The Nation Newspaper

Category: Pension

  • We won’t cut pension budget, says Ndume

    LAWMAKERs will not cut   pension budgets, the new Chairman, Senate Committee on Establishment and Public Service, Senator Ali Ndume, has said.

    Senator Ndume spoke with reporters in Lagos during a visit to the state to witness the ongoing verification of 22000 parastatal pensioners by Pension Transitional Directorate Arrangement (PTAD).

    According to him, pension must be prioritised in the national budget.

    He decried the situation where some pensioners were not paid their pension benefits many years after retiring.

    Ndume, who is advocating that pension issues be treated as a first-line charge, noted that President Muhammadu Buhari, along with other executive members and the legislators, believe that this is the way to eliminate pension problems in the country.

    He denied the allegation that legislators were reducing pension budget and not cooperating with the executive to provide appropriate funds for pension payment.

    He also lamented that pension budgets  had suffered from inadequate funding, just like other segments of the economy that have been budgeted for in the national budget.

    “The major problem that we have is that Nigeria is funding its budget on borrowing and that is an area where I am so concerned. It is sad that our local revenue generation has not been exploited efficiently and there are a lot of revenue generation loopholes that should be addressed.

    “A country of over 200 million and very resourceful people have no reason to be borrowing to fund its budget. That takes me back to the issue raised that the legislators are cutting down on pension budget and is not cooperating with the executive to provide appropriate fund for pension payment. There is no problem between the executive and legislature on the issue of pension because everybody is concerned in one way or the other.

    ‘’We will all one day become a pensioner whether we work in public service or in private sector. So, it is a problem that affects almost all of us. We all have a father, or mother or sister of brother that has something to do with pension.

    “But the problem is that the funds are not enough. The president is so committed and we are hoping that as more funds are available to fund our budget, more will be available for pension,” he noted.

  • Pension complaints and solutions

    JOEL: I am a former employee of a Federal Government agency. I want to know if it is possible to change my PFA.

    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 my PFA. Is it possible for me to change my PFA? Thanks.

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

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

    PENCOM: Yes. They are known as First Guarantee Pension Limited.  Their contact details are as follows: Irorun Plaza, No. 65, Kudirat Abiola Way, Oregun, Ikeja, Lagos, http://www.firstguaranteepension.com

    TAYO: What are the modalities for payment to those who joined the civil service in 2003 going by the Pension Act?

    PENCOM: Any employee who is entitled to retirement benefits under any pension scheme before June 25, 2004, being the commencement of the Pension Reform Act, 2004 falls under the Contributory Pension Scheme (CPS). You may liaise with your PFA who would advise you on the modes of payment when you retire.

    DSP IZUAGIE: My name is DSP Izuagie. I retired after 35 years from the Nigeria Police. The gratuity was paid on November 30, 2017, but it was less than N1.5milion.  I was told that my contribution was not made available to PenCom for trading. Please help me.

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

    ASP. SAMUEL: I have written to the director of NPF Pension. They paid me N4,706, 067: 69, out of which I am paid 25 per cent of N1, 176,516:92. plus my one year arrear of N366, 701: 18. If one-year arrear can give me that, multiply it by four years and it will be N1.466, 804: 72, which is more than the N1, 176, 516: 92 that I was paid for serving for 35 years. My personal savings is more than N1.5 million. What has the government given me? My counterparts are paid than me. I am so disturbed. My other colleagues who experience the same fainted on the spot. Even a court clerk and messengers at state level can’t go home with N1 million? One of my course mates who is a traffic warden, ASP Monday has N7 million and he was paid over N3 million.

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

    LICY: My name is Abdullahi Mohammed and my PFA is Trustfund Pension. I retired since 2014. I did my biometric capturing in August, last year. After that I went to my PFA to request for 25 per cent of my total savings, but I was told that PenCom did not send money to MDAs.

    I am seriously in need of money to pay my children school fees.

    Please I need your help.

    Thanks.

    PENCOM: Please supply the PIN of the complainant to enable us assist him.

    SULEIMAN: I retired on Level 14 Step 10 in June 1996 and was last paid N59400 monthly in March, last year. In August of the same year, I did a new verification at the PTAD Abuja, only to be paid N43,200 monthly thereafter. They said I was  overpaid. Is there any table for calculating pension?

    PENCOM: Please liaise with the PTÂD which would assist you further.

    You can contact PTAD on any of these numbers: Toll Free Telephone: 0800-CALL-PTAD (0800-2255-7823); Telephone Lines (Charges Apply): +234(0) 9-462-1721; +234(0) 9-462-1722.  Email: info@ptad.gov.ng (For Inquiries); complaints@ptad.gov.ng (For Pensions Related Complaints); foi@ptad.gov.ng (For Freedom of Information Communications) Website: www.ptad.gov.ng.

  • ‘Micro pension product now selling’

    Pension Fund Administrators (PFAs) have started selling micro pension product to workers in the informal sector, Pension Fund Operators Association of Nigeria (PenOp) President, Mrs Aderonke Adedeji, has said.

    This is coming five weeks after the  launch of the scheme by President Muhammadu Buhari in Abuja.

    Speaking with reporters in Lagos, Mrs Adedeji, also the Managing Director of Leadway Pensure, said the PFAs, through the sales, have been enrolling workers into the scheme.

    She added that some issues were being ironed out to ensure that the scheme is seamless.

    Adedeji said: “The micro pension led by the industry regulator, the National Pension Commission (PenCom), has been launched. On whether we have started selling the product, the answer is yes. The industry has started selling and people have been enrolled into the micro pension scheme.

    “Having said that, there are still some operational issues that are being ironed out to ensure that the entire scheme is seamless. We also need to ensure that we learn from lessons and take advantage of the lessons that we learnt from the implementation of the  Contributory Pension Scheme (CPS), particularly in terms of how we register people and the quality of data that we collect as operators.

    “This process is ongoing and that is perhaps why you have not heard much as you would expect to hear about the new scheme. Presently, there is an ongoing dialogue between operators and the regulators and once all these issues are sorted out, there will be much more activity and publicity.”

    She said the fund is important to the nation’s development.

    “As a nation, about 14 years ago, we did not have any structured pension scheme and when the Pension Reform Act was enacted in 2004, it only covered the formal sector. Pension is a necessity in any nation because it is used to provide financial stability in old age.  Any nation that cannot look after its own people would weaken the entire fabric of the society. So micro pension is very significant.

    “Right now, it would be impossible to put a number to how much we have sold, but what I think is most important is the enlightenment and education that needs to go on. We want people to change their habit and imbibe savings culture. There’s a need for a lot of enlightenment and PenCom and the operators have embarked on enlightenment campaign. Even the formal sector took a lot of enlightenment for us to get to where we are now. So the key really would be a lot of publicity, enlightenment and a lot of engagement at all levels.

    “To make the scheme attractive, different incentives have been built into the scheme. For example, the ability to pay contributions any time you feel like it. Another incentive is that there is a contingent part of that contribution that would enable you to withdraw up to 40 per cent of your savings anytime you feel. These are some of the incentives built into it and like anything, it will evolve and as we gain experience I am sure that there will be more incentives that would be built in overtime,” she added.

  • PTAD, others collaborate on pension payment

    There is a strong collaboration between the Pension Transitional Arrangement Directorate (PTAD), the Parastatals Pension Department, the Federal Ministry of Finance, Budget Office of the federation, Auditor General of the Federation, the Accountant General of the Federation and  the National Assembly, the Deputy Director, Parastatals Pension Department, Kabiru Yusuf, has said.

    He spoke during the ongoing verification of all pensioners of treasury funded parastatals, agencies and institutions under the Defined Benefit Scheme (DBS), organised by PTAD in Lagos.

    Yusuf, who was at the Ikeja Centre to monitor the process, stated that the strong collaboration has made it possible for PTAD to get appropriate funding towards continuous and consistent payment of monthly pension.

    He stated that the current administration of President Muhammadu Buhari has consistently ensured that monthly pension is paid as and when due.

    He expressed excitement that the current administration has made regular payments of pension arrears and paid police officers that were granted pardon by virtue of the Biafra war, among others.

    He said: “The directorate has so far verified about 6000 pensioners since the exercise begun on Tuesday, April 23, 2019, and the exercise runs till May 9, and I am assured that everyone that presents him or herself will be verified’’.

    He added: “From the inception of the administration of President Buhari, there has not been one month of pension that has not been paid. It has always been paid on a regular and consistent basis. In addition, he has made regular payments of 33 months’ pension arrears. Also they have made payment to police officers that were granted pardon by virtue of the Biafran war. This was done close to 17 years after the presidential pardon was given to them.

    “Agencies that were privatised by BPE, close to 30,000 of them of all the seven agencies that have not received any pension as at the last 12 years have been brought under the payroll. This is a reflection of the strong coordination that happened between our office, the ministry of finance, budget office, auditor general, accountant general as well as the national assembly”.

    He also said that the auditor who visited the Ikeja Centre on Monday showed satisfaction of the process adopted by PTAD for the verification.

    “The Auditor-General was impressed with the elaborate process we put in place which include provision for internal audit and federal audit check. He recommended the same system to any form of agency that want to do any form of verification.

    “He also assured PTAD of his 100 per cent support at any point in time. He said any system that does not guarantee transparency and accountability cannot ensure good governance but the system that we have put in place ensures good governance and he is delighted”, he added.

  • Pension complaints and solutions

    DSP Bashir: I retired after 35 years of meritorious service from the Nigeria Police Pension on November 30, 2017. My gratuity to be paid to me is just less than N1.5 million.  I was told that my contribution was not made available to PenCom for trading. Please help me.

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

    ONYAKA: Please, does First Pension Guarantee Limited still exist as a pension fund manager?

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

    ASP SAMUEL: I have written immediately to the Director of NPF Pension. One year arrears multiplied by four  gives  N1. 466, 804: 72k which is more than N1.176,516: 92k that I am paid for serving for 35yrs.  My personal savings is more than N1. 5 million. What has government given me for my service? My other counterparts are paid more than me. Please I am so disturbed. Even court clerks and messengers at state level can’t go home with one million naira? A course mate who is a traffic warden, ASP Monday, was paid N7 million and another fraction of N3 million. We both retired in March 2018. Please help me.

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

    SIMON: My name is Simon. I will like PenCom to kindly help me appeal to NPF Pension to pay my pension and gratuity. I retired in Decemcer, 2017 as DSP from Nigeria Police Force. But I have not received my pension and gratuity.

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

    ADIGUN: My name is Adigun and my PFA is FGPL.  The issue I want to discuss affects all contributory pensioners who were Osun State Government employees that retired from 2016 to date. None of these sets has 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.

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

    IBRAHIM: My name is Ibrahim Mohammed Musa. I work with Nigeria Immigration Service, a 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 having registered with the Amana Pension Limited then before folding up, my pin was not given to me and I was left in the dark for quite a number of years until IPPIS, when I was made to understand that Sigma Pension acquired Amana pension limited. As I contacted Sigma Pension with a complaint, they advised me on a new RSA registration. Having done 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 and of course, Sigma advised me to use that old pin of which I agreed. My complaint is, as IPPIS started paying my salary, Sigma is updating me on my pension deduction 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.

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

  • Expert lists challenges of multi-fund structure

    The Multi-Fund structure, which offers members with investment choices and options, is likely to create challenges for the Pension Fund Administrators (PFAs), an Actuarial Scientist and Chartered Insurer, Dr Pius Apere, has said.

    Apere made this known in a paper titled, “The Suitability of Multi-Fund Structure as Investment Strategy for Contributory Pension Scheme (CPS) with an Underpin (Guaranteed Minimum Pension) under the Pension Reform Act (PRA) 2014– From Actuarial Perspective”.

    According to him, members or contributors under the Scheme may make inappropriate investment decisions due to lack of knowledge to make a choice. He said this risk can be reduced by providing access to education, advice and or communication to ensure the members understand what is being offered and the potential consequences of the choices that they make but this is at a cost to Pension Fund Administrators.

    He stated further that the projections of the future pension benefits will be more complex because of many overlaps between some Fund Types. Thus, the range of investment options (Fund Types) provided will impact on cost of administration of Pension Fund Administrators.

    He explained that the traditional thinking has been that members in defined contribution (DC) schemes bear all the investment risks and rewards and receive benefits (based on whatever contributions and investment returns are produced at retirement), which are adjusted automatically, as asset values move up or down, therefore limiting the need to immunise asset/liability movements. It is normally assumed that such schemes have limited or no actuarial involvement.

    On the other hand, a DC scheme such as the Contributory Pension Scheme (CPS) operating in Nigeria that forces compulsory contribution rates (section 4(1) of PRA 2014) and entails significant tax concessions (section 10 of PRA 2014) should not, under reasonable circumstances, be left to require members to bear all risks over many decades of membership.

    Thus, the introduction of guaranteed minimum pension (GMP) as an underpin (section 84(1) of PRA 2014) is quite appropriate with the aim to reduce the risk of volatility of standard of living in retirement facing the pensioners. Conceptually, the determination of the GMP and the appropriate investment strategies require an actuarial methodology.

    In view of the above, he asked the National Pension Commission (PenCom) to be aware that offering even a minimal defined benefit (DB) underpin can result in the CPS needing to meet DC regulation.

    On other challenges, he said that for a defined contribution scheme that offers an underpin, a guaranteed minimum pension, there is a risk that members will choose a riskier investment strategy than they otherwise might have, since they know they have a minimum benefit promise or members will choose a very safe investment strategy with relatively low expected returns.

    Both of these approaches increase the likelihood of the underpin biting.

    He said: “A pragmatic approach for allocation of investment returns within a given Fund Type amongst contributors may be adopted to take into account of each individual contributor’s asset under management (AUM) and/or duration profile (in years) within the Fund Type.

    “The assessment of cost of guaranteed minimum pension as an underpin (using stochastic modelling techniques) and the appropriate investment strategy (i.e. a “matched” investment position which would involve holding a portfolio that will behave in the same manner as the guaranteed minimum pension liabilities) may become a great challenge for the Contributory Pension Scheme with Multi-Fund Structure without an actuarial involvement.

    “The implementation of the Multi-Fund Structure for Contributory Pension Scheme under PRA 2014 is expected to maximise the investment returns for Retirement Savings Account (RSA) holders prior to retirement and this will in turn likely to increase their pension benefits at retirement”, he added.

    He stated that prior to the introduction of Multi-Fund Structure in July 2018, the PFAs operated low risk investment strategies, without taking into account the scheme members’ duration (age) and or risk profiles and their freedom of choice of investment funds. Furthermore, there had been an over concentration of pension funds invested in debt instruments, i.e Government bonds) with limited growth potential for the retirement funds.

    “The Contributory Pension Scheme also had only two investment Funds to invest in, namely RSA Active Fund and RSA Retiree Fund where all active contributors’ and “retirees ‘funds were being invested in respectively. Over the long term, these low strategies are likely to result in lower emerging pensions than might have been expected of life-style investment strategies for investment portfolios with different risk profiles.

  • Lloyds chief gives up final salary pension perk

    The Chief Executive  Officer of Lloyds Banking Group, Antonio Horta-Osorio,  has given up his lucrative final salary pension after mounting pressure over the perk.

    Horta-Osorio was the only employee entitled to such a pension, having overseen the ending of final salary schemes in 2014. Members of staff had criticised his arrangement and there was talk that  could overshadow Lloyds’ annual shareholder meeting. But the banking giant insisted it was entirely Mr Horta-Osorio’s decision.

    The chief executive’s own arrangement dates back to a pension he forfeited when he took over at the banking giant after leaving Santander in 2011.

    The Investment Association, a big city trade body for UK investors, has been pressing companies to crack down on excessive executive pensions, arguing that they are against the interests of shareholders and staff.

    Lloyds said in a statement  that the change is “in line with the Investment Association guidelines for a gradual reduction in pension allowances for current executives.”

    The change takes place immediately, Lloyds said.

    Banking rival HSBC, has already changed the pension terms for its executives.

    A Lloyds staff group called Affinity, had written to the Investment Association saying that Mr Horta-Osorio’s pension arrangements had been “of massive discontent.”

    It was expected that the association would review the scheme ahead of Lloyds’ annual meeting on May 16, when shareholders have the opportunity to publicly comment on pension arrangements.

    Lloyds staff who are members of the defined benefit scheme had their pensionable pay capped in 2014.

    The bank said that at that time Mr Horta-Osorio had a capped base salary of £1.22million, which was used to determine his benefits.

    The result was that under his retirement scheme, his benefits would not increase.

    Mr Horta-Osorio’s salary only increased from the capped base figure for the first time in 2018, Lloyds said.

     

    • Culled from Reuters

     

  • AXA Mansard supports women

    Today more than any other time in history, there’s a strong call to amplify the achievements of females in our society across different sectors, Divisional Director, Retail at AXA Mansard Insurance plc, Mrs. Rashidat Adebisi, has said.

    In a statement made available to reporters  in Lagos, Adebisi said this is why AXA Mansard sponsored SME 100 Africa Event in commemoration of the international women’s month.

    According to her, the event with the theme:   “Balancing for Better; The Rise of the Female Economy,” had various women from different sectors of government, private sector, the academia, small business owners, professionals and housewives present to discuss several issues that have been limiting women in their fields.

    She said: “Everyone is encouraged to reflect as a society on the roles of women as managers, professionals, teachers and agents of change, to bring to light how far women in Nigeria have come, and what needs to be done in the overall achievement of gender parity.

    “The gender differences in participation rates in labour markets have narrowed significantly in recent times. The female labour force participation rate today is higher compared to what it was some decades ago. It is therefore safe to say that women have become an important segment for every sector to target including insurance and other non-banking financial sectors.

    “We at AXA Mansardm AXA Mansard, a member of the AXA, one of the global leaders in insurance and asset management are very proud to be a part of an event like this which highlights the part that women play in the development of any economy. AXA is set to partner with women across all groups, sectors, life stages and varying peculiar needs all over Nigeria to form a formidable network among the women while providing the needed support to enable them grow and help them live better lives”, she added.

  • Pension complaints and solutions

    MACAULAY: Dear Omobola, my name is Macaulay. I will be happy if The Nation can bail me out. Some people have been calling me saying that they are PTAD staff in charge of my pension case. They have duped me and collected N400,000 from me, claiming my file is on the last stage. I am a pure federal retiree. I retired from Federal Ministry of Agricultural Department on grade level 13. Step 6. I retired in May 1994. The trouble with my pension is that there was an increase in the payment that made my pension N30, 000 and another N22, 000. Instead of paying in one voucher, it was paid separately and suddenly the N22, 000 was stopped. I complained and with the help of a colleague in Abuja, the error was corrected and arrears were paid in February 2014. By March again, the same year, my pension came back to N30, 000. Later there was an increase of 33 per cent and that makes N50, 258.20. This is what I have been receiving since. The N22, 000 is a forgotten issue. This is where those in the PTAD have been milking me up to the tune N400, 000. They will tell me I should send money for the process. By now my monthly pension should be up to N80, 000 but I am receiving N50, 258.20. The first person to collect money from me was one Rosemary. Others are Mrs Zainab Usman, John Ose, Dr. Rose Ndom, Mrs Uwakwe, John Okafor and Collins  Udoko who says he is the HOD. I have their phone numbers and the agents they use their names and account numbers and banks are with me. When the situation demands, then I will forward them. Madam, God almighty will surely reward you. I celebrated my 80th birthday in 2016. When do I enjoy my labour? Thank you. Hope to hear from you soonest.

    PTAD: The pensioner has been contacted. We have asked him to scan and send a copy of his verification slip to enable us investigate his complaint.

    ABIDEMI : My name is Abi demi, I want to inform you that my pension issues have been resolved and I have been paid by Crusader Pension. I thank The Nation newspaper and PenCom for their intervention.

    THE NATION: The Nation is happy that your pension issues have been resolved. Do watch out for the newspaper publication every Wednesday for pension news.

    BAYO: My name is Bayo. Please I will like to know when a person starts receiving monthly pension. My sister was retired in 2007 after 18 years of service to the Federal Government. She was paid gratuity. She is now 51, she was retired 12 years ago. When will she qualify to receive monthly pension? Thank you for your attention.

    PTAD: We could not get through to the pensioner to get her details because no phone number was provided. We advise that the pensioner send her complaint, name and account details to complaints@ptad.gov.ng or call any of these numbers for further clarity: 080022557823, 094621700

    Suleiman: I retired on level 14 step 10 in June 1996 and was last paid N59400 monthly in March 2018. In August, that year, I did a new verification at PTAD Abuja only to be paid N43,200 monthly thereafter. They say I was being overpaid. Please is there any table for calculating pension?

    PTAD: We could not reach the pensioner to get his details because no phone number was provided. We advise that he forwards a copy of his verification slip including his complaint to complaints@ptad.gov.ng to enable us investigate and resolve.

    ABDULSALAM: My name is Abdulsalam, a staff of Yaba LCDA. 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 pension manager.

    STANBIC IBTC: Further to our response below, please note that in line with the first PIN rule, as stipulated   by the National Pension Commission (PenCom), the first Retirement Savings Account (RSA) Personal Identification Number (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 while ours is the second PIN. Consequently, his contributions were transferred  to his valid Pin with LeadWay as approved by PenCom while his second and invalid PIN was invalidated on our records. Please note that Mr. Abdulsalam can choose to transfer back to us once the Transfer Window is declared open by PenCom.

    ABDULLAHI: My name is Abdullahi and my PFA is trustfund, I have retired since 2014 and I have done my biodata in August 2018. I later went to my PFA trustfund to request for my 25% of my total savings but I was told that PenCom did not send money for MDA. I am seriously in need of money because my children’s school fees is becoming a problem.

    TRUSTFUND PRISCA: Thank you as always. But we need this customer’s Personal Identification Number (PIN) to be able to act on this.

    EMMANUEL: Good Day ma. my name is Emmanuel, the son of 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 investigate the issue.  We called the above number provided but was wrong number.

    UDOCHI: I am Udochi and I am 47 years old. I retired from Walvis Nigeria Limited in 2014. My PFA later paid me 25 per cent. I need your help because I am having a health issue and I have issues with my children school fees. Please you can give me half of my money or all the money, that is with you. I will be happy so that I can take care of myself.

    PENCOM: Having collected 25 per cent, the remaining money will be paid to you as pension when you attain the age of 50.

    OJI: Hello sir/ma, my case is PenCom related. I retired from service in 2015 on GL 08, but was paid off on GL 07. The reason is that I got promoted in 2014, but Customs failed to implement or effect the salary variation till September 2015, when I was to retire the next month. I was paid off on GL 07 instead of GL 08, and I was heavily shortchanged. Kindly help me as it is affecting my monthly pension.

    PENCOM: Customs is a self-funded organisation, therefore, you should channel your complaints to Nigeria Customs Service to get the variation for your promotion. Your employer NCS will now compute the variation and remit same to your Retirement Savings Account (RSA).

     

  • PTAD clears 33% rail pensioners’ arrears

    In fulfillment of President Muhammadu Buhari’s promise to clear outstanding pension arrears of pensioners under the Defined Benefit Scheme, the Pension Transitional Arrangement Directorate (PTAD) has paid N375.9 million to 13,754 pensioners of the Nigeria Railway Corporation (NRC).

    The Executive Director, PTAD, Mrs. Sharon Ikeazor, in a statement, said the payment was the final installment of the 30 months arrears of the 33 per cent pension increment that was confirmed by the management of NRC.

    She said  PTAD inherited outstanding 33 per cent pension increment liabilities from various agencies at the time of its takeover of payment of parastatals pension in 2015.

    Read also: PTAD to verify 104,133 parastatal pensioners

    Mrs. Ikeazor said between 2016 and 2018, 24 months arrears was paid to the pensioners of the corporation, leaving an outstanding balance of six months as at December 2018. She said with the latest payment, PTAD has settled fully the 33 per cent arrears of NRC.

    She assured other agencies that all arrears will be paid after the completion of Parastatals Pension Department (PaPD) verification exercise later in the year.