutional Arrangement Department.
"It is our expectation that the board of Pencom will work in synergy with this agency to engender a more robust pension system.
"In addition, it is expected that the board will work to secure increase compliance with the Pension Reform Act."
The President also underscored the need for Pencom to expand the coverage of the contributory pension scheme to include the informal sector.
The 6-member Pencom Board is chaired by the former Governor of Bauchi State, Alhaji Adamu Muazu.