Mrs. IYONKYO: Dear Omobola, my name is Chia Chia, a solicitor to Mrs. Iyonkyo of Gboko, Benue State.

Thank you for your previous assistance to my client. However, my client does not know her late husband’s PFA or RSA number.

She also does not, even if the deceased had enrolled for the CPS at any time before his death on January 31, 2006.

As her solicitor, I have written emails on her behalf to PTAD’s Customs, Immigration and Prisons Pension Department (CIPPD) and PenCom for assistance, but no response has been received from the organisations.

My client is aware that there is a procedure for claimants whose benefactors had not opened an RSA in any PFA. That procedure permits such claimants to open an account with any PFA to have their death benefits processed and paid.

My client had pleaded with PenCom to be allowed to adopt this procedure but has received no response.

We humbly appeal to you to assist my client as you have been doing.

For the record, my client’s deceased husband, Mr Iyonkyo, was in the employment of the Nigeria Customs Service and he died on October 31, 2006.

After many years of trying to procure the payment of the death benefits, my client was informed by the NCS that the deceased’s Pension Fund Administrator is identified by a code 003 and further suggested that the code refers to Premium Pension.

However, when I contacted Premium Pension on behalf of my client, the company informed me that its code is 002 and not 003. We have resorted to contacting each and every licensed PFA in Nigeria with the deceased’s Pension PIN to find out which PFA he had opened a Retirement Savings Account. The PIN number is Annonymous. Kindly help us unravel the deceased PFA and pension benefits.

AKEREDOLU: Greetings to The Nation. God bless you more for the good works you are doing for pensioners. Please, I want to know the reason PenCom or PFAs are not paying the arrears of pensioners who retired in 2014, 2O15, 2O16, etc up till now.

My PFA, Legacy FCMB Pension has not send me any information or alert till date. I want to know what they are doing with my money. PenCom should warn or sanction my PFA for not communicating with me.

MUSA: My name is Musa, the son of the late Inspector Musa. We have an issue with the pension of our father who died on August 4, 2015. We have submitted all the documents that we were asked to submit. Yet, we did not get any reply from them. Our last hope is PenCom. Kindly help us to resolve this issue. Thank you.

GIMBA: My name is Gimba. My complaint is about the non-release of my pension since October 2020. I retired from Federal Polythenic, Bida in June 2016. I was paid my benefits in July 2017, through my PFA, Premium Pension.

I then transferred to Leadway for annuity.The Federal Government recently said it had released funds to pay us. When and how will this money be paid? I am being owed 24 months.

DADA: President Muhammadu Buhari approved the payment of outstanding accrued pension rights for Federal Government’s retirees, death benefits and 2.5 per cent increase of monthly pension contributions for federal employees. Pencom. Please, when are you paying us the 2.5 per cent?

OLADIPUPO: Dear Omobola, I really appreciate your active part in the matters of the pensioners. I retired in 2012 and I have no problem with my PFA, Stanbic IBTC Pension. But the issue is: I keep on reading about the statement of account and investment and life pension. When would one really stop receiving pension alert?

ANNONYMOUS: Dear Omobola, my mother died on May 16, 2014 and her pension was processed and completed in 2018. We have not heard anything from her PFA since then nor received any payment from them. What are we supposed to do next?

SEGUN: My name is Segun, the next of kin to the late Olajide, a  civil servant in Kwara State. He retired on February 1, 2019 and died five days later. I have processed  the documents to claim his benefits through the Police Pension, but I am yet to be paid.

We are three children – the second is in higher institution without a helper. Kindly use your good offices to help  through at this trying period of our lives.

UKEJE: My name is Ukeje. I retired from Nigeria Custom Service in 2016 on grade level 10. We read that Mr. President had released 7.5 to 10 percent, being the backlog for those who retired from 2014.

Please note that the N33,000 I receive monthly has not been increased.

DABUP: I wish to know if I am a beneficiary of the 2.5 per cent pension arrears. I retired in January 2011 and my PFA is Leadway annuity.

BASHEER: I retired on May 20,  last year from the Nigeria Custom Service. After the accrued right has been paid, I approached my PFA only to be told that my name was missing from the PenCom list.

I was told that my name and others were omitted and that we should wait for Batch 51. Please, when will the Batch be paid because my situation is critical and I need money.

THE NATION: The newspaper will intervene. Do look out for the newspaper next week for responses from PenCom.

Nigeria’s pension fund assets under the Contributory Pension Scheme (CPS) have grown by N186 billion in five months, The Nation has learnt.

Data obtained from the National Pension Commission (PenCom) by the newspaper has shown that as at May 31, 2021, the pension fund assets stood at N12.5 trillion from N12.306 recorded last December.

Similarly, the number of Retirement Savings Account (RSA) holders as at the end of May, this year stood at 9.35 million from 9.21 recorded as at last December, PenCom said.

Again, this shows a growth in number of contributors under the scheme by 14,000 contributors.

Meanwhile, contributions and trade continued on a growth trajectory, as the pension fund managers, spread their assets under management across approved investments portfolios.

Read Also: Pay Salaries/Pensions – Entrepreneurial strategy

The PFAs as at May had invested N8.34 trillion in Federal Government’s Securities.

A breakdown of the fund showed that out of the N8.34 trillion invested in FGN Securities, FGN Bonds got the bigger chunk of N7.67 trillion followed by the local money market securities which got N1.65 trillion; and Bank Placements, N1.53 trillion.

However, Corporate Debt Securities N836.34 billion; Treasury Bills got N551.6 billion; Agency Bonds N14.8 billion; Sukuk N91.4 billion and Green Bonds N13.9 billion.

Domestic Ordinary Shares got N821.3 billion, Foreign Ordinary Shares N103.6 billion, State Government Securities N117.4 billion; Foreign money market, N18.69 billion; Infrastructure Funds N66.43 billion; Commercial Papers, N156.69 billion and Cash and other assets N122.79 billion.

What is RSA Transfer?

RSA Transfer is the transfer of an individual’s Retirement Savings Account (RSA) from one Pension Fund Administrator (PFA) to another, processed through the RSA Transfer System (RTS).

How often can an RSA holder transfer his/her RSA?

An RSA holder is only allowed to transfer his/her RSA once in every 365 days (12calendar months) as stipulated in Section 13 of the Pension Reform Act 2014 (PRA 2014).

How is an RSA transfer initiated?

An RSA Transfer is initiated by the RSA holder through the PFA to which his RSA is being transferred. It is based on the provision of the PRA 2014, which empowers the RSA holder to select and change the PFA that will manage his/her RSA.

What is the RSA Transfer System?

The RTS is a computer-based application deployed by the National Pension Commission (PenCom) for the purpose of initiating, processing and monitoring the RSA Transfer process.

Read Also: MultiChoice, BetKing launch predictor App

What is a Receiving PFA?

This refers to the PFA to which an RSA is being transferred.

What is a Transferring PFA?

This refers to the PFA, from which an RSA is being moved to a Receiving PFA.

How does an RSA holder start the RSA transfer process?

The RSA holder must first ensure that his/her personal details (Biometrics & Biodata) have been recaptured and updated on the Enhanced Contributor Registration System (ECRS). This also entails providing his/her National Identity Number (NIN) to the current PFA. (This requirement only applies to contributors that registered before  July 1, 2019).

“Thereafter, the RSA holder should approach the receiving PFA and initiate the transfer request by providing his/her RSA PIN, Surname, Current Telephone Number and Email address. After successful validation of the biodata, the RSA holder’s fingerprint will then be captured to authenticate his/her identity and conclude the transfer request.The receiving PFA prints two copies of the confirmation slip, which should be signed by the RSA holder as proof that he/she initiated the transfer. A copy of the confirmation slip will be given to the RSA holder while the other copy is retained by the receiving PFA.

What information does an RSA holder need to provide to enable him/her transfer an RSA?

The RSA holder needs to provide the following details to the receiving PFA to enable him/her transfer his/her RSA from his current PFA: Surname, RSA PIN, Current Telephone Number, Email address (not compulsory but highly desirable for receiving updates on the status of the RSA transfer request), Fingerprint of the RSA holder, which should be captured live by the receiving PFA.

When can an RSA holder submit an RSA transfer request?

An RSA holder can submit an RSA transfer request any time within the year, provided that the request is not submitted before the expiration of 365 days after the last RSA transfer.

Does an RSA holder need to inform his/her  PFA before transferring his/her RSA?

No, the RSA holder does not need to inform his/her current PFA before transferring his/her RSA. However, it is important for an RSA holder that registered before July 1, 2019, to have recaptured his biometrics and biodata with his/her PFA, otherwise the transfer request cannot be initiated.

• To be continued

The 47th Conference and Annual General Assembly of the African Insurance Organisation (AIO) will hold in 10 days.

The event, last held in Nigeria 21 years ago, will take place at Eko Hotels & Suites, Victoria Island, Lagos.

The hybrid event, is expected to attract dignitaries from the government, insurance; foreign and local investment world; Information and Communication Technology (ICT); and media, among others.

Chairman, Local Organising Committee (LOC) of AIO 2021, Mrs. Ebelechukwu Nwachukwu, at a  virtual press conference, said the AIO conference was scheduled to hold last year, but did not hold due to the COVID-19 pandemic.

She said: “We need to emphasise that in planning this conference at this time we have taken full cognizance of all the health protocols and restrictions on public gathering, hence the decision to make it a hybrid event.

“To give further impetus to this decision, we are limiting the number of physical attendees while others are being encouraged to take advantage of the virtual conference toparticipate from their different locations. For physical attendees, all COVID-19 protocols will be observed and implemented to the letter.”

Read Also: Insurers Committee to be reactivated, says NAICOM

Mrs. Nwachukwu maintained that the LOC had followed the template provided by AIO Secretariat in planning the conference.

She thanked the Commissioner for Insurance, Olorundare Sunday Thomas, for ensuring that the organisers got the support of the government.

“The Minister of Finance, Budget and National Planning has also been very supportive of our efforts, and we owe her a lot of appreciation for the letter of comfort, which was the first requirement from AIO as proof that we have the support of the government to host the conference,” she said.

According to her, one of the major highlights of the conference would be the assumption of duties by the immediate past Chairman of the Nigerian Insurers Association (NIA) and Group Managing Director of NEM Insurance Plc, Tope Smart, as the next president of the pan-African organisation for the next one year, adding that he deserves the support and good wishes of operators.

AINNEYA: I retired from the JointAdmissions Matriculation Board (JAMB) last October. Since then, my pension has not been paid. I retired despite attending the verification conducted in March, this year.

My landlord has given me a quit notice. I cannot feed my children any longer and I am sick without money for medical treatment. I need your intervention.

PENCOM: Please forward your Retirement Savings Account (RSA), PIN and Pension Fund Administrator (PFA) for further investigation.Thank you.

MRS ANEKE: I want you to help me get my late husband’s benefit.

I have five children and no house. The aviation authorities sent me packing. My husband and I lived  in that house before he died on July 11, 2018.

The Nation is my last hope..

PENCOM: Please be informed that a Presidential Approval was recently given for the payment of outstanding pension liabilities under the Contributory Pension Scheme (CPS) and as such, your late husband’s benefits are being processed. Once the payment is effected, you will be contacted by the Pension Fund Administrator (PFA). Thank you.

DR DUMNAMENE:  Kindly assist me to get my pension. My monthly pension was stopped sometime last year due to double PIN and I was referred from Fidelity to ARM Pension for recapturing. I don’t know why it is lingering, though I have done the capturing. Thanks.

PENCOM: You are hereby requested to forward your Retirement Savings Account (RSA), PIN of the two PFAs to the Commission further use. You are also requested to provide a valid contact number through which you can be contacted. Thank you.

MBAH: My name is Mbah. I sent my 25 per cent request to Fidelity Pension since last December. I am yet to get it. Please assist me.

PENCOM: Investigations carried out have shown that your request is yet to be submitted by the PFA to the commission for approval. You are hereby requested to visit your PFA i.e., Fidelity Pensions, to ascertain the status of your request.

ANONYMOUS: My PFA is Premium Pension Limited. My issue  as follows. On September 16, last year, I received a text message saying: “Please be informed that people have received approval from PenCom regarding your pension benefit payment. Contact 09-4615700 for further information. The next day, another text message came as follows: Dear member, kindly disregard the SMS received on approval from PenCom. This was sent in error. We apologise for any inconvenience caused as a result of this.’’

Please, help me to understand who is fooling who, because the benefits are overdue to be paid.

PENCOM: Kindly ignore messages on pension payments, claiming they are from the Commission. PenCom does not contact individuals, only Pension Fund Administrators are allowed to contact retirees to notify them on such related issues. However, kindly furnish the commission with your PIN for further investigations to be conducted.

EYO: My name is Eyo. I am on Grade Level 12 of the Nigeria Immigration Service (NCS). I retired on November 25, 2019.My PFA is Premium Pension Limited.

Please, madam, nothing is written about Premium, my pension administrator in the newspaper. One year after I retired, my benefits are not yet ready.

PENCOM: Information from our database indicate that your Accrued Rights and Pension Contributions have been paid into your Retirement Savings Account (RSA). You may liaise with your PFA to check the status.

MUHAMMAD: Hello, my name is Muhammad. I did the document for death benefit of our father since 2019, but the family did not receive any payment and we are going through hardship.

My father, Kudu Bida, worked with the Federal University of Technology, Minna before he passed on on October 6, 2019.

I am the Next of kin (NoK) to my father. His PFA is Sigma Pensions

PENCOM: You are kindly advised to provide the RSA PIN of your late father for your complaint to be resolved by the commission.

ENE: I am Ene. Please, what are the rules and regulations for the payment for the Federal Government’s retirees? Secondly, I retired in April, this year. When will my accrued right be paid?

PENCOM: The rules and regulation for payment of Federal Government’s retirement benefits under the CPS starts by participating in the commission’s Pre-retirement verification and enrolment.

The prospective retiree/retiree needs to contact the Pension Desk Officer (PDO) of his/her MDA to get the documents for enrolment. He/she is also required to come along with the PDO to the enrolment center for his/her attestation. After the enrolment exercise, the retirement benefits are determined and paid into the RSA of the retiree based on the information provided by the retiree during enrolment. But please note that retirement benefits are paid subject to release of funds by Federal Government for payment of accrued rights.

EMMANUEL: Good Day ma, my name is Emmanuel, the son of the late SUPOL James. We have an issue on the pension of our late dad who passed away on March 13, 2015. We have paid the money they asked us to and we have also submitted all the necessary documents. But we have not received any message on his pension. Please help us.

PENCOM: Please, we need further details such as his PIN Number and Pension Fund Administrator (PFA) to enable us to investigate the issue.  We called the number provided by the complaint but it was a wrong one.

The National Pension Commission (PenCom) is revising the 70 per cent profile of Pension Fund Investment portfolio in Federal Government of Nigeria (FGN) Securities.

The profile of the FGN Securities is on the front burner of the National Pension Commission (PenCom), The Nation has learnt.

FGN Securities get investment of about 70 per cent, representing over N8 trillion by May, this year.

The commission is determined to revise the 70 per cent uptake by supporting an investment climate that mitigates an obligor risks and hedges pension fund assets against inflation.

The focus is to have a more measurable impact on the economy through diversified and increased investments of pension funds in infrastructure, real estate and other alternative assets.

The commission made this known in a presentation to reporters in Lagos by its Head, Research and Strategy Management Department, Ibrahim Kangiwa.

Kangiwa affirmed that the pension fund investments have remained largely in favour of FGN Securities due to paucity of infrastructural and alternative asset products in the financial markets.

Speaking on the commission’s efforts to increase uptake of pension funds investments, he stated that engagement with relevant stakeholders to promote safe investment in infrastructure development was ongoing.

He further stated that there were  also collaborations with some government agencies and the organise private sector for viable Public-Private Partnership in infrastructure for pension fund investment.

He added that there was the establishment of the Non-Interest Fund (Fund VI) among the Fund types to be managed by PFAs, noting that this required the Pension Fund Administrators (PFAs) to invest Fund VI assets in ethical and non-interest compliant instruments in line with Islamic Financial Jurisprudence.

He further said the increased portfolio diversification of pension fund investments is one of the five strategic guidance for the Commission in the financial year.

He said: “Following the termination of the Corporate Strategy in December 2020 and the need to develop provide strategic guidance for the commission in the 2021 financial year, pending the development of a new Corporate Strategy, the Director-General, Mrs Aisha Dahir-Umar on November 2, 2020 unveiled a five-prong strategic approach that steadily pursue increased portfolio diversification of pension fund investments.

“Others are sustainable growth of the pension industry through expansion of coverage of the CPS with special emphasis on states and the informal sector; enhanced pursuit of the resolution of the pension liabilities of the Federal Government under the CPS; public awareness campaign efforts and; the vigorous improvement of customer service delivery.’’

The Contributory Pensioners Union of Nigeria (CPUN), Southwest Zone has appealed to the National Pension Commission (PenCom) to pay their members their benefits, including the 15 per cent and 33 per cent increase in pension.

They are also asking for minimum pension, payment of accrued interest on the accrued right since 2007 and that of pension to professors.

The pensioners, however, commended the commission for the prompt payment of their monthly pensions from programmed withdrawal and annuity.

The Chairman of the association, Chief J. B. Idowu, during the peaceful protest for the welfare of Contributory Pension Scheme (CPS) retirees, said his colleagues had high hopes that the plight of pensioners would improve with the CPS.

He said: “With the introduction of the CPS, through the PRA Act of 2004 as amended, we had hoped that the plight of pensioners would improve and thus live a better life after retirement.

“The monthly pensions in form of programmed withdrawal and annuity are promptly paid and this is commendable. But we are asking for the arrears of our benefits after 12 months of retirement.The payment of pension one year after retirement seems to have become the norm.This is unacceptable more so that the act says pensioner should be paid not more than three months after retirement.

“We are sad that PenCom has not implemented the increment of 15 per cent and 33 per cent in pension since 2007 and 2010. Despite various promises from the commission, we are yet to enjoy this increase that have been implemented and enjoyed by pensioners of Defined Benefit Scheme (DBS). There is also a new conseqential adjustment in pension due to the latest increase in workers’ salaries and wages for DBS pensioners. They are already enjoying this and smiling to the market neglecting CPS pensioners contrary to PRA Act 2004 as amended.”

On minimum pension, he said: “Part XI subsection 84(1) of PRA 2004 as amended stipulates that retirees that have contributed to a Pension Fund Administrator (PFA) for a number of years is entitled to a guaranteed minimum pension from time to time. A situation, where pensioners receive monthly pension as low as N3,000, is not acceptable. We have at several times appealed to PenCom to have a statement on this vexed issue.

“There is also the issue of non-payment of accrued interest on the accrued right since 2007 till date. No doubt, pensioners of CPS have not received any interest on their accrued benefits since inception to the time of retirement. We request your urgent attention to this to ensure that interest on arrears are calculated and paid at the Federal Governement official rate as at time of retirement.

“Furthermore, we want full salary payment as pension to professors. PenCom should set machinery in motion for the implementation and payment of full salary to professors under the CPS.’’