The Nation Newspaper

Category: Pension

  • New York state regulator investigating pension transfer deals

    New York state’s financial regulator has subpoenaed four insurance brokers as part of a broad investigation into an industry in which life insurers take over corporate pension plans from companies that want to offload them, according to two people familiar with the matter.

    At issue is whether brokers, who help put such deals together, solicited insurers who are not licensed in New York to take on the pension transfers, the people familiar with the matter said.

    The New York State Department of Financial Services (NYDFS), issued subpoenas to units of Morgan Stanley, Aon PLC, Willis Towers Watson PLC and Mercer, a unit of Marsh & McLennan Companies Inc, seeking documents about their communications with insurer Athene Holding Inc about “pension risk transfer” transactions, the people said.

    Athene said it has been contacted by the regulator. “We confirm that the New York State Department of Financial Services (NYSDFS) has requested information regarding our PRT business,” the insurer said in an emailed statement to Reuters. “Athene is fully cooperating with the NYSDFS.”

    Representatives for the other companies declined to comment.

    New York’s financial regulator has authority to fine entities that it regulates and revoke their licenses to do business in New York.

    Pension risk transfers are a lucrative business for life insurers and others involved with the transactions.

    The deals have been around since at least the 1920s, but rising interest rates and stock market gains in recent years have helped to make them more common. That allows companies looking to purge their pension liabilities to more easily meet the requirement of fully funding their plans before selling them.

    Insurers taking over a plan typically write a group annuity contract to cover those pensions, which generates payments to the retirees. Insurers are essentially betting that they will make more in investments than they pay out in pensions.

     

    • Culled from Reuters

  • Unico CPFA relinquishes licence

    Unico CPFA Limited, one of the licensed closed Pension Fund Administrators, has relinquished its licence and exited the pension business.

    Consequently, the CPFA has transferred the pension funds in its kitty to the Pension Fund Administrators (PFAs) chosen by its members.

    The National Pension Commission (PenCom) made this known in its Fourth Quarter 2018 Report.

    Similarly, First Guarantee Pension Limited, a Pension Fund Administrator (PFA) under regulatory intervention by the National Pension Commission (PenCom), has a new interim management committee, The Nation has learnt.

    PenCom has constituted a new four-man interim management committee with Mr. Ivor Takor as the Chairman.

    The report read: “During the period under review, Unico CPFA Limited relinquished its operational licence and exited the pension business. This was due to the decision of the sponsor, UACN PLC, to discontinue the scheme. Consequently, the CPFA has wound-up its pension plans and transferred the funds into the RSAs of all its members with PFAs of their choice.

    “The Commission continued its regulatory intervention on First Guarantee Pension Limited. However, a new four-man interim Management Committee was constituted by the Commission with Mr. Ivor M. Takor as the Chairman.

    “The PFA continued to provide services to its clients with a satisfactory solvency and going concern status. The Commission continued its efforts to ensure expeditious resolution of the shareholders’ dispute in the PFA with a view to ending the regulatory intervention.’’

    The report added that First City Monument Bank (FCMB), a shareholder of Legacy Pension Managers Limited, has acquired majority shares in the PFA. The commission gave its approval on July 26, 2018. Consequently, the name of the PFA was changed to FCMB Pensions Limited.

    Also, the majority shareholder of FUG Pensions Limited, UnityKapital Assurance Plc, has changed the company’s name to Veritas Kapital Assurance Plc.

    The commission has okayed the  new name.

  • Pension complaints and solutions

    EKELEME: My name is Ekeleme. I registered with First Guarantee Pension. My complaint is: I have not got updates on my account since 2013. Their website is not working. Please what do I do? Thanks – Ekeleme, University of Nigeria, Nsukka.

    THE NATION: The Nation will intervene by sending your complaint to PTAD. Do watch out for the newspaper next Wednesday for a response from the commission and subsequently every week for pension news.

    JOEL: I am a former employee of a Federal Government agency. I have been out of employment since 2013. I have over N2million as my contributory pension. I want to change my PFA because I am not satisfied with its performance. Is it possible to do so? Thanks.

    PENCOM: Section 13 of the PRA 2014 allows an RSA holder to change his/her PFA not more than once  yearly without giving any reason. The Commission is opening a transfer window to enable contributors move from one PFA to another.

    ONYAKA: Does First Pension Limited still exist as a Pension Fund Manager?

    PENCOM: Yes. It is now known as First Guarantee Pension Limited.   Its address is: Irorun Plaza, No. 65, Kudirat Abiola Way, Oregun, Ikeja, Lagos. http://www.firstguaranteepension.com

    TAYO: In view of the Pension Act, what are the modalities for paying those who joined the civil service in 2003?

    PENCOM: It is any employee who is entitled to retirement benefits under any pension scheme before the  June 25, 2004, the commencement date of the Pension Reform Act, 2004, falls under the Contributory Pension Scheme (CPS).You may liaise with your PFA for advice.

    ABDULSALAM: My name is Abdulsalam, a staff member of Yaba LCDA, Lagos. I have been with Stanbic IBTC PFA since its inception. But just this month, my pension fund was transferred to Leadway PFA without my authorisation. Please, what can I do because I want Stanbic IBTC as a pension manager?

    STANBIC IBTC: Please note that in line with the first Personal Identification Number (PIN) rule, as stipulated by the National Pension Commission (PenCom), the first Retirement Savings Account (RSA) PIN obtained by an RSA holder, should be maintained. Based on the above, the first PIN generated for Mr. Abdulsalam by PenCom is with LeadWay Pension and ours is the second PIN.

    Consequently, his contributions were transferred to his valid PIN with LeadWay as approved by PenCom. His second and invalid PIN was invalidated on our records.

    Mr. Abdulsalam can transfer to us once the window is declared open by PenCom.

    ABDULLAHI: My name is Abdullahi. My PFA is Trustfund. I  retired since 2014 and I did my biodata in August, last year. I later went to my PFA to request for the 25 per cent of my total savings, but was told that PenCom did not send money to MDA. I am seriously in need of cash because my children’s school fees is becoming a problem.

    TRUSTFUND PRISCA: Thank you. But we need this customer’s PIN to act on this.

  • Trustfund prepares retirees for life after retirement

    Trustfund Pensions Limited has embarked on an enlightenement campaign on life after retirement for its retirees.

    The Pension Fund Administartor (PFA) hosted the retirees last week, beginning with those resident in Lagos State.

    Its Regional Manager, Obiora Okoekwem, said the Pre-Retirement and Retiree Forum was aimed at  bridging the gap between them the PFA, adding that the PFA organises the forum yearly to acqaint  retirees with developments in the pension industry as it affects them.

    He assured that the company will be socially responsible and continue to protect their investment.

    He said: “We are interested in the welfare of our retirees. We organise health walk annually for retirees and Corporate Social Responsibility activities such as essay competitions for children of eligible customers including retirees and winners are entitled to sums equivalent of tuition fees.

    “Retirees under this Contributory Pension Scheme (CPS) are enlightened by expert on the business lines to venture into with minimal risk. We shall be celebrating our retirees who have clocked 70 years and above in different regions.

    “We want our retirees to beware of fraudsters. They are not required to pay any amount for processing of their benefit. We have successfully managed their pension contributions for years without hitches and grown their account with impressive returns. We are ethical and their funds are fully protected. Our retirees have no reason to be afraid of what becomes of their money.”

    Speaking on benefits of Programmed Withdrawal for retirees, he said: “While pensions are being paid on a monthly or quarterly basis, the balance in the account is invested in line with PenCom investment guideline. Return on investment of the retiree fund IV is credited with the individual retiree account which is reflected as growth in the retiree account.

    “The return on investment and growth can be seen in the retiree statement of account, which statutorily is made available to retiree on a quarterly basis or anytime on request. However, balance can be viewed on their phones. Following the growth in account, a retiree on Programmed Withdrawal is entitled to pension enhancement.

    “Where the balance in the retiree’s account is fully exhausted, the PFA is obligated to keep paying pensions to such retiree from Pension Protection Fund pending the implementation of the Minimum Pension Guarantee. Where the retiree expires/dies, the survivors or beneficiaries of the deceased are entitled to the balance available in the deceased account. Where the retiree dies intestate, the PFA render gratuitous service of Letter of Administration verification in the probate registry to fast track payment of benefits,” he added.

  • Stanbic IBTC wins regional pension, wealth management awards

    Stanbic IBTC Holdings Plc has won the Best Asset/Fund Management firm and Best Private Banking Business in Wealth and Society West Africa at the Global Wealth and Society Awards West Africa 2019.

    The awards further validated Stanbic IBTC’s standing as a leading end-to-end financial services organisation with market leadership across segments, including wealth management, corporate and investment banking, pension fund administration, stockbroking, custody, trusteeship and others.

    Stanbic IBTC Asset Management Limited won the Best Private Banking Business in Wealth and Society in West Africa, while Stanbic IBTC Pension Managers Limited picked the Best Asset/Fund Management Company in Wealth and Society, also in the West Africa category.

    The award ceremony held in conjunction with a Roundtable Dialogue, which comprised private bankers, impact investors and related parties, at the Eko Hotel, Lagos. These new accolades complement the numerous recognitions awarded to both companies in 2018.

    Stanbic IBTC Pension Managers Limited Chief Executive, Mr. Eric Fajemisin, said being singled out among peers is gratifying and: “we are very pleased to have been selected for recognition as the Best Asset/Fund Management Company in West Africa”.

    He added: “It is another prestigious award made possible by our esteemed and loyal customers. Our customers constantly challenge us through their patronage and positive feedback, allowing us to push the envelope in innovative service to ensure they get full benefit of partnering with us.”

    Stanbic IBTC Asset Management Limited Chief Executive, Mr. Oladele Sotubo, expressed the firm’s delight for being recognised by such a reputable and credible organisation from a pool that included some of the industry giants in Africa.

    He said the awards further demonstrated Stanbic IBTC’s strength and desire to consistently provide best-in-class financial services solutions across all market segments by leveraging the expertise and rich heritage of the Standard Bank Group to which Stanbic IBTC Holdings belongs.

    “These awards are testaments to our capabilities and competences across all business segments, and speak to our unwavering dedication to consistently deliver innovative and robust solutions to our clients,” Sotubo said.

    The Global Wealth and Society programme, according to its promoters, opened in London in 2018  out of the belief that wealth can be a force for good. “As such, we look for instances everywhere in the world where wealthy individuals, institutions and funds were targeted to make an impact in their local communities or the world at large,” he said.

    Stanbic IBTC Money Market Fund is the institution’s most profitable product as well as the largest open-ended mutual fund in Nigeria and Socially Responsible Investment Funds and its customer-centric strategy drove strong Assets Under Management (AUM) growth for firm.

    Stanbic IBTC Pension Managers Limited, on the other hand, is the country’s largest pension fund administrator with a proven record of finance tracking and the protection of investments. The company’s Retiree Fund 4 was the best performing fund in its category for 2018, with a YTD return of 15.54 per cent compared to the average of 12.66 per cent for Retiree Fund 4 in Nigeria.

    The company manages the largest Retirement Savings Account Fund (RSA) in Nigeria and is consistently providing products and services that meet customer, statutory and regulatory requirements. In addition to this, the PFA has continued to attract new clients, recording strong growth in AUM and a jump in high net worth clients in 2018.

  • Pension complaints and solutions

    ADEGBOLA: My name is N.O. Adegbola. I am the Chairman of the Nigeria Union of Pensioners (Nigerian Stored Products Research Institute). One of my members Mrs Silverline was not paid by PTAD for the months of August, September, October and December 20l8. I have sent many messages to PTAD on the issue without any success. I would be eternally grateful if you could help me sort out this problem with PTAD in Abuja. I thank you so much for your previous interventions. N.O. Adegbola, Ilorin, Kwara State.

    THE NATION will intervene by sending your complaint to PTAD. Do watch out for the newspaper publication next Wednesday for a response from the commission and subsequently every week for pension news.

    ISA: This is from one of Pre-1996 railway pensioners in Nasarawa State. Our 18 months’ arrears, which are part of 52 months since the time of former President Goodluck Jonathan, is yet to be cleared. Secondly, railway pensioners are the least paid nationwide. Kindly use your position and good office to help solve our problems. We thank you for being there for us.

    THE NATION will intervene by sending your complaint to PTAD. Do watch out for the newspaper publication next Wednesday for a response from the commission and subsequently every week for pension news.

    ESHIET: I retired on June 5, 2003 from the service of former Government. C. Agency, changed to National Clearing and Forwarding Agency, having been paid my pension since 2008 till march 2018. But my pension stopped since April 2018 till date.

    THE NATION will intervene by sending your complaint to PTAD. Do watch out for the newspaper publication next Wednesday for a response from the commission and subsequently every week for pension news.

    EKELEME: My name is Ekeleme, I am registered with First Guarantee Pension. My complaint is that I have not got updates on my account since 2013. Please what do I do. Their website is nothing to write home about. Ekeleme, University of Nigeria, Nsukka. Thanks

    THE NATION will intervene by sending your complaint to PTAD. Do watch out for the newspaper publication next Wednesday for a response from the commission and subsequently every week for pension news.

    EDWARD: I worked under the government of Akwa Ibom State and retired as the Chief Confidential Secretary, Public Service Office, Governor’s Office Uyo. Since retirement with effect from 1996 the retirement was effected retrospectively in 2003 because my last promotion of 1990 was released in 2002 after the Federal Government took over payment of federal share from state government. This is why I have not been paid till today. Please intervene for me. Thank you PenCom.

    THE NATION will intervene by sending your complaint to PTAD. Do watch out for the newspaper publication next Wednesday for a response from the commission and subsequently every week for pension news.

    REUBEN: I was promoted to the rank of Assitant Superintendent of Police  after the pension verification on 20/07/2017.  I sent my submission of evidence of promotion after verification dated 15/12/2017 through Southsouth zonal office of your commission in Calabar, Cross River State.  But I was paid below my grade and step, what can I do?

    THE NATION will intervene by sending your complaint to PTAD. Do watch out for the newspaper publication next Wednesday for a response from the commission and subsequently every week for pension news.

    JOHNSON: I, Johnson Olusoji Olorunwo, wish to complain that my pension salary since August, 2008 is yet to be paid till date to me. Kindly check your records and make the amount payable to alleviate my financial burden. Thanks and be blessed.

    THE NATION will intervene by sending your complaint to PTAD. Do watch out for the newspaper publication next Wednesday for a response from the commission and subsequently every week for pension news.

    MAYAKI: I retired from Ministry of Defence under Nigeria Air Force (NAF). Retirement was October 2018. I served as a teacher under NAF. Please when will my gratuity be ready? I was under SIGMA PENSION. Thank you

    THE NATION will intervene by sending your complaint to PTAD. Do watch out for the newspaper publication next Wednesday for a response from the commission and subsequently every week for pension news.

  • Crisis rocks Reps Pencom Probe: Group demand Wole Oke’s removal

    The House of Representatives probe into the alleged missing N32billion pensioners funds involving the National Pension Commission (PenCom) may have run into a brick wall.

    A group under the aegis of Dynamic Patriotic Citizens Foundation, a non-governmental organization is requesting that Chairman House Committee on Procurement, Hon. Wole Oke, be removed from heading the probe.

    Recall that barely a month and a half ago, the Chairman of an adhoc committee investigating Pencom, Hon. Johnson Agbonayinma excused himself after Pencom wrote House leadership demanding his withdrawal.

    In a petition dated 14th May, 2019 and addressed to the House of Representatives joint committee on procurement and Pensions, the chairman, Board of Trustees of the NGO, Tolu Babaleye, said it has been following reports regarding some weighty allegations by insider whistleblowers in PenCom.

    He said the allegations exposed corruption and abuse of office by the acting director general, Aisha Dahiru Umar who he claimed had been acting without a board and executive committee for over two years.

    Babaleye after a session at the probe and while speaking with reporters yesterday, wondered why the sudden discontinuation of the adhoc committee investigation led by Hon. Johnson Agbonayinma

    The group wanted to know why Wole Oke (PDP, Osun) who Agbonayinma accused of conniving with PenCom DG to scandalise his name in now heading the investigation, particularly against allegations of his interest in the probe.

    Before his resignation from the probe panel Agbonayinma had indicted Oke while briefing the press, saying that Oke brought the PenCom DG to his office asking what it would take for him to drop the investigation.

    But the NGO is in the petition making fresh allegations regarding conflict of interest involving

    Babaleye while briefing reporters said Oke is a contractor with the apex pension regulator as he owns a company, Debra K. Limited which allegedly is a contractor with the Commission.

    He said: “Allegations against the Chairman of this Joint House Committee, Oluwole Oke. As the House Committee Chairman on Procurement, he ‘is said to have very close links with several companies, including DEBRA K Limited, with which he does business and contracts at PENCOM.

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    “Curiously, the companies were not listed and neither him nor PENCOM has refuted these grievous allegations in writing and in the media since it was made public. Wole Oke needs to tell the public here whether he has interest in the companies or not”, the group said.

    Oke, however, debunked the allegation as efforts to divert attention from the subject of his investigation which is purely on procurement matters in PenCom from 2014 to 2017.

    According to him, he neither has any personal relationship with the organisation or any company doing any business with PenCom.

    He said “The said company Debra K. that they said I have interest is a company based in Nkpor in Anambra state with the shareholders all based there.

    ” I’m not from there and I don’t know any of these people except that our search on CAC website showed us their details”,

    He also spoke on the issue of duplication by his committee and the ad-hoc committee.

    His words: “For the purpose of the House not becoming a laughing stock of the people, we, based on our parliamentary experience had to wait to see if the adhoc panel was doing anything similar when we got the referral, but they were two different things.

    “And we wrote to PenCom to give us their procurement records within the period and they did. We also called all the companies listed in PenCom documents and they made presentations including the Bureau if Public Procurement which is the regulatory agency.

    “But the company these people are saying has link with me is based in Anambra and the shareholders are also based there. But if they dispute that, a simple search at the CAC would prove what I’ve said.

    “And again, saying that I’m an interested party in PenCom is even more far from the truth because as a lawmaker, I’ve sponsored bills that removed some agencies from the purview of PenCom and they see me as someone who’s trying to dismantle them.

    “I sponsored the bill that removed the Armed forces from the control of PenCom which was assented to by the president. So for that, those in PenCom don’t even like me and don’t want to see me. My relationship with them is strictly official as a lawmaker.

  • Pension complaints and solutions

    LICY: My name is Abdullahi, my PFA is Trustfund Pension. I have retired since 2014 and I have done my biodata in 2018 August; and after that I went to my PFA, Trustfund, to request for my 25 per cent of my total savings, but I was told that PenCom did not send money for MDAs. I am seriously now in need of money because my children’s school fees have become a problem. Please I need your quick response. Thanks.

    PENCOM: The relevant Department would require the PIN of the complainant in order to assist him further

    ABDULSALAM: My name is Abdulsalam, a staff of Yaba Local Council Development Area. I have been with Stanbic IBTC since its inception. But just this month my pension fund was transferred to Leadway PFA without my authorisation. Please what can I do because I want Stanbic IBTC as my pension manager.

    PENCOM: The relevant department would require the pin of the complainant in order to assist them further

    OLAYORI: Good day, my name is Olayori. I am a retiree of National Assembly Commission. I worked as a legislative aide to a former senator. We left National Assembly in 2011 and I have been collecting pension of the sum of N7872.87 monthly. However, since November last year, the payment has stopped. My pension company is Iei-Anchor Pensions. It will be appreciated if you could assist to find out why the payment stopped.

    PENCOM: The relevant department would require the PIN of the complainant in order to assist them further.

    ADIGUN: My name is Adigun and my PFA is First Guarantee. The issue I want to discuss affects all contributory pensioners, who are Osun State government employees that retired from 2016 to date. None of these sets have received either gratuity or pension since they retired. The real problem we are having is not known as we were being fed with lies by various concerned PFAs from time to time. Kindly look into this and advise us on the way out of this predicament.

    PENCOM: The relevant Department would require the PIN of the complainant in order to assist them further.

    IBRAHIM: My name is Ibrahim and I work with the Nigeria Immigration Service, a Deputy Superintendent of Immigration (DSI) by rank. My RSA initially was domiciled with the acquired Amana Pension Limited, that was at the time of my documentation at Gwagwalada Para-military Board in 2009. After registering with Amana before it folded up, my PIN was not given to me and I was left in the dark for quite a number of years until IPPIS made me to understand that Sigma Pension acquired Amana Pension. I contacted Sigma and complained. They advised me on a new RSA registration and after doing the registration and given the new pin number, they later called me and informed me of an old PIN that Amana never gave to me. Sigma later advised me to use the old pin, of which I agreed. My complaint now is that, as IPPIS started paying my salary, my pension deduction from Sigma is being updated based on the deduction from the commencement of IPPIS without the previous balance from my RSA hitherto domiciled with Amana. Please I need your help.

    PENCOM: The relevant Department would require the PIN of the complainant In order to assist them further.

    Abdullahi. My name is Abdullahi Mohammed, My PFA is Trustfund, I have retired since 2014 and I have done my biodata in 2018 August. After that I went to my PFA, Trustfund, to request for 25 per cent of my total savings, but I was told that PenCom did not send money for MDA and I am seriously now in need of money because my children’s school fees is becoming a problem. please I need your quick response. Thanks. I want to know from Omobola pension solution when my friend who started working for the Federal Government at 21, and was retired at 39 paid gratuity; when will she be paid pension monthly? She was retired 12 years ago. She is now 51 without pension. When will she start receiving pension monthly? Thanks for your attention.

    PENCOM: The relevant Department would require the PIN of the complainant in order to assist them further

  • PenCom probes PFAs over corporate governance, others

    The National Pension Commission (PenCom) has investigated some Pension Fund Administrators (PFAs) over corporate governance matters, irregularities in payment of death benefits and service delivery issues.

    In its 4th Quarter (Q4) 2018 report, the Commission said other major issues observed from the review of the PFAs compliance reports are multiple PIN registration, uncredited pension contributions, exposure to Federal Government bonds and treasury bills relative to Net Asset Value (NAV) and delay in the payment of retirement benefits.

    Others were payment of accrued rights of treasury funded retirees and outstanding commitments from previous routine examinations carried out by the commission.

    The Commission said it also carried out special/target examination on Veritas Glanvills Pension Limited and Unico CPFA Limited, winding down of operations.

    The report reads: “The Commission maintained its consultative philosophy in the regulation and supervision of the pension industry during the quarter under review. The risk-based examination approach was implemented as a way of promoting transparency and providing early warning signals as well as encouraging pension operators to regularly self-evaluate their positions.

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    “While carrying out surveillance on the industry, the Commission conducted routine examinations of 31 licensed operators comprising 21 PFAs, 6 Closed Pension Fund Administrators (CPFAs) and 4 Pension Fund Custodians (PFCs), using the new Risk Based Supervision (RBS) model.

    “The new approach is in line with the RBS methodology adopted by the Financial Services Regulation Coordinating Committee (FSRCC).

    “The Commission also carried out special/target examination on the following operators:  Veritas Glanvills Pension Limited; and  Unico CPFA Limited (wounding down of operations).

    “The Commission also undertook several investigative activities during the period under review. The investigations were prompted by complaints from customers, whistleblowers and information from offsite surveillance. The investigations covered issues bordering on corporate governance matters, irregularities in payment of death benefits and service delivery issues.

    “The Commission also reviewed monthly compliance reports submitted by pension operators. The major issues observed from the review of these reports were multiple PIN registration, uncredited pension contributions, exposure to FGN bonds and treasury bills relative to Net Asset Value (NAV) and delay in the payment of retirement benefits. Others were payment of accrued rights of treasury funded retirees and outstanding commitments from previous routine examination.

    “During the quarter under review, pension operators forwarded their corporate governance reports. The major issues observed from the review of these reports were inadequate size of the boards, non-submission of annual performance evaluation of the individual directors and inclusion of executive directors as members of the Board Audit Committee. In addition, board and committee meetings were held same day and some directors were members of all the board committees. The operators concerned were required to ensure that they address the above issues.”

  • Union to PTAD: stop check-off dues to NUP

    A splinter group of the Nigerian Union of Pensioners (NUP), known as All Sectorial Units (ASU), has called on the Pension Transitional Arrangement Directorate (PTAD) and other pension paying bodies to immediately stop sending all deductions from the pension of its members as check-off dues to NUP.

    In a communique signed by ASU National Chairman and Secretary, Alhaji Rasaq Ope and Mr Franklin Erinle respectively, the pensioners, who identified themselves as pensioners from Federal parastatals and private sector companies, said their action was based on  the fact that they have formally and permanently severed all ties with NUP.

    Erinle explained that ASU are pensioners both under the Defined Benefit Scheme (DBS) and Contributory Pension Scheme (CPS), who have been operating under the NUP for many years.

    He said their relationship with NUP was voluntary and exit is also voluntary.

    The group, however, said consequent upon its disassociation with NUP, it has adopted the interim leadership of a newly approved pensioners body known as Federal Parastatals and Private Sector Pensioners Association of Nigeria (FEPPPAN) and pledged loyalty to its leadership.

    The communique reads: “A communiqué of the Executive Committees of former members of the Nigeria Union of Pensioners, All sectoral units issued after our meeting with representatives of NUP at the NCAA Pensioners Office, old Local Airport, Ikeja, Lagos on May 08, 2019.

    “We met and agreed thus: That henceforth, all ties with the Nigeria Union of Pensioners, National Headquarters both at Abuja and Ibadan are permanently severed. That, with immediate effect, no deductions from the pension of our members, as check-off dues, should go to the Nigeria Union of Pensioners.

    “That we adopt the interim leadership of the newly approved Federal Parastatals and Private Sector Pensioners Association of Nigeria (FEPPPAN) as our leaders, as we consider each and all the Parastatals and Private Sector Pensioners present at today’s meeting as bona fide members of FEPPPAN.

    “We are grateful to the Minister of Labour and Employment for the judicious use of the discretionary powers conferred on him by the Trade Union Act 2004 to regroup the Nigeria Union of Pensioners. We also thank the Registrar of Trade Unions and the entire workforce of the ministry for their understanding and cooperation.”