Category: Pension

The Pension Transitional Arrangement Directorate (PTAD) is set to put 813 pensioners of Bank of Agriculture (BoA) in its payroll, the Executive Secretary, Dr. Chioma Ejikeme, has said.

She spoke at the just-concluded verification of pensioners of the BoA in the Southwest zone and mopup for other pensioners who missed previous exercises under the Defined Benefit Scheme (DBS) in the zone.

She said the retirees quit work before 2007 did not transit to the Contributory Pension Scheme (CPS), stating they received complaints from some pensioners whose claims had not been verified and had not been put on the payroll.

She stated that some of the retirees had been on-boarded, noting that they were not part of the treasury-funded pension scheme before but that they were part of the poverty alleviation agencies.

She said: “After this exercise, they will put them on payroll. We will validate the verification to banks, do what we normally do under quality assurance, and do computation. We will put them on the payroll because we have already made provisions for them.

“This is the verification for the Southwest zone. We are going to go the Northcentral, and Northwest for verification. For the other zones, we are going to work out a mobile verification strategy because they don’t have too many people there.”

She also said some retirees under the parastatal pensions department, who were eligible had been put on the payroll, adding that settlement of arrears in the Defined Benefits Scheme was a continuous process.

The Head, Human Resources, BoA, Tsukunda Yakubu, who monitor the verification, said the programme was well planned.

”We have been working with PTAD for a period of time. We have had our timetable set out and everything has been working out very well. It is something that started before the COVID-19. It has been on but as soon as she came on board, she made sure that she put all machinery in action to ensure that this happens this year.

“We are very happy and grateful that she made out time to come and we thank the Federal Government for the creation of PTAD,”  she said.

 

NEM Insurance Plc has witnessed increases of N3 billion, N6.9 billion and N4.5 billion in its group financial assets, total assets and total equity in its 2021 financial year.

The underwriting firm also paid policyholders, who suffered losses, a total of N11.6 billion claims.

The parent company had increases of N2.9 billion, N6.8 billion and N4.5 billion in financial assets, total assets and total equity.

The Chairman, Dr. Fidelis Ayebae, made this known at the 52nd Annual General Meeting (AGM) of the company over the weekend in Lagos.

He noted that claims grew by 26 per cent from N8.4 billion paid the previous year.

He said the net claims expenses of N5.6billion incurred last year was nine per cent lower than that of the preceding period, which recorded N6.05 billion while net claims ratio for the period under review was 20 per cent as against 27 per cent in 2020 due to good claims recovery.

He further stated that the firm’s gross premium jumped by 26 per  cent from N22 billion in the 2020 financial year to N27.8 billion in  the 2021 financial year end. Net premium earned during the period under review was N19.3billion and 23 per cent increase over the preceding period of 2020 which recorded N15.8 billion.

He said: “The Board, however, recommended a dividend of 22 kobo per ordinary shares to be paid out of the profit for the year, following the group’s profit after tax (PAT) of N4.4 billion compared to N5 billion in the previous year, representing a decline of 12.5 per cent.

“The parent company also recorded a decline of 12 per cent in PAT over the preceding period. Hence, the PAT was N5billion in 2020 against N4.4billion in 2021. This, it said, is majorly due to sharp decrease in fair value gain.’’

The Group Managing Director/CEO, Tope Smart, appreciated  shareholders who have been supporting the company. He applauded its clients, brokers, agents and reinsurers who have been very consistently supportive.

The National Pension Commission (PenCom) has taken major steps to end demarketing between Pension Fund Administrators (PFAs) and insurance firms over sales of payment options to retirees with the introduction of Contributory Pension Scheme (CPS) Retirement Pack.

The steps, according to the commission, would also ensure that retirees were well-informed before making their choice among the payment options before retirement.

The options are Programmed Withdrawal (PW) and Retiree Life Annuity (RLA).

Director-General of PenCom, Mrs. Aisha Dahir-Umar, who made this known in a report obtained by The Nation, said sanctions awaited PFAs that failed, neglected, or refused to enlighten would-be retirees on PW and RLA.

She explained that the CPS Retirement Pack is a publication of the commission and the National Insurance Commission (NAICOM).

Mrs. Dahir-Umar stated that the Pack is a guide for prospective retirees under the CPS, which provides information on the two modes of accessing retirement benefits – PW and RLA, to enable would-be retirees to make  decisions.

She said: “Accordingly, the PFAs are to host the Retirement Pack on their websites for easy access to potential retirees. The Pack contains Frequently Asked Questions (FAQs). features of PW and RLA and details of the roles of the prospective retirees and the PFAs in facilitating the payment of retirement benefits.

“As contained in the CPS Retirement Pack, PW is a product offered and administered by the PFAs under the regulation and supervision of PenCom. The PW offers a retiree the option of a lump sum and regular monthly or quarterly pension payments. In contrast to the PW is the RLA, a product of Life Insurance Companies regulated by NAICOM. Like PW, monthly or quarterly payments are made to the retiree who choses RLA.

“The retiree under PW enjoys periodic pension enhancement, resulting from increased investment returns. Furthermore. Retirees under PW may move to RLA after 12 months of being under PW. Finally, under PW, if a retiree dies, the balance in his Retirement Savings Account (RSA) is paid to his legal beneficiary. Depending on the RLA product, there may also be periodic pension enhancements. It is pertinent to note that a retiree on RLA cannot move to PW. The retiree can only move to another RLA provider after at least two years with his  provider.

“PenCom has put in place administrative sanctions to penalise PFAs that fail, neglect, or refuse to enlighten would-be retirees on the features of PW and RLA. RSA holders that have at least six months to retirement should acquaint themselves with the modes of accessing their retirement benefits.

“Furthermore, RSA holders should get all documents required to access their benefits ready. They include a notice of retirement from employer,  payslip. and evidence of accrued right or acknowledgement of Indebtedness (for employees of treasury funded government agencies).

“The Pack provides the list of required documents. So, the first step for a prospective retiree is to obtain the Pack from his PFA.”

She reiterated that RSA holders who are retired should approach their PFA and get a data confirmation letter and standard retirement notification, after which, they can choose their preferred mode of pension payment and apply for their retirement benefits.

“Retirees may visit their PFAs’ websites to download the retirement pack or visit the PFAs and obtain the retirement pack. Should a retiree under PW have complaints or concerns, he should direct such matters to his PFA. Still, where the retiree is not satisfied with the response of the PFA, he can escalate the issues to PenCom for intervention.

“Similarly, a retiree under RLA is expected to contact his RLA provider on any case. If not satisfied, he has the choice of escalating the issue to NAICOM for resolution,” she added.

 

Tension Transitional Arrangement Directorate (PTAD) has started the verification of pensioners of the Bank of Agriculture (BoA) in the Southwest.

The Directorate is also doing mop up verification for pensioners who missed previous verification under the Defined Benefit scheme (DBS) in the zone.

The exercise is holding at POWA (Police Officers Wives Association), GRA, Ikeja, Lagos.

PTAD Executive Secretary Dr. Chioma Ejikeme said the pensioners were required to bring the originals and photocopies of their documents, stamped and signed BVN with picture, one-month stamped and signed bank statements, NIN or other valid I.D

She said: “Pensioners with incomplete documents should obtain Letter of Introduction from the Management of Bank of Agriculture and affidavit for loss of documents.

“Mobile verification will be arranged for sick and infirm pensioners subject to valid assessment.’’

The National Pension Commission (PenCom) has called on Retirement Savings Account (RSA) holders to participate in the ongoing Data Recapture Exercise (DRE).

In  a statement, its Head of Corporate Communication, Abdulqadir Dahiru, said: “The DRE is in compliance with the directive of the Federal Government that data- generating organisations should harmonise their databases with the National Identity Management Commission (NIMC). It is also consistent with the need to have a credible database of all RSA holders in Nigeria.

“Consequently, active contributors are advised to visit their PFAs and provide the documents to complete the data recapture. They include Staff Identity Card or any one of the following like driver’s licence or Permanent Voter’s Card or passport (mandatory for non-Nigerians); enrolment slip issued by NIMC; and birth certificate or sworn affidavit of age declaration.

“For retirees, who are either on programmed withdrawal or annuity, they are expected to present driver’s licence or Permanent Voter’s Card; or Passport (mandatory for non-Nigerians); enrolment slip issued by NIMC; and letter of retirement by the employer to the retiree.”

It added: “RSA holders who have had a name change either their surnames or first names or after registration should present marriage certificate (only applicable in the case of marriage); newspaper publication for change of name; sworn affidavit; confirmation letter for change of name from employer, if still in employment.”

“PFAs have been directed by PenCom to issue acknowledgement slips to RSA holders who submit complete documents for their data recapture. The RSA holders will be notified of the status of their data recapture within five working days of submission of documents.

“Two agents, Payone Solution Systems Limited and Afritech Multi Concept Limited, have been engaged by PFAs to carry out the DRE consistent with PenCom’s approval. The agents are authorised to establish data recapture centres. RSA holders are allowed, therefore, to have their data recaptured at such centres by the agents if they are unable to visit the offices of their PFAs. RSAs can send enquiries or complaints on the data recapture exercise by e-mail to dre.complaints@pencom.gov.ng.”

A man who brought his uncle’s body into a post office to claim his pension has said he “didn’t know he was dead”.

Declan Haughney has insisted he was not trying to steal from 66-year-old Peadar Doyle, saying: “I’m not an idiot.”

Mr Haughney and another man carried Mr Doyle from his house to a post office in County Carlow, Ireland, after staff reportedly told them their uncle had to be present to collect the pension.

The 40-year-old says he believes his uncle died in their arms on the way.

A member of staff raised the alarm when they propped Mr Doyle’s body against a counter at Hosey’s newsagents and post office in Carlow.

Gardaí have ruled out foul play and Mr Haughney, who offered Irish police a voluntary statement, has not been arrested.

He said he has been branded a “murderer” and become “the talk of the town”.

Speaking for the first time about the events, he told the Irish Mirror: “Why would I want to rob my uncle?”

“I’m not an idiot to walk into Hoseys with a dead man and collect his money. Am I cuckoo? Am I cuckoo? I’m not.”

Mr Haughney believes his uncle may have died from a heart attack on the way to the post office on Staplestown Road, while he, Mr Doyle, and the other man were linking arms.

“He was walking like normal and then I reckon he died,” Mr Haughney said. “We were grand then all of a sudden he started going all slumpy.”

He said they thought nothing of it because Mr Doyle had previously suffered heart attacks, and only realised he was dead when he dropped to the floor at the counter.

• Culled from independent.co.uk

 

It is understood no money was handed over.

 

Mr Haughney, who lived with his uncle, said he was devastated: “He’s he man who reared me. I’m shellshocked. My heart is torn in two.”

 

Irish police believe Mr Doyle died before his body reached the post office at 11am, according tothe Irish Times.

 

On Friday, a local priest was called to the shop to give the retired painter his last rites.

The completion of the recapitalisation in the industry, within the stipulated one year,  by the National Pension Commission (PenCom), has been commended by the Chairman/Chief Executive Officer, Achor Actuarial Services Limited, Dr. Pius Apere and Director, Centre for Pension Rights Advocacy, Ivor Takor.

In a paper entitled: “Recapitalisation for PFAs and the welfare of Nigerian pensioners”, Apere lauded the recapitalisation, saying it ended well.

He said the feat would convince stakeholders of PenCom’s ability to drive its policies and strategies to meet their expectations..

Apere added: “The recapitalisation of N5 billion is expected to lead to stronger PFAs with improved capacity for more efficient service delivery. In other words, it is likely to create a level- playing field in the pension sector where PFAs would have the funds to deploy adequate technology and embark on human capital development required to achieve efficiency service delivery, e.g. enhancing the transfer window.

“Competition in the industry would mainly be based on efficient service delivery rather than capital. However, the operators will still have different levels of capital and size of assets under management (AUM), which will remain a key competitive tool despite the regulatory recapitalisation requirement.”

Apere continued: “The exercise would no doubt assist the PFAs and PenCom to meet Nigerian pensioners expectations, particularly by providing adequate retirement income to enable them have sustainable standard of living in retirement.

“I believe that PenCom’s directive on recapitalisation for PFAs was aimed at increasing minimum regulatory capital from to improve the capacity of PFAs in terms of operational efficiency, effectiveness as well as service delivery. The exercise became necessary when PenCom realised the urgent need for PFAs to increase their operational capacity including the fiduciary responsibilities to manage the increasing number of registered contributors and the sustained exponential growth in value of pension fund’s assets under management (AUM).

“The stakeholders in industry have high expectations on the new recapitalisation framework to timely, efficiently and effectively transform the industry to achieve the main objective of the Contributory Pension Scheme (CPS), to ensure that every pensioner receives his or her retirement benefits as and when due. In addition, they expect to have adequate retirement income that would provide sustainable standard of living (not living in poverty) in retirement. This could be achieved by implementing the guaranteed minimum pension (GMP) as provided in section 84(1) of the Pension Reform Act (PRA) 2014 as amended.”

Takor affirmed that the new capital would strengthen the industry and afford it the economy of scale benefit.

PenCom

The Director-General, Mrs. Aisha Dahir-Umar said in an interview: “The successful recapitalisation gives me a feeling of accomplishment that the pension industry has been put on a path of growth and quality service delivery. The success of the also proves that with drive, determination and adequate supervision, nothing is impossible and that greater things could be achieved.

“We are proud of our operators who got on board the recapitalisation train without any rancour above everything else. It shows what is possible when we walk together.”

“Of course, the focus of the commission is the RSA holders. They should expect increased effectiveness and efficiency as well as improved service delivery from the operators.

She added: “The exercise became expedient as the value of pension fund assets under management and custody grew exponentially by 244 per cent, from N3 trillion in 2012 when the previous recapitalisation was done about N13 trillion.

She stressed that the sustained growth in assets implied greater responsibilities that require more operational capacity by the PFAs.

“The urgent need to ramp up PFAs capacity to manage the increasing number of registered contributors and value of pension fund assets under management led to the exercise. “It is worthwhile to state that 10 PFAs had met the new regulatory capital requirement of N5 billion as at 31 December 2021, while the others intensified efforts to meet the deadline of April  272022. This resulted in some mergers and acquisitions, which led to the reduction of the number of PFAs from 22 to 20.

“The commission approved the acquisition of AIICO Pension Managers Limited by FCMB Pensions Limited; and the merger between Tangerine Pensions Limited and APT Pension Funds Managers Limited and subsequent change of name of the merged entity to Tangerine APT Pensions Limited. In addition, the Commission also approved Norrenberger’s acquisition of IEI-Anchor PensionManagers Limited, after its acquisition of the majority shareholder, IEI Plc. With the conclusion of the exercise, stakeholders, particularly RSA holders, should expect increased effectiveness and efficiency as well as improved service delivery from PFAs.’’

http://www.pencom.gov.ng/ and info@pencom.gov.ng Phone: 08117340360

ANNONYMOUS:  Sometime last year l applied for payment of additional lumsum of 2.5 per cent, 7.5 per cent and 10 per cent increase by the President to federal pensioners.

Surprisingly, nothing has been done to that effect. My PFA, Premium Pension. They said we should sign an empty template which they have not reflected. What is the importance of signing templates?

I am a retired police officer. Is it a crime to be a police officer in this country? We suffered for this country. Premium Pension should pay our arrears of 2.5 per cent and others.

PENCOM: You are requested to forward your RSA PIN, name as well as other details to enable the commission investigates further. Thank you.

TAYO: Good day, my name is Tayo. My late mother has two Retirement Savings Accounts (RSA) and PIN numbers with two pension managers with funds in each account. How do I go about it?

PENCOM: You are requested to write a letter of complaint to the National Pension Commission, stating the issue as well as the two RSA PINs, name of PFAs and attaching the letters of introduction to your late mum by the PFAs. The letter should be addressed as follows: The Director-General, National Pension Commission, Plot 174, Adetokunbo Ademola Crescent, Wuse, Abuja. The subject of the letter should be multiple RSA PINs. Thank you.

EKPE: My name is Ekpe. I retired from the Nigeria Police Force in 2015. My complaint goes thus: On August 2021, I received a message from NPF Pensions that my 2.5 per cent shortfall on pensions approved to Federal retirees by Mr. President was credited to my RSA account. I moved to my PFA, Premium Pension to confirm and they said nothing like that is seen in their system. They advised me to apply to NPF Pensions where I got the information for transferring the said money to my PFA. This was done last October 20, and I copied Premium Pensions and PenCom. To my dismay, I came to discover that the money was already received by them far back last July.

Up till this moment, I have not heard from them concerning payment even though template was issued by PENCOM. Premium Pensions bluntly refused to pay us. The most annoying thing is the immediate deduction of their admin fee on receipt of this money into their system while they deny us payment. They forget that this fee is deducted monthly when pensions is paid.

Kindly use your good offices to instruct Premium Pensions to pay us the entitlement no matter how small. Thank you.

PENCOM: You are requested to forward your Retirement Savings Account (RSA) PIN; name and other details to enable us investigate further. Thank you.

OTI: My name is Oti, a former staff member of Skye Bank Plc. My complaint is against my PFA. I left the service of the bank since December 2009. and  I applied for my accrued benefit of 25 per cent. But up till now, no response from them. My letter of non-indebtedness was sent to them from my former employer since January 19, 2022. I am based in Calabar. The Calabar office manager refused to pick my calls or talk to me. I have health challenges which I need the money to use for surgery. Kindly help tell them to pay my 25 per cent.

PENCOM: Investigations have shown that the PFA has paid some money into your bank account on March 21, 2022. Please liaise with IEI Anchor Pension Managers Limited for further details. Thank you.

ADEBUKOLA: I am Mrs. Babalola. My husband, Gholahan, passed away in 2018 and PenCom has refused to pay his pension. I was told his accrued right has been released but nothing has been paid yet. He worked with the National Commission for Refugees and Internally Misplaced Person in Abuja. His PFA is First Guarantee Pension Limited. Kindly help.

PENCOM: Please be informed that your late husband’s benefits have been paid. Kindly liaise with his Pension Fund Administrator (PFA) for more information. Thank you.

FRIDAY: Good day, my name is Friday. I applied for my 25 per cent arrears last month from my PFA, Premium Pension. I am yet to be paid. Kindly help.

PENCOM: Please Be advised that the Commission is processing your benefits and your Pension Fund Administrator (PFA) will notify you once it has been concluded. Thank You.

OGBAJE: My name is Ogbaje, an Assistant Superintendent of Police (ASP). I retired in 2019 but my resettlement allowance has not been paid. Can you help trace it for me and tell its position?

PENCOM: Investigations have shown that your retirement benefits have been paid since October 2020. kindly visit your Pension Fund Administrator (PFA) for more details. Thank you.

ADETUNJI: Good day, I  am Adetunji from Ibadan. My daughter just got a job and she was asked to open a Retirement Savings Account (RSA). Please, how do we go about it? Thank you.

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 for you to receive alerts and statements on a monthly basis. Thank you.

JOE: My name is Joe, the next-of-kin to the late Mr. Daniel who worked with the National Lottery Regulatory Commission (NLRC) as deputy director, Warri office. His contract expired in 2013 and he died in 2020. I have submitted all documents to Stanbic IBTC Pension for his RSA contribution and others but I did not hear from them. The last time I was there I was told that NPC has not sent approval. Please, help get urgent response from NPC. Thank you.

PENCOM: Please forward to us some information such as the RSA PIN, full name as well as Pension Fund Administrator (PFA) for us to investigate further. Thank you.

DANIEL: My name is Daniel and I am a next-of-kin to the late Mrs Grace Ameh. I received payment in my UBA account, which, we believe, was her RSA contribution with Sigma Pensions. We are awaiting  the death/life assurance benefits of Mrs Ameh, who served for over 10 years and died in active service of Federal Polytechnic, Idah in February 2015.

PENCOM: Sir, you are advised to contact the late Mrs. Ameh’s employer who should process the proceeds of the Group Life Insurance Policy and ensure payment by the insurance company to her beneficiaries since she died in active service. Thank you.

No fewer than 63,728 employees who are under the Contributory Pension Scheme (CPS) have dumped their their Pension Fund Administrators (PFAs), citing poor service.

This led to the transfer of N226.96 billion since the commencement of the Retirement Savings Account (RSA) transfer system last year.

The National Pension Commission (PenCom) stated this in a document obtained by the newspaper.

Further breakdown showed that 2,799 RSA holders transferred N18.89 billion in the fourth quarter of 2020; 12,681 moved N47,78 billion in first quarter of last year and 10,166 moved N35,89 billion in second quarter of the same year.

PenCom stated that 12,872 RSA holders transferred N45.56 billion in third quarter 2021; 12,874 moved N42.49 billion in fourth quarter 2021 and 12,336, moved N36.36 billion in first quarter 2022.

The report read: “There was an overwhelming response by RSA holders to the opening of the RSA Transfer System. A consistently upward trend is anticipated as RSA holders continue to realise the ease with which they can initiate the transfer of their RSAs. Overall, the opening of the RSA Transfer Window is revolutionary. Going forward, high standards of service delivery will be a focal point in the pension industry.

“It was a day long awaited when PenCom opened the RSA Transfer Window. The launch of the RSA Transfer System (RTS) on November16, 2020 heralded the full implementation of one of the cardinal features of CPS, the portability of RSAs. By this development, RSA holders have been empowered to move their RSAs from their PFAs to other PFAs of their choice, whenever they desire to do so.

Universal Insurance Plc  may soon join the firms that have met the new capital base of N10 billion ordered by the National Insurance Commission (NAICOM), the Managing Director/Chief Executive Officer of the company, Benedict Ujoatuonu, has said.

He spoke at the April edition of the Nigerian Council of Registered Insurance Brokers’ (NCRIB) Evening sponsored by the company in Lagos.

Ujoatuonu, who assured that the exercise would be concluded shortly,  added that this would be done through rights issue. He said the company has been trading with capital in far excess of N3billion.

He added that with the introduction of the new capital regime, they needed a little margin to meet the requirement.