The Nation Newspaper

Category: Pension

  • CSR: Zenith General lifts orphanages

    CSR: Zenith General lifts orphanages

    In a display of corporate social responsibility, Zenith General Insurance Limited has donated food items and essential supplies to two orphanages, Heritage Homes and Children Anchor Orphanage Home in Lagos.

    During the visits, senior representatives from Zenith General Insurance reaffirmed the company’s commitment to improving the lives of vulnerable children in the society.

    Senior Manager in charge of Head Office Marketing and the South-South branches, Edith Agu,  emphasized the organization’s dedication to giving back, aligning with their core values of empathy and community impact.

    She stated that the initiative was designed to show the children that they are cared for and valued.

    At Heritage Homes, the social worker in charge, Mrs. Mosopefoluwa, expressed deep appreciation for the visit and the generous contributions.

    She recounted that the home was founded 19 years ago by Pastor Ituah, who sought to provide a safe haven for children without families and to serve as a bridge between abandoned children and prospective caregivers.

    READ ALSO: Sowore: When activism becomes complicity

    She noted that the home depends solely on donors and walk-in visitors, who often become long-term sponsors. “We are very happy because we see a prospect of maybe continuity in this relationship,” she added.

    Children Anchor Orphanage Home, established in 2020, also benefited from the outreach. The supervisor, Mr. Olajide Ola Bankole, shared the home’s vision of creating a better future for orphans, abused, and abandoned children.

    He acknowledged the challenges of running an orphanage with over 35 children, relying largely on faith, online awareness, and kind-hearted donors. “We are really grateful. We are not the only orphanage but you chose Children Anchor Orphanage Home,” he said, referring to Zenith’s visit and supplies.

    Zenith’s representatives shared personal messages of encouragement during the outreach. Abimbola Sarumi, Deputy Head of IT, said the team came “to put an extra smile on the faces of our children – our tomorrow.”

    Meanwhile, Head of Internal Control and Audit, Zenith General Insurance, Muyiwa Aderibigbe, emphasized that their actions reflect the company’s values, particularly empathy. “This activity speaks to one of our core values… We want you to stay alive because as our business is known for restoring hope – joy is coming,” he told the children and staff.

    Despite economic challenges, the Zenith team stressed the importance of sustained corporate support for community development. “Organizations should plan and make budgetary allocations for the improvement of their society through various corporate social vehicles,” Agu advised.

    Aderibigbe added that while these are trying times for many businesses, “we urge other organizations to join this train of making impact in the society and touching people beyond just profit.”

  • PenCom sensitises Pension Desk Officers to deepen trust

    PenCom sensitises Pension Desk Officers to deepen trust

    The National Pension Commission (PenCom) has sensitized employees/Pension Desk Officers across all six geopolitical zones to deepen trust and ensure that every federal employee and pensioner fully understands the Contributory Pension Scheme (CPS) and can access its benefits without delay.

    The Director General, National of the Commission, Ms. Omolola Oloworaran at nationwide sensitization workshop organized for Employees/Pension Desk Officers said the session is part of PenCom’s commitment to building the capacity of stakeholders, and will provide practical solutions and clarity on the modalities for the upcoming 2026 retiree enrolment exercise and the planned one-off enrolment of all employees of treasury-funded MDAs entitled to accrued pension rights.

    READ ALSO: Sowore: When activism becomes complicity

    She disclosed that they have developed a new, more efficient Enrolment Application that will provide a user-friendly and seamless experience for all stakeholders in the chain of processing and payment of retirees’ benefits.

    Looking ahead, she said PenCom will diversify pension asset investments to improve returns; Strengthen governance and oversight; Expand coverage to millions more Nigerians, particularly in the informal sector; and Enhance retiree welfare, including health and gratuity buffers.

    She stressed that the workshop is not just about reviewing policies or resolving technical issues, it is also about reaffirming a shared vision: a Nigeria where every worker can retire with dignity, where every pensioner enjoys peace of mind, and where pensions play a central role in national prosperity.

    The DG had earlier said 10 million Nigerians from public service employees to private sector workers, and even artisans and the self-employed under the Personal Pension Plan, are covered under the CPS.

    She also said pension assets have grown to over ₦26 trillion, fueling national development through strategic investments, while also securing regular monthly pensions for over 552,000 retirees and lump sum benefits for an additional 291,735 retirees.

    In total, more than 844,000 retirees across both public and private sectors now enjoy retirement benefits that are steady, reliable, and transparent, she reiterated.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    SAMSON: Good day, I am Samson. I am an Ondo State pensioner with federal share. I will like to remind PTAD that I have not received my pension for the month. The late payment of my monthly pension is now becoming a regular occurrence and this is having a negative effect  on the good image of PTAD. Kindly make amends.

    PTAD: Dear Mr. Samson, please be informed that you’re currently on our payroll and you have been paid. Kindly go to your bank and get your bank statement from April 2025 to date. Thank you.

    MICHAEL: Dear Omobola, while I commend PTAD for additional token added to my money in my April, 2025 pension, I wish to implore the nation newspaper to request PTAD to kindly do the needful on nonpayment of my gratuity in which I complained severally but to no avail. Thanks for your good work.

    PTAD: Dear Mr. Micheal, please send your verification slip to our email complaints@ptad.gov.ng to enable us to investigate and respond further. Thank you.

    SAMUEL: Good day, my name is Samuel. I retired on grade level 9, step 5. My monthly pension is N17000 but has been reduced to N9000. Please I will like to know why. I am alive.

    PTAD: Dear Mr. Samuel, please note, according to the record available to us you’re on your rightful pension payment. And for your gratuity from our record, your retirement date was 21/9/1993. Therefore, your gratuity should be paid or has been paid by the state government. However, you can scan and send your bank statement six months before your retirement to date to enable us to investigate and respond further. Thank you

    OSUWA: Good day, my name is Osuwa. This is to remaind PTAD on short payment in my monthly pension. My mates are receiving N30,000 and more but I continue to receive less than N27,000. Kindly help me to correct this.

    READ ALSO: Sowore: When activism becomes complicity

    PTAD: Dear Mr. Osuwa, kindly be informed, based on the documents you provided during verification you retired on grade level 8 step 5 and structure HAPSS2003 and you’re on your rightful pension payment.

    ADEREMI: Dear Omobola, my name is Aderemi. The reply of PTAD to my complaint which was published on March 12, 2O25 was correct. Truly, PTAD calledl me and asked me of my account details. The person that called me said that the account did not show my name. He also asked for some other information but I was unable to give it as my documents were not with me and I didn’t know them offhand. He promised to call the next day but he has not called back.

    PTAD: Dear Mr, Aderami, Kindly note that we placed several calls to you, but were unable to get through as your phone was not answered. You can reach us via 02094621700 for clarification and resolution. Thank you.

    RUFIANA: Good day, I am Rufina. My complaint is about short payment of my pension arrears since two years ago

    PTAD: Dear Mr. RUFIANA, please send your verification slip to our email complaints@ptad.gov.ng to enable us to investigate and respond further. Thank you.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    ADEREMI: Dear Omobola, my name is Aderemi. The reply of PTAD to my complaint which was published on the March 12, 2O25 was correct. Truly PTAD called me and asked me of my account details. My caller said that the account did not reflect my name. He also asked for some other information but I was unable to provide as my documents were not with me and I didn’t know them offhand. He promised to call the next day but he has not called back.

    PTAD: Dear Mr, Aderami, kindly note that we placed several calls to you, but were unable to get through as your phone was not answered. You can reach us via 02094621700 for clarification and resolution. Thank you.

    RUFIANA: Good day, I am Rufina. My complaint is about short payment of my pension arrears since two years ago

    PTAD: Dear Mr. RUFIANA, please send your verification slip to our email complaints@ptad.gov.ng to enable us to investigate and respond further. Thank you.

    ANONYMOUS: Good day, I have been complaining of deduction of N9000 from my pension allowance since September last year. Kindly use your office to rescue me from this situation. l have written several times for correction to no avail why.

    PTAD: Dear PTAD PENSIONER, please send your verification slip to our email complaints@ptad.gov.ng to enable us investigate and respond further. However, note that PTAD obtained a directive for the re-implementation of the CPA based on grade level in line with the clarification from the NSIWC before implementing the new 20 per cent / 28 per cent increment as applicable. The CPA which was as a result of the minimum wage approval in April 2019 was implemented in May 2021 based on pay-band application with subsequent payment of 24 months arrears covering from April 2019 to April 2021. It is, therefore, instructive to mention that arrears reconciliation arising from the re-implementation of the CPA based on grade level is set aside pending further directive.

    The clarification from the NSIWC which revised the implementation of the CPA to Grade level was taken into cognisance and accordingly implemented on the payroll before the application of the new pension increment of 20-28 percent as applicable which will take effect from September 2024.

    Read Also: PTAD changes date for implementation on check-off dues

    Further to the above, the Executive Secretary gave directive to pay the 20per cent/ 28 per cent pension increment arrears to ONLY the pensioners whose monthly pension have been correctly computed and implemented as per the August payroll.

    In line with the directive of the Executive Secretary, the Department reviewed the August 2024 pension payroll to ascertain that only pensioners who are on their correctly computed monthly pension are paid the 20 – 28% pension increment arrears and thereafter identified and excluded the following categories of pensioners:

    •          Pensioners on the payroll with inherited monthly pension and whose monthly pension entitlement is yet to be computed to date;

    •          Pensioners on the payroll with inherited monthly pension but whose monthly pension entitlement have been computed but not yet implemented;

    •          Pensioners on the payroll with monthly pension figure that appears to be higher than the maximum monthly pension for their Grade Level.

    OJO: Dear Omobola, I am one a Heritage bank customer at Ado Ekiti. I am one of those who were not paid their pension since May. I sent a message to you with all my particulars. Please, I am waiting for your help. Ojo from Ado Ekiti.

    PTAD: Dear Mr. Ojo we are not in receipt of your new bank statement from UBA as we discussed with you and your daughter on the phone. Thank you.

  • Know your pension status, others

    Know your pension status, others

    What is the qualifying length of service for Pension and Gratuity?

    The qualifying length of service for gratuity is now five years, while pension is 10 years with effect from June 1, 1992. Before then, the qualifying length of service for gratuity and pension was 10 and 15 years respectively. An officer who retires voluntarily after qualifying years of service cannot draw pension until he attains the age of 45.

    What are the circumstances under which Pension and Gratuity may be granted?

    Section 3 (1) and (2) of the Pension Decree No. 102 of 1979 stipulates the circumstances under which pension and gratuity may be granted are on voluntary retirement or withdrawal after qualifying years of service; statutory retirement where the officer attains the statutory age of 60 years or has worked for 35 years on a pensionable appointment; compulsory retirement on the advice of a properly constituted Medical Board certifying that the officer is no longer mentally or physically capable of carrying out the functions of his office; total permanent disability while in service; or on abolition of office under section 7 of Pension Decree No. 102 of 1979 Judicial Officers of the Supreme Court and Court of Appeal.

    What is the guaranteed period for pension?

    Five years is the guaranteed period for pension under the Defined Benefit Scheme (DBS). A pensioner who retires and he is qualified for pension is to earn pension for life but where the pensioner dies less than five years after his retirement, the balance of five-year guaranteed pension will be paid to his Next of Kin (NOK) on voluntary retirement or withdrawal after qualifying years of service.

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    Why is verification necessary?

    It is necessary for PTAD to carry out Verification Exercise to ascertain the proof of life and create a credible database of all pensioners under the Defined Benefit Scheme (DBS). PTAD did not inherit a credible pensioners’ database, there is therefore an urgent need to verify all pensioners under the DBS to enable PTAD resolve their complaints.

    The verification of pensioners is aimed at the establishment of an accurate, credible, and digitised database of pensioners under DBS and for complaint resolution; eliminating duplicate payments and ghost pensioners; regularising anomalies such as over payments and under payments; obtaining relevant work records to ensure accurate computation of pension payment; updating the records of the Next Of Kin (NOK) for payment of death benefit.

    What documents are needed for verification?

    Documents required for verification may vary from one pension group to another. For parastatal pensioners, a pensioner needs Letter of First Appointment, Letter of Confirmation; Letter of Last Promotion; Approved Letter of Retirement; Evidence of Change of Name (where applicable); Evidence of Transfer of Service where applicable; BVN Registration Slip (stamped and signed by the bank; Original and Stamped Bank Statement for the last one month; Valid means of Identification like Driving Licence, Int’l Passport, National ID Card or Voters Registration Card; Due Pensioners Birth Certificate/Sworn Affidavit of Age; and Disengaged Retirees Evidence of Payment of Gratuity/ Severance Pay Slip

    Civil Service Pensioners are required to present Letter/Gazette of 1st appointment; Letter/Gazette of confirmation of appointment; Letter/Gazette of last Promotion; Letter/Notice of retirement approved by a competent Authority; Severance Pay slip(Disengaged Retirees only); Evidence of change of name (Where applicable); Duly stamped and signed NUBAN Bank statement on the Bank letterhead from period of retirement or date from which complaint was made till date; Computation Sheet duly stamped and signed by The state Auditor (State Pensioners with Federal Share); Birth Certificate/Age Declaration (Due Pensioners only); 1 coloured Passport Photograph; and Approval Letter of Merger/Condonation from Head of service OHCF (For those who merged their service).

    Customs, Immigration and Prisons Pensioners are to present Letter/Gazette of 1st appointment; Letter/Gazette of confirmation of appointment; Letter/Gazette of last Promotion; Original Stamped & Signed Bank; Approval Letter of Merger/Condonation of Service (Where Applicable); Evidence of Change of Name (Where applicable); Birth Certificate/Age Declaration (Due Pensioners only); Letter/Acceptance of Retirement; Severance Pay Slip(For Downsized Officers); and Identity Card

    Police Pensioners are to resend Letter of Enlistment; Letter of Approval of Retirement; Pension Advice; Letter of Merger of Service (for demoted officers); Current Bank Statement; Letter of Identification/Introduction; Letter/Gazette of confirmation; Letter/Gazette of last Promotion; Identity Card.

  • Parthian Pensions set to disrupt pension landscape

    Parthian Pensions set to disrupt pension landscape

    • Promises better return on investment, others

    After two decades without issuing a new licence issuance, the National Pension Commission (PenCom) has granted Parthian Pensions Limited a Pension Fund Administrator (PFA) licence, marking a major milestone for the industry.

    Parthian Pensions aims to disrupt and redefine the pension landscape with cutting-edge technology, customer-first solutions, and the backing of the Parthian Group, a Nigeria’s leading investment house.

    Speaking during a media parley with journalists in Lagos, the Group Managing Director, Parthian Group, Mr. Oluseye Olusoga said the newly established PFA has been positioned to be the alternative PFA of choice for Retirement Savings Account (RSA) holders seeking better return on investment and excellent customer service.

    Olusoga stated that they are set to capture many Nigerians under the Contributory Pension Scheme (CPS), in line with the objective of the regulatory authority, PenCom.

    The Managing Director, Parthian Pensions, Mr. Olufemi Odukoya on his part said they observed that over the years, some PFAs have lost their guards and they have come to fill it.

    Read Also: Parthian Pensions harps on financial literacy

    He stressed that their mission therefore is to secure a retirement lifestyle plan because everyone has a vision to enjoy after retirement.

    He said the company has witnessed high level of acceptance in the few weeks that they commenced operations.

    Speaking on what they will also be doing differently, Odukoya said they will build relationship, noting that this is part of what has been missing in the pension industry.

    He said: “We want to focus on relationship building. We have identified the gap in this area. We will leverage on the best technology but we will also be there for our clients physically. In the few days we have gone to the market, we have achieved a lot in terms of acceptance and patronage.

    “Since the inception of the transfer window opened by PenCom, almost about N1.77 trillion has been moved across the PFAs by about 384,000 contributors. So you can imagine how much has been moved in one segment of the pension market. The other segment is registration of new RSAs. We have our own strategies that we will use to grow the market”.

    He noted that with Parthian background in finance and asset management over the years, and they kind of promoters behind the Group, their clients can trust and assured that they are in good hands.

  • Leadway Assurance bags double honours at 2025 BAFI Awards

    Leadway Assurance bags double honours at 2025 BAFI Awards

    Leadway Assurance, Nigeria’s leading insurance provider, has once again reinforced its industry leadership, clinching two prestigious honours at the 2025 BusinessDay Banks and Other Financial Institutions (BAFI) Awards Insurance, as the insurance company of the Year (for the second consecutive year) and Excellence in Claims Leadership & Digital Innovation.

    These recognitions reaffirm Leadway Assurance’s position as Nigeria’s most trusted insurer, underpinned by 55 years of legacy of integrity, innovation, and customer focus. In 2024 alone, the company paid out N117 billion in claims—the highest in the industry—further strengthening its reputation as the nation’s most consistent and reliable insurer.

    Commenting on the milestone, Gboyega Lesi, Managing Director of Leadway Assurance, said: Each payout reflects restored livelihoods and renewed confidence for families and businesses across the country. These double honours are a worthy recognition of the dedication of our team and our commitment to serving customers better every day. The recognition motivates us to continue building systems and teams that ensure no one faces uncertainty alone. Each innovation and every claim fulfilled reaffirms our promise to provide protection. For Leadway Assurance, these accolades celebrate our sense of purpose, reliability, and the lasting strength of an indigenous brand built to endure.

    Read Also: Leadway Assurance posts N173.2b revenue

    “Winning the Insurance Company of the Year for the second consecutive year and adding Excellence in Claims Leadership and Digital Innovation awards reflects our consistent devotion to excellence, consistency, and innovation in delivering value.

    ‘‘We thank the leadership of BusinessDay for celebrating our relentless pursuit of efficiency, transparency, and empathy in every customer interaction; from simplifying claims processes to leveraging technology for faster, smarter access to insurance policies, as we continue to redefine trust and innovation in the insurance industry.

    “Leadway Assurance’s transformation of claims management has set a new benchmark in the insurance industry. Leveraging cutting-edge technology, the company has digitised its claims processes, enabling customers to file, track, and finalise claims seamlessly. This digital shift has significantly reduced turnaround times and elevated customer experience nationwide”, Lesi added.

    The BAFI Awards, regarded as the gold standard for financial excellence, celebrate institutions that embody innovation, strong governance, and customer-centricity.

  • Industry witness stock market growth with NGX Pension Broad Index

    Industry witness stock market growth with NGX Pension Broad Index

    As the Nigerian stock market sustained momentum growth in First Quarter, 2025, a key development relevant to the pension industry is the performance of the NGX Pension Broad Index (NGXPBI), The Nation has learnt.

    The NGX Pension Broad Index (NGXPBI), which serves as a benchmark is designed to reflect the performance of stocks typically invested by Pension Fund Administrators (PFAs).

    This was shown in the First Quarter, 2025 of the National pension Commission (PenCom).

    The report showed that as of the first quarter of 2025, the NGXPBI recorded resilient growth, closely tracking the overall market while maintaining a more stable outlook due to its emphasis on fundamentally sound companies.

    This trend, according to PenCom, suggests improved returns for pension portfolios with equity exposures aligned with regulatory guidelines.

    The report read: “The upward trajectory of the NGX Pension Broad Index (NGXPBI) reinforces the strategic importance of equity investments in boosting long-term pension fund performance.

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    PFAs stand to benefit from both capital gains and robust dividend payouts, particularly from firms in the banking and industrial sectors. Investor confidence was bolstered by improved policy clarity in the financial markets, enhanced foreign exchange liquidity, and strong dividend announcements by leading listed companies. The financial sector continued to gain from ongoing recapitalisation initiatives and sustained policy reforms by the Central Bank of Nigeria.

    “The stock market growth was buoyed by strong corporate earnings, continued investor confidence, and improving macroeconomic indicators. The NGX All-Share Index (ASI) rose from 102,926.40 points at the start of the quarter and closed at 105,660.64 points as of 31 March 2025, reflecting a quarterly gain of 2.66%. Investors showed strong interest in key sectors, particularly consumer goods and banking, with several mid-cap stocks, such as Honeywell Flour Mill, Presco, and PZ Cussons, delivering impressive year-to-date returns of over 50%. [Source: NGX, April 2025]

    “Market capitalization also followed a positive trajectory, supported by increased trading volumes and market breadth. Although detailed figures for Q1; 2025 capitalization are pending, the consistent rise in equity prices implies that the capitalization likely exceeded the ₦62.76 trillion recorded at the end of Q4:2024”, PenCom stated.

  • Supply chain leadership summit holds Nov. 14

    Supply chain leadership summit holds Nov. 14

    Experts are set to meet in Lagos to proffer solutions to supply chain issues.

    In a statement, the organiser/Managing Director, Pentland Energy Limited, Emeka Eboagwu, said the Nigeria Supply Chain Leadership Summit (NSCLS) would hold on November 14 in Victoria lsland.

    He said an expert, Dr. Alban Igwe, would speak on the summit’s theme, “Africa Supply Chain Renaissance: Nigeria’s Path Forward” while the Chief Procurement Officer, MTN Nigeria, Mr Adeola Oduntan, would talk on: “Nigeria at the Crossroads—Protectionism or Pan-African Trade Integration?”

    Read Also: Summit Bank lauds customers, staff at CSW 2025

    Also, the Executive Vice President, Afreximbank, Ms Kanayo Awani, would discuss the institutional and financial dimensions of “glocalisation” and Chief Procurement Officer, Renaissance Energy, Greg Akhibi, would examine “glocalisation” of energy and infrastructure.

  • PenCom recapitalises to protect contributors’ funds

    PenCom recapitalises to protect contributors’ funds

    The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, has reaffirmed that the ongoing recapitalisation exercise remains central to the Commission’s reform strategy aimed at strengthening the pension sector against financial shocks, enhancing efficiency, and safeguarding contributors’ funds.

    Speaking at the Commission’s 2025 Customer Service Week Seminar in Abuja, themed “Mission Possible,” Oloworaran described the recapitalisation drive as a crucial step toward bolstering the financial resilience and long-term sustainability of Nigeria’s pension industry.

    According to her, the exercise is designed to ensure that Pension Fund Administrators (PFAs) are adequately capitalised to secure pension assets, promote fair competition, and maintain public confidence in the system.

    “With the continuous growth of pension assets and the expanding participation base of the Contributory Pension Scheme (CPS), recapitalisation has become critical to align the industry’s capital structure with its operational and investment realities,” she said.

    Oloworaran noted that the initiative forms part of the Commission’s new reform framework, Pension 2.0, which focuses on innovation, inclusion, and integrity as the next phase of Nigeria’s pension development.

    Under this framework, PenCom has introduced landmark reforms such as the Guideline on the Administration of Retirement Savings Accounts in Foreign Currency, which allows Nigerians in the diaspora and those in foreign employment to participate in the CPS, and the *Personal Pension Plan (PPP) designed to integrate self-employed and informal sector workers into the pension system.

    To further drive inclusion, the Commission has developed a Framework for the Engagement of Accredited Pension Agents to promote the Personal Pension Plan in rural and underserved areas. Additionally, PenCom has issued Revised Guidelines for Corporate Governance for Licensed Pension Fund Operators (LPFOs) to strengthen ethical conduct, accountability, and transparency across the industry — key complements to the recapitalisation policy.

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    “Recapitalisation, combined with strong governance standards, ensures that operators remain financially sound and accountable to contributors and retirees. Our mission is to build a sustainable and customer-focused pension system that Nigerians can trust,” Oloworaran stated.

    She added that under the Pension 2.0 agenda, PenCom would continue to modernise pension operations through digital innovation, improved service delivery, and stronger stakeholder collaboration.

    Speaking at the event, Mrs. Ngozi Akinbodewa, Head of Operations at SERVICOM, represented by Duruba Sesugh, urged PenCom to ensure that retirees receive their benefits promptly. She commended the Commission for celebrating its employees’ dedication to improving customer service and ensuring positive user experiences within the pension sector.