By Omobola Tolu-Kusimo

A Pension Fund Administrator (PFA), Radix Pension Managers, has said the Return on Investment (RoI) on pension funds under its management has continued on a positive trend as the PFA stands among the top PFAs whose RoI yields the highest returns.

The RSA Fund III RoI from January to August, this year for PFAs indicated that Radix emerged among the top five PFAs with high performance.

Fund III, one of the four distinct funds of the RSA Multi-Fund Structure introduced by the National Pension Commission (PenCom), allows a contributor to choose the fund through which his or her pension contributions would be invested by his or her PFA.

Also, RSA Multi-Fund Structure is designed for investing pension contributions based on the age and risk profiles of RSA holders.

The four distinct funds differ from one another based on age classification, namely, Fund I (less than 50 years, but based on request.

This fund is, particularly, suitable for contributors with a longer duration of employment as their fund can be invested in a higher yield); Fund II (default fund for contributors less than 50 years.); Fund III (50 years and above); Fund IV ( for retirees).

The rates of return on pension fund investments vary  yearly, depending on prevailing economic conditions and performance of the financial markets, as well as the investment strategies of the various PFAs. However, the Commission monitors the PFAs to ensure that returns are competitive and fair.

Income generated from investing pension contributions is distributed into the RSAs of contributors based on the proportion of their assets.

Radix, however, recorded a 14.78 per cent return between January and August, this year on the investment made for contributors in this category.

Meanwhile, the PFA also performed well in the investment of funds under the RSA Fund I, Fund II and Fund IV with an average aggregate return of 9.28 per cent over the same period, which is above the industry average RoI.

Radix Pension Managers Managing Director, Mr Kunle Adeboye, in a statement, attributed the performance of the company’s funds to efficient investment strategy.

According to him, the economic review of the first half of 2020 showed a major hit on the economy from the impact of the pandemic that is ravaging the global economy, with weeks of lockdown witnessed in major economic nerves of the country.

He said despite the high volatility witnessed across markets, including the equities market and fixed income, coupled with instability in the economy in Quarter 1 2020, the RSA Fund I, II, III & IV had returned 3.11 per cent, 5.81 per cent, 7.64 per cent and 6.84 per cent in Q 1 2020.

Consequently, the funds have returned an average of 80.02 per cent from inception across funds.

He maintained that irrespective of events and trends across markets and the economy, Radix Pension Managers remains committed and resolute in ensuring that it attains optimum return on each fund through efficient investment strategy driven by sound research and risk management process.

By Omobola Tolu-Kusimo

The National Pension Commission (PenCom) has said the nominations of Acting Director-General (DG) of PenCom, Mrs. Aisha Dahir-Umar, for confirmation by President Muhammadu Buhari is in accordance with the Pension Reforms Act (PRA) 2014 and the Constitution.

This followed reactions trailing the submission of the names by Buhari to the National Assembly last week.

A lawyer and the Executive Director, Centre For Pension Right Advocacy, Ivor Takor  also said the growth and future of the pension sector which  has over N11.08 trillion fund assets is dependent on entrenchment of a formidable board.

Takor, a former director of PenCom, added that the news of the nominations came as a big relief to him.

He submitted that the confirmation of Mrs. Dahiru-Umar would ensure continuity in the Commission, especially as the chairman and the four commissioners are fresh hands.

Takor said the industry looks forward to Senate’s confirmation of the appointments.

He said: ‘’The Section provides: ‘The Chairman, Director-General and the Commissioners shall be appointed by the President subject to the confirmation by the Senate’.

“Section 19 (2) provides that the Board of the Commission shall consist of (a) a part-time Chairman who shall be a fit and proper person with adequate cognate experience in pension matters; (b) the Director-General of the Commission; (c) four full-time Commissioners of the Commission; (d) a representative each of the following agencies and institutions: Head of the Civil Service of the Federation; Federal Ministry of Finance; Nigeria Labour Congress; Trade Union Congress of Nigeria; Nigeria Union of Pensioners; Nigeria Employers Consultative Association; Central Bank of Nigeria; Securities and Exchange Commission; Nigeria Stock Exchange; and National Insurance Commission.

“The Board of PenCom was dissolved in 2015 or thereabout and for almost five years, the Commission has been without a Board. It has become a convention in Nigeria that once a new administration is sworn in at the Federal level, all Governing Boards of Federal Government Agencies are dissolved and reconstituted at the pleasure of the President. In the absence of the Board, PenCom has been managed by a Director-General and by an Acting Director-Director General.”

According to him, it is important to note that out of a Board membership of 16, 10 of them are institutional representatives of critical stakeholders in the pension industry, whose input are critical in the formulation and provision of policy guidelines for the discharge of the functions of the Commission; monitoring and ensure the implementation of policies and programmes of the Commission; and carrying out such other functions as necessary or expedient to ensure the efficient performance of functions of the Commission under the Act.

He maintained that it is to the credit of Mrs Aisha Dahiru-Umar and members’ of the Management Team that PenCom has been able to move the pension industry forward through effective regulation and supervision of the industry; ensuring increased level of compliance by private sector employers; under their watch, small and medium enterprises are increasingly embracing the CPS; expanding the coverage of the CPS through the Micro Pension Plan, which as at June, witnessed 51,974 informal sector workers enrolling into the CPS, contributing N42.1 million; under their watch, RSA registration grew to 9, 039,727 as at second quarter of 2020 growing pension assets to N11.08 trillion during the same period; and by ensuring that pension operators are managed by fit and proper persons, thereby ensuring that the industry continue to be insulated from fraud and maladministration, thereby securing pension funds and assets.

ASUQUO: I am Asuquo from Akwa Ibom State. Please what

are the rules and regulations of payment for Federal Government 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 exercise.

The prospective retiree/retiree needs to contact the Pension Desk Officer (PDO) of his/her MDA to get the necessary documents for enrolment. He/she is also required to come along with the PDO to the enrolment centre for his/her attestation. After the enrolment, 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 the release of funds by Federal Government for payment of accrued rights.

FOLOWOSELE: My name is Folowosele. I retired as a civil servant. Please what are the documents  I need to submit to PENCOM to process my pension.

PENCOM: You need to contact the Pension Desk Officer (PDO) of your MDA to get the necessary documents for enrolment. You are also required to come along with the PDO to the enrolment centre for his/her attestation.

AMPITAN: Mr name is Ampitan. I retired from service on January 31, 2005. I am not on pension payroll up till date after being verified by PTAD. I did my verification on September 18, 2017 at Rowepark, Lagos. Please save my soul.

My gratuity, pension arrears and monthly pension are yet to be paid, while others have been receiving. I started work on December 18, 1972 and retired on January 31, 2005. My claim is CSPD (Fed Share). I have submitted my documents several times, yet nothing has been done by PTAD on my case.

Kindly save my soul. My mother gave birth to nine children, of which I am the only son. I lost my sisters. Now I am the last born. I am facing a life-threatening challenge of my life. All my efforts are not yielding results.Thank you and God bless.

PTAD: Pensioner should scan and send a copy of his pensioner verification acknowledgement slip to complaints@ptad.gov.ng to enable us review and update him on the status of his complaint.

FASUYI: Dear Omobola, my name is Fasuyi, a military pensioner, who retired in 1979 as Corporal with effective pension date of October 16, 2015.

After my verification at Akure Military Barracks on October 16, 2015, I have not received any money since my retirement.

Please I need your help. Do not let me die in vain and suffering after serving my nation with all my might. I am waiting to hear from you.

PTAD: The pensioner is not under PTAD because he said he worked and retired in the Nigerian Army. He should direct his complaint to the Military Pensions Board, not PTAD. We have contacted the pensioner on his mobile phone to advise him accordingly.

OWAH: The Cross River State Association of Retired Permanent Secretaries wishes to bring to your notice that PTAD verified Cross River State (CRS) pensioners in February 2017, collected photocopies of our Blue papers for payment of our federal share of harmonised pensions arrears but has not paid up till date. We addressed an appeal dated February 26, this year to the Executive Secretary, PTAD, Dr. Chioma Ejikeme, to no avail. The frequent excuses of non-release of funds (when funds are being provided in yearly budgets) have assumed a toga of in human treatment of Senior Citizens of CRS, resulting to geometric rate of premature deaths owing to illness.

Please come to our aid and remind PTAD to redeem its image by paying us.

PTAD: Parastals Pensions Department is working to resolve complaints of verified pensioners.

However, the pensioner is advised to scan and send his pensioner’s verification acknowledgement slip to complaints@ptad.gov.ng to enable us review and update him on the status of his complaint.

He should also provide his contact phone number to enable us contact him.

BULUKU: Kindly pursue my federal share of gratuity for me, the amount involved is N88,833. I am already on federal civil pension monthly pay role. I hope you will provide more information for me, please.

PTAD: Please scan and send his pensioner’s verification acknowledgement slip and original stamped and signed bank statement from retirement to date to complaints@ptad.gov.ng to enable us review and resolve his complaint.

OJOADE: My name is Ojoade, from Ondo State. I want to tell the PTAD management about my father’s case.

My father, Mr Manase, is a retiree from the old defunct National electric Power Authority (NEPA) in 1999, his monthly pension salary is regular, but the gratuity and pension arrears have not been paid despite physical appearances to PTAD. I want you to use your good office to investigate the delay. My father is old. Let him eat from his labour. I need an urgent reply.

PTAD: Parastatal Pensions Department is working to resolve complaints of all verified pensioners. However, he is advised to scan and send his Father’s pensioner verification acknowledgement slip to complaints@ptad.gov.ng to enable us review and update him on the status of his Father’s complaint.

By Omobola Tolu-Kusimo

IEI-Anchor Pension Managers Limited’s assets have risen to N109 billion.

It leapt from by 18.6 per cent from N92.9 billion in 2018 financial year.

The Pension Fund Administrator (PFA) generated 7,965 Retirement Savings Account (RSA) Personal Identification Numbers (PINs) during the period under review.

At the company’s virtual 2019 Annual General  Meeting, the Chairman, Senator Rufai Hanga, said he was optimistic that the coming year would usher in new vistas  for growth of the PFA.

He said: “The industry ratings on our funds have also risen. Of the 22 Pension Fund Administrators (PFAs), we were the Eighth in ranking on RSA Fund I, second in Fund II, 18th in Fund III and 16th in Fund IV; this was as at July,2020.

“This portends a continuous improvement for the company. I am by this appreciating our management team and urging them to maintain this momentum. We are also expanding our projections to increase our client base,” he added.

Managing Director Mr. Glory Etaduovie said in the next four years, the company would have doubled its worth and value in terms of AUM, size of revenue income, market relevance and acceptability, staff size, job security, efficiency and productivity as well as highly improved industry reputation.

He said: “The Information Technology department holds a strategic place in the heart of most organisations. It is no less so in the pension industry. Our last year’s theme was ‘Inclusion and digitalisation’.

‘’It underscored the recognition and importance given to it in our growth plan. The Information Technology Department has been enhanced, and is still undergoing transformation for more competitive services. It has been enhanced to the enable data recapture campaign activities and the strongly approaching transfer window.

“A good customers’ service experience is near impossible in modern business without an efficient ICT infrastructure in place. Due to the dynamic nature of ICT world, there is still much room for improvement requiring much capital investment.”

On micro pension, he said the concept remains a strong business growth potential, although would require patience, good entry strategies and needed business aggression with clear vision of the task ahead.

Stating that over 60 percent of the country’s population fall under the informal sector and are largely unharnessed, he added that, a deliberate policy and plan would be required to drive this.

“With increasing drive towards medium and small-scale entrepreneurship to absorb our teeming unemployed graduates, it is a direction to give attention, before we become late starters. Lessons are being drawn from second and third tier PFA entrants’ challenges,” he pointed out.

He continued: “The potential that about 10 million contributors would desire a switch cannot be overlooked. Consequently, the regulator and the PFAs have been working to keep pace with all developments. A successful data recapture exercise and veritable ICT is critical to this.”

The transfer window, according to him, will play a key role in the dynamics of the year, noting that,we are  working hard to minimise the number of contributors from porting to other PFAs through efficient customer service and experiences.

He added: “We still have gaps industry-wise, areas  we can get increased support for staff motivation and welfare. Modern firms are run today by man, machine and computer. The most important of these three is the man, because he is self-engaging, dynamic and critical for results. The quality and motivation of these staff often determine the difference between one organisation and the other. Hence the thoughts behind the theme: People, Purpose and Passion.”