The Nation Newspaper

Category: Pension

  • PFAs pay 13,176 disengaged workers N5.09b

    ABOUT Five billion naira was paid to 13,176 disengaged workers by Pension Fund Administrators (PFAs)  in the third quarter of 2018.

    The N5.09billion payment is 25 per cent of their total Retirement Savings Account (RSA) under the Contributory Pension Scheme (CPS), as prescribed by the Pension Reform Act (PRA) 2014.

    The disengaged workers were those under 50 years and were unable to secure another job within four months of disengagement.

    This was shown in a report by the National Pension Commission (PenCom) made available to reporters in Lagos.

    According to the report, the cumulative total number of RSA holders, paid benefits for temporary loss of job, was 289,126 and  a total of N98.28 billion was paid.

    A further analysis showed that the private sector accounted for 95.62 per cent of beneficiaries  while the public sector accounted for 4.38 per cent.

    In the same vein, the PFAs, it was reported, paid N8 billion as death benefits to 2,426 beneficiaries in the period under review.

    This brought the number of deceased employees from both public and private sectors to 53,237.

    The amount paid during the quarter moved death benefits paid to N164.12 billion.

  • Pension complaints and solutions

    ABIDEMI: My name is Abidemi. 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.

    AKINWUNMI: Dear Omobola, I am really commending you for efforts being made to solve many retirees’ predicaments through your organisation’s widely read newspaper, The Nation‘ on Wednesdays. My name is Akinwumi, I retired from National Orientation Agency (NOA), on August 17, 2014. I was promoted to GL 15 Step 6 that same year, before I left the Civil Service, which has not been implemented till this moment.

    Although, my gratuity has been settled since July 2015 and the monthly pension has been on-going, but they are based on GL 14 Step 8, which I was receiving before I got promoted to GL 15. Please, kindly assist me in finding solutions and equally bail me out of this problem that I am now encountering by using your position and good offices, to help me out with IPPIS, PENCOM & NOA on the non-implementation of my promotion and all the accrued arrears. It is now five years and three months (63 Months) arrears.

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

    Bayo: My name is Bayo. Please, I will like to know when a person will start 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.

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

    Suleiman: I retired on level 14 step 10 in June 1996 and was last paid N59,400 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 said I was being overpaid. Please is there any table for calculating pension?

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

    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 at the time of my documentation at Gwagwalada Para-military Board in 2009. After having registered with the Amana Pension Limited 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 made me to understand that Sigma Pension acquired Amana pension. I contacted Sigma Pension and lodged a complaint. They advised me to do 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 pension never gave to me and of course, I followed the advice given to me by Sigma to use the old Pin. My complaint is, as IPPIS started paying my salary, my pension deduction from Sigma PFA is being updated based on the deduction from the commencement of IPPIS without the previous balance from my RSA, hitherto domiciled in Amana Pension Limited. Kindly help me.

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

    OLAYORI: Good day, my name is Olayori. I am a retiree of National Assembly Commission.  I worked as a legislative side to a former Senator. We left National Assembly in 2011 and I have been collecting pension of the sum of N7,872.87 monthly. However, since November last month, 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 was stopped.

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

    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.

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

  • PenCom invites military personnel for pension refund

    The National Pension Commission (PenCom) has called on military personnel, including the Air Force and Navy, who  served between January 2005 and December 2011, and are yet to be refunded their employee portion of pension contributions, to contact the Military Pensions’ Board or any Military formations close to them to complete a form.

    The form, according to PenCom’s Corporate Communications’ head, Peter Aghahowa, is the criterion for refund of pension contribution.  Aghahowa, who made this known to newsmen, said the call was coming as final notice as PenCom plans to end the refund exercise by June 30, 2019.

    He said all completed forms must be submitted through the Military Pensions’ Board on or before April 30, 2019. “Following the exemption of the military and other secret security agencies’ personnel from the Contributory Pension Scheme (CPS) in 2011, PenCom, in 2012, commenced the refund of the employee portion of pension contributions to the personnel, who were in service between July 2005 and December, 2011,” he said.

    He continued: “However, it has been observed that some personnel are yet to receive their refunds. The Commission, working in conjunction with the Military Pensions’ Board, is desirous of bringing the refund exercise to a close by 30 June, 2019.

    Read also: Citizen Umoru

    “Accordingly, all military personnel, who were in service between January, 2005 and December, 2011, but are yet to receive a refund of their employee portion of the pension contributions, are required to contact the Military Pensions’ Board or any military formations close to them to complete the “Request for Refund of Pension Contribution Form.

    “All completed forms are to be submitted through the Military Pensions’ Board on or before 30 April, 2019 to give PenCom ample time to process the refunds to the affected personnel before the expiration date of 30 June, 2019.”

    Meanwhile, the commission in a report stated that it refunded N33.75 million pension contributions to the military and security agencies as part of the ongoing process to allow the military and other security agencies manage their pensions in the third quarter of 2018.

    The report showed that 472 applications were processed for refund of pension contribution to military personnel and other security agencies exempted from the CPS in the quarter under review.

    The commission, however, said the sum of N150.13 million, representing the pension contributions made by the Federal Government on behalf of the personnel, was returned to the Contributory Pension Account with the Central Bank of Nigeria (CBN).

     

  • ‘Company executives who mismanage employees’ pensions should be jailed’

    Company bosses, who mismanage their employees’ pensions could be jailed for up to seven years, Britain’s Work and Pensions’ Secretary, Amber Rudd, has said.

    She said displaying reckless behaviour towards pensions’ scheme will be seen as a criminal offence, adding that alongside a custodial sentence, authorities would have the ability to issue unlimited fines.

    She said: “To curb these freelancers playing fast and loose with your cash, I am going to make ‘wilful or reckless behaviour’ relating to a pension scheme a criminal offence, with jail terms of up to seven years for the worst offenders.

    “We will also give the courts powers to levy unlimited fines. So, if you run your company pension into the ground, saddling it with massive, unsustainable debts, we are coming for you.”

    Ms Rudd issued the stark warning following the BHS pensions scandal.

    A year after it was sold by Sir Philip Green for £1 in 2015, the retailer collapsed into administration, leaving a £571m pension deficit.

    Sir Philip later agreed to pay £363m towards it to end action against him by the Pensions Regulator.

    Treasury Chief Secretary, Liz Truss, backed Ms Rudd’s proposals, saying it was wrong Sir Philip could “play merry hell” with pensions.

    “It’s about saying that’s not acceptable, it’s not acceptable to play merry hell with the contributions workers have made over a period of time and essentially run off without making good the pensions you promised to those people in the future, and so we’ll take further sanctions,” she told Sky’s Ridge On Sunday.

    –Sunday Telegraph

  • Global Money Week: Radix Pension mentors youths

    Radix Pension Managers, one of the fastest growing Pension Fund Administrators (PFAs), has sensitised secondary school students on how to learn, earn and save for the future.

    This is in line with the initiative of the National Pension Commission (PenCom) urging pension operators to leverage on the Global Money Week to mentor and sensitise the young population on the importance of savings. It is aimed at increasing pension literacy for youths.

    Acting Head, Radix Pension, Client Experience & Brand Management, Joan Olinke, in a statement, said that the company was at Kuramo College, Victoria Island, Lagos on  March 28, in commemoration of the event, to mentor and sensitise the students on the theme of the GMW:  Learn, Earn and Save.

    According to her, the Global Money Week (GMW) is an initiative of Child and Youth Finance International (CYFI), an international Non-Governmental Organisation (NGO), committed to providing access to financial services for children and youth by enhancing their awareness of economic rights and empowering them to build their assets, invest in the future and ultimately break the cycle of poverty.

    She said: “As a global event that involves financial regulators, financial service providers and NGOs across numerous countries around the world, youth and children are encouraged to learn about money, savings, creating livelihoods, gaining employment and becoming entrepreneurs.

    “In Nigeria, the 2019 GMW with the theme: Learn, Earn & Save, was commemorated with school mentorship programmes. Some schools across the six geo-political zones of the federation were visited and students were encouraged to pay attention to learning and earning a decent livelihood.

    “The pension industry participated in the event and the commission made arrangements to leverage on the occasion to mentor and sensitise the young population on the importance of savings, earning a livelihood, employment and entrepreneurship as well as save for retirement. The event provided a platform for increasing the level of pension literacy amongst the young population”, she added.

  • Leadway hails Special Olympics team

    Leadway Assurance has described the Nigerian contingent to the just-concluded 2019 Special Olympics World Games in Abu Dhabi as true heroes who deserve to be celebrated by the nation.

    Speaking during a reception hosted in Lagos by the Special Olympics Nigeria for the team and various sponsors that made the team’s participation at the Abu Dhabi event possible, Ademola Ayodabo who represented Leadway Assurance’s Head of Corporate Communications, Olubunmi Adeleye, said the team’s total haul of 63 individual medals in eight sporting activities was a testament to the irrepressible Nigerian spirit.

    He added that Leadway was proud to be associated with the great success story of the team both as a sponsor and also for being represented on the Board of Special Olympics Nigeria.

    Ayodabo also promised that the company was committed to sustaining its CSR support for Special Olympics Nigeria.

    Earlier in his welcome remarks, Victor Osibodu, Chairman, Special Olympics Nigeria, said the Nigerian contingent to the games earned global respect for their magnificent achievements in Abu Dhabi.

    Read Also: 60 Nigerians participate in 2019 special olympics

    ‘’I am proud to inform you that we returned home with 63 medals, 32 gold, 21 silver, and 10 bronze medals. These numbers may sound odd but in Special Olympics we celebrate individual athletes and not the event. Therefore, the medals are not counted as per sport but as per athletes, he stated.

    He praised the sponsors, coaches, caregivers and the medical personnel for their dedication and hard work in ensuring the team was in top shape for the Games.

    A breakdown of the Special Olympics team’s 63 individual medal haul shows that the athletes won four gold and two bronze medals in athletics, two gold, seven silver and two bronze in badminton, 10 silver medals in Unified Basketball, one gold in cycling, 12 gold in Unified Football, three silver and one bronze in table tennis, one gold, one silver and five bronze in swimming, and 12 gold in Unified Volleyball, totalling 63 individual medals in eight sporting activities.

  • PTAD pays 103,710 civil service pensioners

    The Pension Transitional Arrangement Directorate (PTAD) has approved immediate payment of N2.60 billion to 103,710 Civil Service pensioners.

    The payment is the final tranche being made to Civil Service pensioners for six months’ arrears of 33 per cent pension increment, in fulfilment of President Muhammadu Buhari’s commitment to pensioners’ welfare.

    It will be recalled that in July 2010, the Federal Government announced a 33 per cent pension increase for pensioners.

    Read also: PTAD pays N2.6bn as arrears to pensioners

    The Federal Government began the payment of this increment from January 2014 leaving arrears of 42 months outstanding. Out of the 42 months outstanding as at 2014, 24 months was paid in 2016, six months was paid in 2017, while six months was paid in November 2018.

    Based on this, the directorate has now cleared the backlog of the 33 per cent pension arrears of three main departments of Civil Service Pension Department, Police Pension Department and Customs, Immigration and Prisons Pension Department.

    The Directorate has further assured that the backlog of 33 per cent arrears owed parastatal pensioners will be cleared in due course.

  • Pension complaints and solutions

    JIMOH: Dear ma, my name is Jimoh. I retired as Head Messenger on grade 4, step 15 from the Nigerian Meteorological Agency on  September 7, 2005. I was duly verified at the PTAD liaison office in Lagos in August 2018. My complaint is that I have not been paid my pension salary since April, 2018. Please kindly come to my aid. Thank you.

    PTAD: The pensioner’s pension benefits have been computed and is awaiting Federal audit clearance. He should receive his payment soon. Thank you

    JOHNSON:  I, Johnson, wish to complain of non-payment of pension salary as from August, 2008. My pension salary since August, 2008 is yet to be paid till date.  Help appeal to PTAD to check its records and make the said amount payable to alleviate my financial burden.

    PTAD: The pensioner’s pension benefits have been computed and is awaiting Federal audit clearance. He should receive his payment soon. Thank you

    GENESIS: My name is Genesis. I retired from the service of National Orientation Agency (NOA) on February 28, 2007. I was paid part of my gratuity on July 17, 2008. Since then, I have not heard anything about the balance from my former department of NOA or from PenCom. My question is: who is responsible for the payment of the balance of my 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 PTAD and subsequently every week for pension news.

    JOSHUA: My name is Joshua. I retired as a Force man in 1997. I did my verification with PTAD ABUJA, but not paid my pension till date. I travelled to Abuja twice to complain, yet nothing happened. My rank is Sgt, Grade Level 05 Step 4. Date of first appointment was January 1986. Please, I am in penury, help  tell pension boss that.

    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 PTAD and subsequently every week for pension news.

    GHEGHOR: Thanks for helping pensioners. I wrote before. My pension was reduced from N10,024.70 in May 2018. I retired on March 1, 1986. I was asked to send my statement of account. Kindly oblige me with PTAD email address. From Benin City. Edo State.

    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 PTAD and subsequently every week for pension news.

    AKUTSE: My name is Akutse and I am from Plateau State. I retired on grade level 14/11. My first appointment was August, 1975. My last promotion was in 2003 and I retired in August, 2010. My complain is that I have not been paid my gratuity for about nine years since I retired.

    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 PTAD and subsequently every week for pension news.

    YOHANNA: My name is Yohanna, I retired from the Nigeria Police in 2006. My gratuity was paid on September 7, 2015 without nine years’ arrears. I submitted all the documents requested in Januray 2016 and October 2018, but to no avail. I was on step 6 but was placed on step 4 after spending nine years in the rank of ASP.

    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 PTAD and subsequently every week for pension news.

    NICHOLAS: My name is Nicholas. My problem is no payment of gratuity after retirement.

    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 PTAD and subsequently every week for pension news.

    ANONYMOUS: I was promoted to the rank of ASP Police after the pension verification in July, 2017.  I sent my submission of evidence of promotion after verification dated December 2017 through  the South-South  Zonal Office of  your commission  in  Calabar, Cross River  State,  but I was paid  below  my grade  and step.  what can I do now?

    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 PTAD and subsequently every week for pension news.

  • Micro Pension: Informal sector workers seek subvention, others

    Following the launch of Micro Pension Plan by President Muhammadu Buhari, workers in the informal sector have urged the Federal Government to provide at least 50 per cent contributions as subvention under the plan for the workers.

    They are asking that workers who are 60  and above, who cannot join the pension plan, should be entitled to social pension as it is done in developed and developing countries.

    The workers, under the auspices of the Federation of Informal Workers Organisation of Nigeria (FIWON), spoke while reacting to the Micro Pension launch.

    FIWON Secretary-General Gbenga Komolafe said the Federal Government’s initiative to capture the sector was good. He however noted that the Federal Government through the National Pension Commission (PenCom) did not look into their demands.

    He said: “The launch of micro pension is a welcome development but the Federal Government is yet to meet our demand. We are demanding an old age care support system for workers under the informal sector who are above 60 years and cannot join the pension plan.

    Read Also: The coming of micro pension plan

    “We also want the government to part-fund the contributions required in the scheme. It is not enough for the government to say we should contribute to pension; it should also part-fund the scheme for us. Even if it is not 50-50 as we have in the formal sector, but at least, it should encourage the informal sector.

    “If government part-funds it, the money will still be in the system while it encourages participation and helps to obviate the effects of inflation. The categories of workers in the informal sector that contribute to the economy is huge, but they do not enjoy the benefits that the working people in the formal sector enjoy. It is in the interest of everybody that the government invests in the informal sector.

    “The government’s attitude and the need for it to create space for the people to carry out their trade activities is very important. The government is talking to us about pension, but sometimes they destroy our spaces where we engage in trade. Where are we going to get money to save for the future?”

    Komolafe stated that FIWON, which was launched in 2010 with about 24 organisations of former workers, has about 170 organisations across 21 states.

    He said the association ensures that the members benefit from mortgage care and support, maternal care and support and other basic amenities.

    He called on its members to stop playing lottery with their hard earned money and participate in the pension scheme to secure their future.

  • Pension complaints and solutions

    Abi Demi: Hello, this is to inform you that I have been paid by Crusader Pension. Many thanks to The Nation and the National Pension Commission.

    THE NATION: The Nation is happy that you have received your  entitlement. Enjoy yourself.

    EMMANUEL: Good Day, ma: My name is Emmanuel, the son of the late Supol James. We have an issue with the pension of our late dad who died on March 13, 2015. We have paid the money they asked us to pay 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  number you provided but it was a wrong number.

    UDOCHI: I am Udochi, 47. I retired from Walvis Nigeria Limited in 2014. My PFA later paid me 25 per cent of my entitlement. I need your help because I have some financial problems to solve.

    Could you please give me half of my money or all of it? I will be happy so that I can take care of health and my children’s school fees.

    PENCOM: Having collected 25 per cent, the balance can only be paid to you when you attain 50.

    OJI: Hello 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 Custom 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 short-changed.

    Kindly help me as it is affecting my monthly pension.

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

    OYETAYO: I am Oyetayo. I retired as Assistant Director since January 13,1997. I have a short payment on my monthly pension. I  have been recieving a regular monthly pension of N3397 since 2010. I did a verification in August 2017 but up till date, the situation has not changed. Kindly appeal to PTAD to calculate and pay me my entitlements.

    PTAD: We could not reach the pensioner via telephone to get his account details to enable us track his complaint. The pensioner is advised to send his complaint, name and account details to enable us advise appropriately.

    JIMOH: I was dropped from the payroll in April 2018 because I was not verified. I retired as Head messenger on grade 4 step 15 from the Nigerian Meteorological Agency on September 7, 2005. I was duly verified at the PTAD Liason Office in Lagos in August 2018. My complaint is that I have not been paid my pension since April 2018. Kindly come to my aid.

    PTAD: The pensioner’s pension benefits have been computed and are awaiting federal audit clearance. He should receive his payment soon.

    JOHNSON: My name is Johnson. I wish to complain that my pension   is yet to be paid since August 2008. Kindly check your records and make the said amount payable to alleviate my financial burden.

    PTAD: The pensioner’s pension benefits have been computed and are awaiting federal audit. He should receive his payment soon.

    Esther: My name is Esther. I am a state pensioner with a federal share. Well done for your concern on pensioners matters across board.

    I have done verification, but I am not yet to be on the payroll nor paid my benefits. Several pensioners have got theirs. Please help me.

    PTAD: The pensioner’s complaint is still being processed as the Directorate concludes computation of pension benefits for pensioners verified in the second half of last year.

    AJAYI: My gratuity has not yet paid.

    PTAD: The pensioner’s gratuity will be paid as soon as funds are made available by the Federal Government.

    AKINWUNMI: Dear Madam, I  commend your efforts in solving  retirees’ problems through your widely read newspaper, The Nation on Wednesdays.

    My name is Akinwumi Timothy Adelani. I retired from National Orientation Agency (NOA) on August 17, 2014. I was promoted to GL 15 Step 6 that same year, before I left the Civil Service. But this has not been implemented till date.

    Although my gratuity has been settled since July 2015 and the monthly pension is on-going, they were based on GL 14 Step 8.

    Please assist me in finding a solution to this.

    Also, kindly use your good offices to help me out at the IPPIS, PENCOM & NOA on the non-implementation of my promotion and all the accrued arrears. In all, it’s five years three months’ (63 months) arrears.

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