Category: Pension

LOWER investment returns and labour structure, among others, have been identified as some of the factors affecting Africa’s informal pension sector.

These were made known at the third yearly Africa Pensions Supervisors Forum (APSF) in Kigali, Rwanda.

The theme of the conference was “Resilience and sustainability of the pension sector amid the crisis- The case of COVID-19 pandemic”.

Pension supervisors, stakeholders, experts and partners shared their experiences and chart the way forward in the industry.

APSF signed an agreement with FSD Africa to strengthen the continent’s pension sector.

Director, Capital Markets, FSD Africa, Dr. Evans Osano, said by partnering APSF, they were paving the way for a harmonised approach towards interventions and reforms in the sector. He stated that their collaboration would forge solutions to Africa’s unique pension’s landscape.

He pointed out that through the network, countries would be better placed to tackle their problems and find solutions to them.

 

NDIEMA: My name is Ndiema. Please I want to know why a particualr text message is sent to me every five months to confirm whether I am alive.

I learnt other people are not given such bother except one pensioner in Akwa Ibom State that have same problem.

I am not happy over it. Such text messages should be generalised and not sent to two selected people. Thank you.

PTAD: The message was an error. It will be addressed. Thank you.

ADELOLA: Good day, I am Adelola, an Osun State pensioner that have Federal share. I have not received my February, this year’s monthly payment. I also have not been paid gratuity since 2000.

PTAD: The pensioner has been disqualified.

ANNONYMOUS: I have not been paid my gratuity and monthly pension.

PTAD: Pensioner is required to provide a copy of PTAD verification slip or name, bank and account number.

SGT SABURI: My uncle, a retired Sgt. Alamu, has not been paid pension since August 1999 (February 2022).

Please we need your intervention. We sincerely appreciate your free services to pensioners.

Kindly look into my uncle’s matter.  His pension was abruptly stopped in August 1999.

PTAD: Pensioner is advised to submit career documents for review

OYIBO: Good day, Madam, I am Mr. Oyibo. I was born in 1968, employed on December 9, 1991 and retired in January 2005 from the National Youth Service Corps (NYSC).  I did the last 2019 verification in calabar.

Based on my calculation, I am being owed over  seven years’arrears. I have not been paid once. PTAD, try and pay my pension before I die.

PTAD: The Directorate is in the process of computation for seven years’ pension arrears.

AYOOLA: Please I didn’t see my pension for October, November and December 2021.

Please correct the anomalies. I retired 2000. I attended the verification they did at Osogbo. The arrears of harmonisation were paid to me three times this year. Please do everything  within your power to help me.

In addition, despite my appeals to PTAD  to pay my pension arears, the agency instead of doing the needful removed my name from the pay roll with one circular letter while others  in the same category with me are still enjoying the benefits.

I am an old man. I  buy drugs every month, but this has has been stopped since. Please find solution to my issue.

PTAD: Mr. Ayoola should please provide his bank statement from period of complaint till date.

AJIA: Good day, I retired as a Nursing Sister in 1994 from the University of Port Harcourt Teaching Hospital (UPTH). I have forwarded required documents after verification by the head of Pensions UPTH to Abuja.

I also wrote a letter, which I sent through DHL to the Executive Secretary, Pension Transitional Arrangement Directorate.

After which I received a call from Lagos that I should be expecting a mobile capturing at Owo, Ondo State this October. But till date no one has come through for me. I was last paid on September 30, 2020.

PTAD: Kindly scan and send your service documents, medical certificate, Bank statement and BVN slip to complaints@ptad.gov.ng for further processing.

AZUMI: Good day, I received a message on ‘I am alive’ screening which stated that I was selected. But    I couldn’t upload my record as it didn’t open. It says: ‘You are not selected’. What do I do?

PTAD: Please ensure that the location of the device you are using is turned on and the pensioner number you inputed is the one stated on your PTAD verification acknowledgement slip.

ANNONYMOUS: My name is Umaru. I have not received my arrears, though others have got theirs. Thank you.

PTAD: Kindly state the period of the arrears you are requesting for so would be able to investigate and take further actions.

JOEL: My name is Joel. I retired from the University College Hospital, Ibadan in 2007 on CONTISS 5 step 12.

According to the circular on the consequential adjustment table, those on grade level 5 were given 51 per cent  incremental rate. This means that I will be having N15,504.51 increment  monthly, with a total monthly pension of N45,904.51.

When the 12 months’ arrears were paid on May 25, 2021, I received only N59,720.76 instead of N186,054,12.

Painfuly, on June 3, 2021, I was  short paid N35,378.59 as my pension instead of N45,904.

Worse still, on July 19, 2021, I was paid N29,860.38 as arrears of six months instead of N93,027.06. I will be grateful if my monthly pension is corrected and the balance of the arrears on the 12 and six months are correctly paid. Thanking you.

PTAD: On correct rate, pensioner misunderstood the application of adjustment increment is based on absolute number and not percentages.

For the pension contributor under the Contributory Pension Scheme (CPS) to change their Pension Fund Administrator (PFA), they need to undergo the Data Recapture Exercise (DRE), the Director-General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar has said.

The PenCom boss stated that the exercise involves recapturing the contributor’s data, including biometrics.

The DRE, according to her, applies to Retirement Savings Account (RSA) holders who opened their RSAs before July 1, 2019.

She said aside active contributors, retirees who are on the Programmed Withdrawal as well as those on annuity but are making voluntary contributions can also transfer their RSA from one PFA to the other.

She said the process of transferring had been made easy.

She said: “A contributor wishing to transfer from his or her current PFA simply needs to approach the preferred PFA known as the Receiving PFA (RPFA) and submit a transfer request by providing information such as surname, RSA, PIN, current phone number and email.

“The RPFA then proceeds to get the fingerprints of the contributor for authentication with the National Identity Management Commission’s (NIMC’s) database. Upon successful completion, the PFA would issue a printed confirmation slip, which would be signed by the contributor as proof that the transfer request has been submitted.

“The transferring PFA (TPFA), which is the PFA of the contributor, will then transfer the funds in the RSA of the contributor to the RPFA at the end of the applicable quarter. Transfers are carried out on a quarterly basis and PenCom monitors the transfer process. It is important to note that the change in PFA does not affect the Personal Identification Number (PIN) of the RSA holder which he or she maintains for life.”

Mrs Dahir-Umar maintained that the RSA transfer window has indeed opened another opportunity for contributors to not only enjoy the control of an individualised account but also empowered them to choose the PFA to manage their pension contributions.

“The future of the pension industry is in doubt bright with the evolving nature and innovativeness of the CPS.

“The RSA transfer window would definitely lead to competition among the PFAs for better brand quality, innovation and exceptional service delivery,” she added.

In PenCom report for the first quarter in 2022, 7,663 RSA transfers were initiated by RSA holders out of which 5,543 RSAs were transferred to new PFAs along with the associated pension assets.

The CPS has continued to evolve over the years to the delight of its stakeholders. One of the objectives of the establishment of the CPS is to provide income to retirees’ in their old age. This became necessary after the failure of other pension arrangements to guarantee steady income to the worker upon retirement.The Commission in line with the provisions of Section 13 of the Pension Reform Act, 2014 (PRA, 2014) issued the RSA transfer regulation to guide stakeholders on the process for transfer of RSAs on the 11th November, 2020. The RSA Transfer System (RTS) also known as the transfer window was formally launched on the November 16, 2020 to facilitate the transfer of an RSA from one PFA to another, provided that it is not more than once in a year.

DEBORAH: Good day. My name is Deborah, a next-of-kin to the late Ige who retired from a primary school in 2016 in Iwo, Osun State.

We obtained his bond from the state government in January, this year, having submitted a Letter of Administration, death certificate and other documents to First Guarantee Pension Limited, our PFA.

But since then, we are yet to get my husband’s entitlement, though other relatives of his colleagues that are dead have been settled. Please help me out with this problem. Thank you.

PENCOM: Submission is yet to be made to PenCom, still undergoing verification in line with the processes for death benefits at the PFA.

IRUKE: Hello. I am Iruke from Kubwa.  Please, is it true that there is an ongoing digital verification. If true, which category of pensioners are affected? PENCOM: Digital verification is ongoing for 2022 retirees and prospective retirees of Federal Government treasury funded MDAs

UBULA: My name is Ubula. Thank you for publishing my complaints in your column in The Nation of April 27 and May 25, 2022.

However, I wish to add to my earlier complaints, which is on the question of the 7.5 per cent and 10 per cent increase approved by President Muhammadu Buhari. Will it be paid?

Looking forward to your early response.

PENCOM: The 2.5 additional contributions have been processed and remitted for Federal Government’s employees/retirees. Visit your PFA for confirmation

JOE: My name is Joe, the next of kin to the late Daniel who worked with the National Lottery Regulatory Commission (NLRC) as a contract staff as Deputy Director at the Warri office. His contract expired in 2013 and died in 2020. I have submitted the documents to Stanbic IBTC for his RSA contribution and others to enable payment to be made, but I have not heard from them. The last time I was there, I was told that the National Pension Commission had not approved. Please, I need an urgent response from the commission. Thank you.

PENCOM:  We are in the process of payment.

THADDEUS: Good day, I retired last year from the Nigeria Security and Civil Defence Corps (NSCDC) NSCDC and also submitted the requirements. But up till date, I have not received any payment. Thank you.

PENCOM: Mr. Thaddeus should, please, send PFA and his RSA details.

IGBINOVIA: I am a staff member of one of the Federal tertiary institutions. My RSA contributions for January to August 2020 have not been credited to my account. I am told the fund is yet to come from PenCom. My PFA is Stanbic-IBTC Pension. Kindly help me.

PENCOM: Mr. Igbinovia should, please, send PFA and RSA details.

ADETUNJI: Good day. I am Adetunji from Ibadan. My daughter just got a job and she was asked to open a Retirement Savings account. Please how do we go about it.

PENCOM: Please visit the commission’s website at http://www.pencom.gov.ng for a list of Pension Fund Administrators (PFAS) and their contact details. Please feel free to contact any of them so they can advise you of their nearest branch close to you. They would assist you in the opening of a Retirement Savings Account (RSA) for your daughter. Thank you.

ANDERSON: Good day. I am ASP Anderson Anzaku. It is quite some years and have not been receiving my monthly SMS hence I do not know what is in savings account. Please help me.

PENCOM: Please visit your Pension Fund Administrator (PFA) so they can update your telephone number as well as your email address in order for you to receive alerts and statements on a monthly basis. Thank you.

 

TAYO: Good day, my name is Tayo and my late mother has two Retirement Savings Account Pin with two different pension managers. There are also funds in each account. How do I go about processing her benefits?

 

PENCOM: You are kindly advised to formally write a letter of complaint to the Director General, National Pension Commission, Plot 174, Adetokunbo Ademola Crescent, Wuse Ii, Abuja. the letter should state your late mother’s full name, the two rsa pins with the respective Pension Fund Administrators (PFAs) and evidences of registration with the two pfas. thank you.

 

CHRISTIAN:  Greetings Omobola, my name is Christian. I voluntarily retired from federal service as lecturer on December 31, 2019. In November 2021, I changed from Pal Pensions to Stanbic Pensions. But till date, I have not gotten a kobo since retirement.

 

PENCOM: Please be informed that your retirement benefits are currently being processed and you will be notified by your Pension Fund Administrator (PFA) once payment has been made. Thank you.

 

OGUNJIDE: My complaint is on my unpaid accrued right since January 2021. I retired in January 2021 and successfully completed my online and physical verifications and with my PFA, Stanbic Ibtc Pension. The accrued rights for January to April 2021 were released but unfortunately mine was still awaited or omitted. May I know why mine is missing? Thank you. Ogunjide

 

IVARA: Good day, l am a retired police officer. My name is lvara. The 2.5 per cent approved for pensioners by the President has not been paid to me by my PFA, Premium Pension, despite asking me to sign an empty template which carried the sum of 31,000 with effect from July, 2021. Please when are they paying me the money. What is the position of things? I want to hear from Premium Pension.

 

ADEOYE: Greetings. Since FCMB Pensions took over my account from AIICO Pension, about N2,000 is lost in my account every month. Kindly help me.

 

IBITAYO: My name is Ibitayo. My employer’s name is Superflux International LTD. I left employment in April 2012 when I was 50 years old in October 2021. My PFA, Stanbic IBTC Pension said to me I can only take 25 per cent bulk payment. I have applied for the 25 per cent bulk payment. After all documentation was completed, Static IBTC pension requested for banker’s confirmation of my signature. I have also obliged them but they have refused to pay my pension telling me they are waiting for PenCom. I would like PenCom to kindly tell me my status.

Food security is at the centre of global economic recovery and prosperity. Analysts have said rice farmers contribute a significant quota to the national effort towards achieving food security and a more productive economy.

When we hear the words “local rice farmer”, we might imagine a rural dweller in a straw hat cultivating their crops in a rice paddy. As familiar as this picture might be, the story does not end there.

With a rapidly growing population of over 200 million, coupled with the prevalence of hunger and malnutrition, ramping up local production of dominant staples like rice is crucial for Nigeria to attain food security and lift millions out of poverty.

The need to empower rice farmers is made even more pressing in a report of the United Nations’ Food and Agriculture Organisation (FAO) published in collaboration with the Federal Ministry of Agriculture and Rural Development, which warns that about 19.4 million people in Nigeria could face food insecurity between June and August, this year.

As interest in rice farming continues to rise, companies like WACOT Rice Limited, producers of premium Big Bull Rice, are doing their part to provide the enabling environment for rice farmers across several states to increase their annual yield and profitability, while contributing to national food security.

Big Bull Rice is readily available in open markets, neighbourhood stores, supermarkets and modern trade stores and packaged in varying SKUs of 750g, 2.25kg, 5kg, 10kg, 25kg and 50kg.

In another study entitled: ‘Perceived Training Needs of Smallholder Rice Farmers on Urea Deep Placement Technology in Benue State’, researchers at the Federal University of Technology, Minna, Niger State and Federal University, Wukari, Taraba State cited an urgent need to “give utmost priority to the training needs of the smallholder rice farmers to improve their knowledge level and use of technologies for increased productivity.”

Despite their important contribution to the agricultural sector, local rice farmers continue to face the challenges of limited access to land and credit facilities, inadequate farm input, training and guidance as well as the availability of modern technology.

These challenges highlight the importance of interventions like that of WACOT Rice Limited, manufacturers of Premium Big Bull Rice, which is enabling local rice farmers across several states to close the food security gap by providing skills acquisition training, access to credit and access to modern technology to drive increased productivity. An increase in their production output will empower the farmers economically and ensure sustainability in local rice production to address food security challenges in Nigeria.

Confirming this, a young rice farmer in Gidan Agoda, Kebbi State, Ibrahim Alhassan, whose partnership with WACOT Rice Limited spans over seven years, stated that many farmers in his community have been able to increase their yield with access to the best fertiliser and other resources that guarantee optimum output.

“Thanks to WACOT Rice Limited, the problem of not having qualitative input has been solved,” Alhassan said. “We use to have a high incidence of farmers who could not afford reliable fertiliser, so they end up buying adulterated or inferior fertiliser and agrochemicals. But with WACOT Rice, there has been a turnaround and we are able to use top-quality fertiliser that have yielded excellent produce,” he said.

 

He also commended WACOT Rice for exposing local rice farmers to modern farming techniques through numerous training over the years. According to him, the intervention of the rice manufacturing giant has played a monumental role in transforming rice farming from an ordinary way of life into a business that benefits an entire community.

 

“Working with WACOT Rice Limited for the past seven years, I have received assistance which has changed my life for the better such that I can provide food for myself and my loved ones, housing, and other forms of welfare for the family,” Alhassan noted.

 

With deep reflection on his journey so far, the young rice farmer maintained that the same is the case for many others in my community. “The impact is felt all over town and we are all grateful for these investments,” he added.

 

 

JOEL: My name is Joel.  I retired from the University College Hospital, Ibadan in 2007 on CONTISS 5 Step12 on a monthly pension of N30, 401.

According to the circular on the Consequential Adjustment Table, those on grade level 5 where I belong to were given 51 per cent increment meaning that I will be having N15,504.51 increment per  month, with a total monthly pension of N45,904.51. When the 12 month arrears were paid to me on May 25, 2021, I got N59,720.76  instead of N186,054,12.

On June 3, last year, I received N35,378.59 as my monthly pension instead of N45,904; this with a short- payment of N10,525.

On the July 19, last year, I was paid N29,860.38 as six months’arrears instead of N93,027.06.

I will be grateful if my monthly pension is corrected and the balance of the arrears of 12 and six months are correctly paid.

My verification slip and statement of my bank accounts from May to September 7, 2021 will be sent for verification and necessary action, sir.

PTAD: Incorrect Consequential per cent applied to pension  on correct rate, pensioner misunderstood the application of adjustment increment is based on absolute number and not percentages.

SHOBOYEDE: Good day, I have a complaint about my mother’s gratuity. She retired in 2004, but she has not been paid.

She started collecting her monthly pension in 2010 with without the arrears. Some people have been collecting money from the old woman promising to help her, but up till she is yet to receive anything. This is after serving the Federal Government for 35 years at Military Hospital, Yaba, Lagos as a Health Assistant GL 04.

Even the monthly pension is not fully paid since she started collecting it. I will appreciate if the government can do something about it.

I sent above-mentioned message to you with reference to what was published in The Nation on Wednesday June 8, 2022. Following this, she was called from Abuja that she should go and request for her file from Ministry of Defence head quarters and take it to Tafawa Balewa Square in Lagos.

I have been calling the line since then but nobody pick up the call. I wanted to inform the caller that her file is already in Abuja because she has been collecting pension. She was asked to print her statement of account from 2004 till date, how possible can that be? This is the way they are frustrating people or avoiding paying them.

Please help us. I am awaiting your action.Thank you.

PTAD: Pensioner has been contacted and requested to provide bank statement from Jan 2004 to date and departmental file as she is Pure Federal

MAXWELL:  I am Maxwell: Dear Director-General of PTAD, I just want to inform you that I have not seen my federal share pension for August 2021. Others in Plateau State, which is my state, have received theirs since September 3, last year.

Before then, I was receiving my monthly pension of N16,000, per month, but in August, last year it stopped. I want thank you for the good work you are doing in PTAD.

PTAD: We are on overpayment recovery.

AYORINDE: We wish to refer to PTAD’S Letter No PTAD/CSPD/P/101/39908 dated 22 April, 2021 in respect of Mrs Gbadamosi whose ” I am Alive” status has been confirmed by the Nigerian High Commission, London as requested by PTAD.

Please confirm the restoration of Mrs Gbadamosi in the pension payroll and her accumulated pension arrears paid to her accordingly.

Please extend our warm regards to the Executive Secretary, PTAD and her staff. Thank you. I am Alhaji Ayorinde, on behalf of Mrs Gbadamosi.

PTAD: Our CSPD communicated with the Diaspora pensioner and requested for the following: Original documents to be brought through third party for sighting; other documents required to process complaint are life identification certificate issued by Nigeria Embassy; gazzette/letter of first appointment/last promotion/acceptance of retirement; computation sheet signed by Auditor-General; banks statement from stoppage of pension to date; BVN slip; and valid identification.

 

 

The agriculture sector has been stunted, no thanks to disruptions, caused by the poor power supply, DANIEL ESSIET reports.

Unless something is done urgently to address the power crisis, Nigeria’s foreign exchange earnings from agro export would continue to be affected.

One of the affected areas is the Federal Government’s $7 billion cashew export target.The cashew value chain is considered one of the most lucrative sub-sectors, with the global cashew kernel market expected to grow from $5.394 billion in 2019 to $6.932 billion in 2025 at a compound annual growth rate (CAGR) of 4.27 per cent, according to Research and Markets, the world’s largest market research store.

Speaking with The Nation, the Managing Director, Vertex Agro Limited, a cashew processing and exporting firm, Daniel Gemana, noted that cashew processing had been quite challenging and  that they had been forced to reduce their production, considering that the low power supply, one of  the two most crucial components of the process.

As a result of power outages, he said the company had been forced to run on diesel, which it buys at N800 per litre. He said Nigeria’s inability to supply and distribute sufficient electricity has left production at the mercy of alternative energy sources such as generators that consume diesel and petrol. Sometimes, it takes 40 per cent of the total production cost, hence agro processors are forced to pay more to keep up production.

His company has built a cashew processing facility to promote exports of cashew products. This was in response to the development that more than 90 per cent of raw cashews grown in West Africa are exported for processing due to poor processing infrastructure.

Gemana explained that the company is into processing and exporting of sesame seeds, adding that the company has markets in Brazil and Dubai.

He pointed out that many of the processors were operating below the installed capacity due to erratic electricity supply.

According to him, many agro businesses had suffered a decline in production owing to power cuts, while others have been forced to change their production plans.

He alleged that he hardly  get four  to five  hours of electricity per day, forcing him to use generator which cost so much  per unit of power consumption, which will increase with rise in diesel rates.

Since export is priority, Gemana noted that agricultural enterprises should be given consideration in power supply.

Chief Executive, Niji Foods, Kolawole Adeniji, agreed that power supply to the agriculture sector is unscheduled and unpredictable and that this had raised production costs.

He noted that farmers were badly hit by power cuts, which burdened them financially.

Analysts said power cuts pose a threat to food safety due to the average temperature of a freezer or a refrigerator being affected.

The Nigerian Rural Electrification Agency (REA) and RMI, a non-profit organisation, have launched the Energising Agriculture Programme (EAP) to stimulate the use of mini-grid electricity in agricultural productive uses.The EAP focus is on enabling market-led solutions and breaking the silos separating electrification and agricultural development.

Over the next three years, the EAP initiative will foster a pipeline of agriculture-energy projects that demonstrate the impact of collaboration across the energy and agriculture sectors. .

As part of the GEAPP’s efforts to bring reliable electricity to one billion people by decade’s end, avert four billion tons of greenhouse gases and 150 million green jobs that generate inclusive economic growth, the EAP will build on agriculture and electrification initiatives in Nigeria and then accelerate the deployment and adoption of the most effective solutions for rural communities across the country.

Experts estimate that Nigeria’s agricultural sector, which provides nearly one-quarter of the country’s Gross Domestic Product (GDP) and employs two-thirds of the labour force, has the potential to generate $40 billion in exports.

”As the renewable energy space improves yearly, we have continued to keep a keen eye on the deployment of programs and solutions geared toward socio-economic impact in unserved and underserved communities across Nigeria. The EAP is one of those programmes.

“This programme encourages the productive use of energy to deepen our objective of organising and managing the agricultural sector in Nigeria. Leveraging renewable energy technologies for productive use in off-grid communities greatly helps to strengthen production capacity of the average farmer in rural communities. The EAP is in line with our mandate at the Federal Ministry of Agriculture and Rural Development toward strengthening agriculture and rural development across the country,” said  the Minister of Agriculture and Rural Development Dr. Mohammed Mahmoud Abubakar.

Leadway Pensure PFA hopes to maintain the double-digit returns on its entire Retirement Savings Account (RSA) investment portfolios of 12 per cent in Fund 1, 11 per cent in Fund 2, 10 per cent in Fund 3, and 11 per cent in Fund 4 by the end of the year, the Managing Director/Chief Executive Officer, Leadway Pensure, Mr. Lanre Idris.

Idris in the company’s May report stated that despite the COVID-19 pandemic that resulted in industry’s contractions on returns in the year, Leadway Pensure has projected to maintain an average of double digits increase on its fund’s returns.

He noted that the pension service provider recorded a two-year streak of appreciable performance achieving double-digit fund returns on its RSA Funds in previous years,

He said:  “As at 2019, Fund 1 achieved a 14 per cent return and grew the same to 19 per cent in 2020.

“Fund 2 also improved from a single digit of nine per cent at inception in 2018 to  record a double-digit of 18 per cent by 2020.

“Similarly, Fund 3 and Fund 4 reached double digits in 2019 and 2020 with returns of 13 per cent and 14 per cent in 2019 to 14 per cent and 15 per cent in 2020.

“The achieved returns projection is indicative of the organisation’s progressive capacity in fulfilling its financial obligations despite the pandemic-induced global downturn in the investment space in previous years.

‘’Due to the COVID-19 pandemic and its impact on the economic and business environment, there was a significant industry-wide dip in the funds returns performance.

“As recorded in the May Report of the RSA, we are right on a positive momentum to sustain the constant improvements in returns across all our pension funds by year-end 2022, despite notable setbacks in the previous year.’’

However, global recoveries in the economic environment leading to improved investment possibilities have paved the way for positive progress in returns.”

 

He added that as an organisation hinged on consistently achieving superior value creation for our stakeholders, they are optimistic about maintaining our market leadership position in all our investment portfolios.

 

“This kind of investment performance is what we have promised our RSA customers and prospects who understand that their savings for a financially secured retirement life is a function of the returns on their funds. We remain devoted to this ethos and would continue the path on value creation in delivering bespoke financial support to our growing and diverse customers,” he added.

Stanbic IBTC Pension Managers is committed to the well-being of its customers, the Chief Executive, Stanbic IBTC Pension Managers, Olumide Oyetan, has said.

He stated this at the virtual Stanbic IBTC Pension Managers Employers Forum.

The event theme was ‘’Pension Smart: Equipping your Employees for a Better Future’’..

Oyetan noted that the forum is a platform by the Pension Fund Administrator (PFA) to engage employers on issues and develop strategies that will enable employers to continue to offer employees access to high quality pension services as an important part of the total staff benefits and compensation package.

Acknowledging the role employees play in the efficient operation of any organisation, he said the survival of business enterprises depends on ensuring the general well-being of their staff and having a pension fund provides an avenue for employers to plan for the future of their employees.

“For employers, the importance of planning towards the well-being of their employees remains paramount to the survival of such organisations.

“Having a pension system in an organisation demonstrates the employer’s commitment to the future of its employees,” Oyetan said.

While appreciating employers for the confidence they bestowed on his organisation, Oyetan noted that it has continued to demonstrate its ability to deliver value, being the largest pension fund administrator in the country in volume of Retirement Savings Accounts (RSA) and value of Assets Under Management (AUM) based on the 2020 Annual report of the National Pension Commission (PenCom).

Highlighting the organisation’s capabilities, Oyetan said: “We, at Stanbic IBTC Pension Managers, have continued to demonstrate excellent leadership in pension management in Nigeria. Through our technological offerings, we have continued to unbundle the challenges associated with pension administration as contributors can access their funds from any part of the country.

“We remain committed to enabling dreams, expertly managing contributors’ funds, and partnering with stakeholders to develop our industry and economy. “While we continue to demonstrate this leadership role, we implore contributors who are dissatisfied with services offered by their PFA to take advantage of the Transfer Window to join the Stanbic IBTC Pension Managers family and enjoy the unique solutions and benefits we offer.’’

 

EMMANUEL: Good day, my name is Emmanuel. Can you help us intervene in retirees’ affairs with Premium Pension? Their desk officers seem not to be updated with the new regulations on retirement benefits. I was told the regulations haven’t been sent to them from PENCOM. They claim that they are yet to be given the go-ahead to verify this year’s retirees.

They are not advising the retirees on current documents to present as specified in the new regulation. Does it mean 2022 retirees can’t verify?

Also, I will like to know if those programme withdrawal scheme enjoys life pension payment or if annuity gives life pension payment?

PENCOM: Online verification and enrolment for 2022 has  commenced. Refer to www.pencom.gov.ng for more information.

The Programmed Withdrawal is calculated over an expected life span and minimium pension guarantee for when RSA is depleted. Life Annuity is for life but guaranteed for only 10 years after which in the event of death, the legal  beneficiary has no entitlement

OJEBOLA:  I retired in November 13, 2013. My documents duly submitted to LASPEC on September 23, 2021. My PFA is Stanbic IBTC Pension. I am tired of repeated calls and this hotline never goes through for the public to use. My pension benefits are long overdue since November 13, 2013. My repeated calls at LASPEC Alausa are not yielding any results. Kindly find out the cause of the delay. I am elated at your prompt response.

PENCOM:  Provide details – Full name, PFA, PIN

ADEKUNLE: Good day, I was given your number to seek for your assistance for my late dad benefits being processed by Leadway Pensure.

He worked at Federal Polytechnic, Offa and died in service. I have submitted the necessary documents since 2018, but up till date, I have not been able to get his entitlement. This is why I need your assistance.

 PENCOM: Payment was made in August, last year.

OKI: I was enlisted into the Nigeria Police Force (NPF) in 2016. Ever since, I haven’t received my pension. I have made several complaints but to no avail. I transferred to NPF Pension Limited from Trustfund Pensions Limited and my balance in the later has been transferred to the former.

My current employer has also not remitted my pension contributions to my PFA. Kindly assist me.

PENCOM: It’s being processed for payment.

1. SAHABI: Hello, I write to complain about my husband, Dr Sahabi’s pension. Since his death in 2013, it is yet to be paid.

His PFA is Pal Pension. He worked at Federal Medical Centre (FMC). Thank you.

PENCOM: Send RSA details.

INSPECTOR MADUFOR: Good day, I retired in 2017. Kindly advise me on the action to take for my pension to be paid.

PENCOM: Send RSA details.

YAKASAI: Good day and thanks for the assistance you are rendering to humanity. My complaint is on the death benefit of my brother who died on May 5, 2016 in active service while working at HOCSF office.

His pension manager is Sigma Pension Limited. All documentation has been done but up to till date, no payment has been made to his next of kin.

When we contact PenCom office in Kano, they keep saying he is in Batch 109. This was since last year. Kindly find out what the issue is and why PenCom have not approved his payment to his next of kin for six years? The family is suffering too much. Looking forward to hearing from you.

PENCOM: Exercise patience. It’s being processed.

AKERA: Hello, my name is Akera. I went for my pre-retirement training on July 8, 2019 at Lafia, Nassarawa State, where I was registered.

I retired on July 6, 2020 from the Federal Ministry of Education. Unfortunately, when I went to the Stanbic IBTC office in Makurdi, Benue State to process my pension  I discovered that another PIN was created for me without my knowledge.

Since then, I have not been paid a because of the dual PINs. I had so many capturing, applications as regards this issue, but no dice. I have health challenges but no money to treat it.

Yet, my money is in my genuine account with Stanbic IBTC Pension Managers. The National Pension Commission (PenCom) should plese wade in.

PENCOM: All contributions have been reconciled into the valid PIN account with Stanbic IBTC. Visit Stanbic IBTC for more details.