The Nation Newspaper

Category: Pension

  • ‘Micro pension will bridge financial inclusion gap’

    Micro pension has become an invaluable tool to bridge the terrible deficit in financial inclusion that exists in the larger number of the unstructured Nigerian population, the informal sector, the Managing Director, IEI-Anchor Pension Funds Glory Etaduovie, has said.

    He made this known in a statement made available to journalists in Lagos.

    Etaduovie expressed worry over heightening challenge of social security in the country.

    He pointed out that as people age, increasing fears and concerns of what the future offers come to the fore.

    He stated that for those in more structured environments, responsible employers think and put in place an internal plan to help ageing and retiring staff to settle down to a secure retirement.

    He observed that key government parastatals such as the Nigerian National Petroleum Corporation (NNPC), Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), among others are enviable places to retire.

    He said other government organisations similarly enjoy some guarantees but not robust structures for retirement.

    He lauded PenCom’s role in facilitating this financial inclusion through the micro pension plans.

    He said: “Major and structured financial, oil and gas and some manufacturing and private sector organisations have done fairly well, too, in pension provision.However, the larger number of the unstructured Nigerian population remain not catered for. They are left to chance and limits of their knowledge and capacity to deal with the challenges and vagaries of getting old. Ironically, we are all affected, because they are our uncles and aunties; brothers and sisters; fathers and mothers who now lean on us for family pension plans (if any), or handouts of stipends that cater for only a few days, and back to square one. Ageing becomes undignified. Health and maintenance remain a critical issue of ageing. The current working population is thus under siege. There are endless requests for support here and there. Sadly, this has also promoted corruption – greed apart.

    “Financial inclusion is total. Total in the sense that this philosophy drags in the so-called underprivileged or low income segment into the opportunities and exposures that financial world offers. A lot of people are shut of a world of opportunities the financial sector offers to enhance their present and future lives. Though beyond pension only, this platform now sucks them in through their cluster bodies to expose them to the knowledge and benefits of not only pension plans, but puts them into a community of people who can tap into other benefits accrue-able to cluster bodies. This thus makes up for short falls of individual small businesses access to comprehensive financial services available to all. This of course leads to empowerment and economic growth and development.

    “PenCom has done well so far. It is a new learning needing to be domiciled. They have had to wade through un-structured parts to create in-routes for industry path and public assimilation and integration. Change pioneering and buy-ins are amongst most difficult things to achieve. This is through the micro pension plans. It is for individual professionals, artisans, retail or individual entrepreneurs, farmers, among others. It captures the unstructured working environment. It is not necessarily micro by way of income. Micro as a name might just be for want of a better name.”

    Speaking on IEI-ANCHOR Pensions preparedness on the micro plan, he said the company has put in place internal structures, adding that they also closely monitor the regulator’s ‘dance’ steps and domiciling same in our company.

    “Staffing and a robust ICT network is being enhanced. Remember that, those in the micro pension sector constitute no less than 60 per cent of the population. There is also a growing tilt towards increasing entrepreneurial drive, as the direct jobs are decreasing. It is thus a larger untapped market.

    “It is important to develop people-friendly products to both attract them and accommodate their sensitivities. We are working at that. Reaching out to them and educating them is of paramount importance. The mode of achieving this is very important as well. It has to be both creative and sensitive. We are noting all of these”, he noted.

  • Pension complaints and solutions

    AJAYI: Kindly help me to reach out to PTAD to pay my gratuity.

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

    OWOLABI:My name is Owolabi, the son of late Supol Owolabi Sunday. I have an issue on the pension of my late father who passed away on  March 13, 2015. We have paid the amount they ask us to pay for and we have also submitted all the necessary documents that they ask us to bring. But we have not received any massage about the pension. Please help us.

    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 PTAD and subsequently every week for pension news.

     

    OKERE: My name is Okere, I am 47 years old. I retired from Walvis Nigeria Limited in 2014 and 25 percent of my pension was later paid to me. I need your help because I am having a health issue. I also cannot pay my children’s school fees. Please, help appeal to PenCom to give me half of my money or all the money, that is with them. I will be happy and be able to take care of myself. Thank you.

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

     

    OJI: Hello sir/ma, please my case is PenCom-related. I retired   from Nigeria Custom Service in 2015 on GL 08, but was paid off on GL 07. The reason is that I got promoted in 2014, but Customs Service failed to implement or effect the salary variation till September 2015, while I was to retire the next month so I was paid off on GL 07 instead of GL 08. Thus I was heavily shortchanged and it is affecting my monthly pension. Please where do I go from here? My PFA is Sigma Pensions

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

     

    ALFRED: I am Alfred (ASP retd). My complaint is against Sigma Pensions for refusing to transfer my total savings to Police Pensions and Police Pensions refusing to collect my total savings from Sigma. I retired on  October 1, 2017 after 35 years of service. I have since been filling transfer forms from Sigma to police pensions since 2014 to date through police/police pensions to Sigma pensions and recently attached print out of total savings from Sigma pensions. My letters dated 09/01/2019, 09/01/2018, etc, are relevant. Please l need your help as I am in pain. My colleagues have been to collect their cheque.No response from Sigma and police pensions. Alfred Ukuesan. 08056059208.

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

     

    AMENKHIENAN: My name is Amenkhienan, I retired from the Nigeria Police onOctober 1,2017. 0n February 20,2018, I submitted all documents to the Managing Director NPF Pensions Ltd Abuja through the PDO Asaba for further action. Our insurance unit has paid me but NPF Pensions has refused to pay me. I went to NPF Pensions Office Asaba.All those that retired after me have all been paid. Please I need your help.

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

  • Pension reform impacts capital market, insurance, others

    • Insurance gets N304b annuity premium

    The pension reform has positively impacted on other sectors of the Nigerian economy, Acting Directing-General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar has said.

    Mrs Dahir-Umar in a status report by the commission, said notably among the sectors that have benefitted from the reform are the insurance sector, the Capital Market, Corporate Bond Market and Rating Agencies.

    According to her, the reform facilitated the growth of Group Life Insurance and development of Life Annuity in the insurance industry.

    She stated that a total premium of N304.09 billion was paid to insurance companies  for the monthly Life Annuity as at December, 2018.

    She added that the monthly pension payment under the Life Annuity Scheme averaged N3.15 billion in December last year .

    She noted that this has significantly assisted the growth of the insurance industry in Nigeria, which is a special focus area under the Federal Government’s Economic Recovery and Growth Plan (ERGP).

    She stressed that the reform has also facilitated the development of the corporate bond market, deepened the Nigerian capital market and the development of rating agencies.

    She said: “Consistent with its track record of performance, the commission was able to record many feats from April 2017 to date. The number of registered contributors increased from 7.6 million as at the end of the second quarter of 2017 to 8.41 Retirement Savings Account (RSA) holders as at December 2018.

    “The size of the pension assets has grown from N6.42 trillion in March 2017 to N8.63 trillion as at December 2018. During the period, the number of Pension Fund Administrations (PFAs) increased from 21 to 22 with the licensing of NUPEMCO PFA, while the number of Closed Pension Fund Administrator (CPFAs) decreased from seven  to six with the exit of UNICO CPFA.

    “The Commission successfully defended the pension reform and neutralised four private Bills that attempted to undermine the Contributory Pension Scheme (CPS) and reverse the reform. We have also been able to introduce the Multi-Fund Structure of Investment of pension fund assets; approved a structured reduction of fees on net asset value of pension fund assets and concluded arrangements for the introduction of the micro pension plan for the participation of informal sector in the CPS”, she added.

  • What manner of probe?

    The House of Representatives’ probe of the National Pension Commission (PenCom) and alleged violations of the Pension Reform Act 2014 sparked uproar in the industry. Omobola Tolu-Kusimo reports

    THE House of Representatives Ad Hoc Committee probe into PenCom’s activities and the alleged violation of the Pension Reform Act 2014, which held on February 7, 2019, began with an assurance from its Chairman, Hon.  Johnson Agbonayinmam.  He said: “We are here to do our oversight function and not to witch-hunt anybody or the commission as a whole.”

    He continued: “When a complaint is brought to us, we will investigate. So, this is just an investigation. It is purely investigative and until proven guilty, the commission is innocent. We are investigating all issues. I am saying this because the submission from some quarters before today’s probe showed that we have taken a position. But no, we have not taken a decision. What we are doing is also in support of President Muhammadu Buhari’s fight against corruption.”

    But some stakeholders thought otherwise. To them, the word investigation evoked a negative feeling for a sensitive industry like the Nigerian pension industry.

    Present at the probe to state their positions were government agencies, including the Civil Service Commission, Ministry of Finance, Pension Fund Administrators (PFAs), Pension Fund Custodian (PFC), and other stakeholders from the private sector, civil society groups, and individuals from across the country.

    Explaining what led to the probe, Agbonayinmam said: “At the plenary session of November, 2018, the House deliberated on a motion on the need to investigate the violation of PRA 2014 by PenCom and resolved to constitute an Ad-Hoc Committee to investigate the matter. Consequently, an ad-hoc committee was constituted on December 12, 2018 with the mandate to investigate the activities of the commission and violation of the Act from April 2017 till date.”

    He listed the violations to include unduly creating impasse in the matter of appointment and resumption of duty of the members of the Board of the Commission; illegal creation of additional Directorates and appointment of more directors, thereby increasing the number from 10 to 17 directors and illegal increase of Commission’s staff End of Service Benefits by 300 per cent.

    When Agbonayinmam asked PenCom Acting Director-General, Mrs. Aisha Dahir-Umar, to respond to allegations against the commission, she said they were false, unfounded and embarrassing, adding that the commission has always acted in line with the Act, and that the management and members of staff of the commission work with the Act.

    “The Pension Reform Act (PRA) 2014, as most of my colleagues call it is our bible; we walk by it. It controls every decision we take, so we can never violate it,” she added.

    She also said the Commission’s contention that the House of Representatives was misled by the motion moved on November 29, 2018, as the allegations listed in the House resolution against the commission for infractions of the PRA 2014 are completely incorrect and unfounded.

    Stating the commission’s position, she said: “Accordingly, the commission hereby presents to the Ad-hoc Committee, the true positions of the issues. The House Ad-hoc Committee may recall that following the dissolution of the erstwhile management of PenCom on 13 April, 2017 along with the managements of 22 other Agencies and Parastatals, the Federal Government announced the names of a new management team subject to confirmation by the Senate.

    “You will further recall that on 27 May, 2017, the Federal Government reconstituted the nominated team subject to Senate confirmation. In the interim, however, the Federal Government directed the undersigned, as the most senior career staff of the commission, to superintend the affairs of the commission in acting capacity, pending assumption of duty by the appointed members of the Executive Management. Consequently, we have in the Commission since April 2017, only a transitional management run by career staff of the commission.

    “By virtue of Section 19(3) of the PRA 2014, Mr. President has the power to appoint the Chairman, the Director-General and Commissioners of PenCom, subject to confirmation by the Senate. The career staff of the commission absolutely do not have any role or influence on decisions taken by either the Executive or Legislative arms of the Federal Government in the matter of appointment to the Board of the Commission. It is, therefore, incorrect to allege that the current transitional management is stalling the appointment or assumption of duty of the new Board members.”

    On the accusation of illegal creation of additional Directorates and appointment of more directors, thereby increasing the number from 10 to 17, The Actg DG said: “Section 30 of the PRA 2014 provides that the structure of PenCom shall comprise “Divisions, Departments and Units as may be approved by the Board from time to time.”

    “Furthermore, the commission has not recruited any additional General Manager (i.e. Director) since the beginning of the transitional period in April 2017 to date. What happened was a normal and duly approved promotion exercise for career staff of the Commission, where three Deputy General Managers were promoted to the grade of General Managers after duly satisfying the established criteria in accordance with the terms and conditions of their employment.

    “The Ad-hoc Committee may wish to note that the Report of the Annual Staff Performance Appraisal exercise, containing recommendations for promotion to General Manager and other grades, was approved by the Secretary to the Government of the Federation (SGF) on 18 April, 2018, in the absence of a functional Board of the Commission. This is consistent with the provision of Section 17(5) of the PRA 2014 and Section 9 of the First Schedule to the PRA 2014, as well as Mr. President’s directive of 16 July, 2015 to all MDAs whose Boards were dissolved that issues requiring approval of Boards should be referred to him for decision through the respective supervising Ministries.

    “You may wish to further note that since the inception of the transitional management in April 2017, PenCom has not undertaken any staff recruitment. The recruitment undertaken by the erstwhile Executive Management on the eve of their departure was suspended by the House Committee on Federal Character due to issues associated with the process.”

    Interjecting, a member of the ad-hoc committee, Hon. Benjamin Wayo, queried  the legitimacy of the President usurping the statutory roles of the board by directing the SGF to act on his behalf.

    He said there is no provision in Section 17(5) of the PRA 2014, that gives the President the authority to usurp the powers or functions of the board of the commission.

    He pointed out that the President should be called to order for usurping the powers of the board.

    But Hon Agbonayinmam, who is the ad-hod committee Chairman, quickly overruled Hon. Wayo’s points, noting that constitutionally, the President can direct the SGF to act on his behalf, and the case of the PenCom is not an exception.

    Wayo, who insisted on his point was further cut short by Hon Agbonayinmam, leading to a mild argument between the legislators.

    Another member of the Committee, Hon. Iboro Asuquo Ekanem, questioned the legitimacy of the transitional management team by the commission, saying that the PRA of 2014 does not recognise such team.

    He also queried the non-remittance of Federal Government’s monthly pension contributions into workers Retirement Savings Account (RSA) and the creation of a Transitional Management Team.

    Reacting, the Ag DG clarified that “Transitional Management” is a mere semantic and it is temporary before the board resumes. According to her, all Directors and Heads of Departments comprise the management committee. As such the commission does not need anybody’s approval to act on operational matters like the management committee, hence the creation of the term transitional management.  She explained that transitional management is an operational word used by the management to work as team.

    Speaking on the allegation of illegal increase of commission’s staff End of Service Benefits by 300 per cent, she said the allegation is also false and unfounded.

    On Federal Government’s non-remittance of monthly contributions into RSA accounts, she explained that remittance is done in arrears of between two to four months.

    At the end of the probe, the Ad-Hoc Committee did not make any statement against the commission. Rather, Hon Agbonayinmam and his members asked the Commission to provide PenCom staff travel schedule, travel ticket and payments made, explaining that the reason they demanded for the details was to ensure that everybody, including her, who collected money did travel. They also requested to see details of contracts awarded since she took over as Acting DG and all that were procured under her. They further demanded to see PenCom assets.

    But the Acting DG said she has not awarded any contract; neither does the commission have any other asset aside its headquarters in Maitama, Abuja.

    Hon Agbonayinmam, however, adjourned sitting to an unannounced date amidst protest by some stakeholders, who said they were not allowed to state their opinions.

    A stakeholder from the private sector said the probe was irritating the private sector. “We are irritated as thoroughbred private sector investor and stakeholders. What is the Ad-Hoc Committee looking for? What are they investigating? The fact that they say they are investigating the activities of PenCom and its violation has already caused tension in the system. And after hearing what they have to say, my conclusion is that they have only heated the system with the investigation. You can even see that the legislators seem confused and eventually started laughing and sharing jokes.”

    Centre for Pension Right Advocacy Executive Director, Ivor Takor lamented that the word investigation conveyed a very negative feeling. “The word investigation conveys a very negative feeling. It does not flow from what happened during the proceedings. I think that if the National Assembly wants documents from PenCom, they should sit with PenCom and get the documents and not say they are calling for an investigation. Because this industry strives on goodwill and there are new initiatives like micro pension which people have to buy in. And when you begin to talk about investigation, the major stakeholders, who are the workers and retirees, feel that something is going wrong in the industry and from what they have shown today, nothing has gone wrong with the industry. If the Federal Government is deducting money from workers and they are not remitting, the National Assembly should have sought it out with the government. Also, if the Presidency has not appointed board, what is the business of PenCom staff with that? Are they to appoint boards for themselves?

    “The law states that for all statutory parastatals, in the absence of a board, they report to the President, through Secretary to the Government (SGF) and they know it. Why will they be asking whether reporting through the SGF is right or wrong? I think it is really mean. When they came here to ask which staff travelled, did he actually travel, it is so mean and a waste of people’s time, who travelled all the way from different states in the country to come and be hearing this type of a thing. It is very sad.

    “As to whether the fund is safe or not, the fund is safe. I happen to be one of the people, who wrote the PRA 2004 and I was a board member of Pencom for seven years. We know that everything was put in place to safeguard the funds and that comes first. The issue we have had in pension has to do with the old pension, Defined Benefits Scheme (DBS) and not Contributory Pension Scheme (CPS). To even think that why they do not have a board is between the Presidency and the National Assembly, yet the legislators still blame PenCom for maintaining and sustaining the pension industry,” he said.

    Hight Street Consulting Ltd Managing Director, Wilson Ideva, said it is National Assembly’s role to carry out oversight functions on government agencies and parastatals.

    Ideva, a former Managing Director of one of the PFAs, said: “People may have mixed feelings, especially those in the private sector about what is going on. But in between, the truth is always constant. As we all witnessed today, no fraud was detected because there can never be any fraud. Like the Acting DG said, there can never be any fraud before her, with her or after her. The statement speaks for itself, which means in perpetuity, there will never be anytime there is fraud because of the internal control that has been put in place.”

  • Ambode praises civil servants

    THE Lagos State Civil Service has helped to reduce waste and boost productivity, Governor Akinwunmi Ambode has said.

    He said this was partly the result of the huge investments in knowledge and skills by his administration.

    Ambode spoke during a training  tagged: ‘Effective management strategies for repositioning and higher responsibilities” organised by the ministry of Establishments, Training and Pensions in Lagos.

    Amobode, represented by the Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson, said the importance of eliminating waste could not be over-emphasised.

    He noted that studies had shown that with better management of time and resources, meagre resources could produce results.

    In other words, the goverrnor, added, organisations and individuals can achieve more with less.

    Ambode said: ‘’Just like other governments, we want to deliver better education, health care, pensions, and transportation services because they know that impatient electorate expect to see change, and fast. ‘’

    He said the participants should have improved skills and enhanced capacities to improve the capacity of the civil service.

    “The state wants workers to embrace a lean culture approach to projects and other establishments’ matters. I believe that the training will make the civil service more productive, efficient, and goal-oriented. Ultimately, it will make the  civil service more suited to support the government to realise its core objective of promoting and enhancing the social and infrastructural objectives of the good people of the state.

    “The team work and synergy hold the key to maximum and ultimate performance. There are some who underestimate the value and importance of synergy and team work. Synergy is everywhere in nature. Synergies are not only about cost reduction. Synergies can be access to markets, exchange of products, avoiding overlaps, and exchange of best practices.

    “Also, since the onset of the great recession, ‘doing more with less’ has become a policy mantra. However, this mantra has not translated into actual implementable policies in most segments of the public service in Nigeria. I believe that the impact of rapidly-changing economic and technological landscape has made government’s task of delivering public service more complex. More than ever before, governments all over the world have increasingly come under serious public scrutiny and fiscal pressure to deliver better outcomes to citizens, and to do so more efficiently.

    “As is evident, Nigeria has not been spared from this in recent times. On the one hand, the dynamism presented by the impact of the interaction of economic, technological and other superintending elements in these scenarios have no doubt made governments’ public service delivery duties onerous. On the other hand, however, it has also opened up opportunities for the exploration of out-of-the-box strategies that governments can adopt if found to better the lot of their citizens.”

    Ambode said fhe funds required to meet such expectations were enormous, especially in developed economies where populations are aging and the public sector’s productivity hasn’t kept pace with that of the private sector.

    “The need to get value for money from governments at all levels is, therefore, under the spotlight as never before. But cost-cutting programmes that seek savings of  one to three per cent a year will not be enough and in some cases, may even weaken the quality of service,” he added.

     

  • 53,888 retirees benefit from PenCom’s enhancement plan

    No  fewer than 53,888 retirees  with low savings in their Retirement Savings Account (RSA) have benefited from the Pension Enhancement Programme, the Acting Director-General, National Pension Commission (PenCom) Mrs Aisha  Dahir-Umar has said.

    In an interview in Lagos on the commission’s achievements in 2018, the Acting DG said the retirees were those receiving their monthly pensions through the Programmed Withdrawal payment mode.

    She said the programme, aimed at bringing succour to existing retirees, was in line with President Muhammadu Buhari’s commitment to uplift retirees’ welfare.

    She explained that it was discovered that the returns being generated by the Pension Fund Administrators (PFAs) on the balances of the RSAs of  the affected retirees could be used to enhance their monthly pensions.

    According to her, the commission is also able to introduce the Multi-Fund Structure for the RSA Funds, Micro Pension Plan, reduction in fees charged in the  industry and Interactive Sessions on the CPS for the Labour Centres.

    Mrs Dahir-Umar said: “The year 2018 started on a positive note with the implementation of the pension enhancement for retirees, which was approved by the commission in December, 2017. It was discovered that the returns being generated by the PFAs on the balances of the RSAs of majority of the affected retirees could be used to enhance their monthly pensions.

    “Consequently, the Commission implemented the pension enhancement which resulted in increase of monthly pensions of 53,888 retirees on Programmed Withdrawal as at December, 2018. The implementation of the pension enhancement is one of the significant milestones attained since the commencement of the CPS. This action, aimed at bringing succour to existing retirees, is in line with Mr. President’s avowed commitment to uplifting the welfare of retirees and Nigerians in general.’’

    She continued: “The Commission also introduced the Multi-Fund Structure for the RSA Funds effective on 1 July, 2018. Prior to this, there were only two Funds: the RSA ‘Active,’ which comprised all active contributors, and the ‘Retiree’ Fund for retired employees. Under the Multi-Fund structure, the Funds are structured demographically to fit the risk appetite of the Contributors. It is expected that young contributors who have longer working years and relatively higher risk appetites would desire more investments in variable income instruments than older contributors or retirees who are risk averse and would prefer ?xed income investments. It is noteworthy to highlight that this initiative has remained in consideration since 2010 when the Commission embarked on a comprehensive review of the Investment Regulations culminating in the amendment issued in 2011.”

    Speaking on reduction in fees, she said the commission also commenced the implementation of staggered reduction in fees chargeable by the pension industry.

    “The new fee regime was hinged on the need to reduce the costs/charges to pension funds and thus enhance returns to contributors/retirees. The reductions were effected in July, 2018 upon implementation of the Multi-Fund structure with further reductions slated for 2019 and 2020.

    On micro pension plan, the Acting DG said the guidelines for its implementation were approved in September 2018, adding that it will expand coverage of the CPS to the informal sector.

    The Commission will launch the MPP this year.

    Mrs Dahir-Umar listed other achievements in 2018 as: “The commission organised separate interactive sessions for the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC). The sessions were premised on the need to educate employees on the provisions of the Pension Reform Act 2014 and other operational activities, in addition to providing updates on some pertinent issues.

    ‘’These interactive sessions were also aimed at enhancing stakeholder engagement towards smooth implementation of the CPS.’’

  • Pension complaints and solutions

    JIMOH: 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 verified at the PTAD liaison office, Lagos in August, last year. But I have not been paid my pension since last April.

    Please come to my aid. Thank you.

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

     

    JOHNSON: I, Johnson, wish to complain of the non-payment of my pension since August 2008.  Help appeal to PTAD to check its records and pay the money to alleviate my financial burden.

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

    ISAAC: I am a retiree of NTA. I have a problem with payment of my federal share of gratuity and pension since 1996. I have been screened several times in Akwa Ibom State by PTAD. I am dying of starvation, hunger and ill-health. Mr President has really performed in his administration with NTA pensioners. Please come to my aid.

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

     

    ESTHER: My name is Esther. I retired in June 2008, but PTAD is yet to pay my pension, despite being verified since last August. Several pensioners have got theirs. Please help me.

    Meanwhile, well done for your concern over pensioners’matters across board. I acknowledge the competence and diligence of PT AD staff in handling pensioners’ problems.

    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. Thank you.

     

    MURITALA: I am of the old pension scheme and my monthly pension is regular. But I am yet to be paid last October and November pension. Please help me.Thank you.

    PTAD: The complainant has been paid for October and November 2018. He has also received his pension payment for December 2018. Thank you.

     

    GHEGHOR: My name is Pius from Benin City. I retired from Bendel State Education Board as Master 2 on SGL O8 Step 5 in March 1986. My monthly federal pension was N7,537.43 and went up to N10,024.70 in 2014. Surprisingly, it was reduced to N6,011.17 in May 2018. Please help, PTAD.

    PTAD: The pensioner was earlier being overpaid and has now been placed on his correct monthly pension. He is advised to provide his bank statement from retirement to date to enable us review his case. Thank you

     

    MRS ADEJUMO: Thank you so much. I have seen my complaint published in The Nation. I hope you will pursue my case to make PTAD address my complaint and settle the seven years’ and seven months’ arrears.

    PTAD : The pensioner is advised to send her complaint, name and account details to complaints@ptad.gov.ng to enable us give a status update on her complaint as no phone number was provided to communicate with her. Thank you.

     

    SHARAYE: My name is Sharaye from Ondo. l was verified by PTAD mobile verification team in June 2018. I discovered that my pension had been on till the beginning of 2018 after the verification till date. Kindly help me as l am old. Thanks.

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

     

    OYETAYO: I am Joshua. I retired as Assistant Director since January 13, 1997. I am being paid a regular monthly pension of N3,397 since 2010. I did a verification in August 2017.The situation has not changed. Kindly appeal to PTAD to pay 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. Thank you.

     

  • Pension complaints and solutions

    MUFUTAU: I am Mufutau, a retiree of NICON Insurance. I retired in October 1990 and participated in PTAD verification in October 2017. I was later told that others were paid while mine has not been paid. PTAD claimed my name was not forwarded to them.

    PTAD: Kindly scan and email your verification slip as well as your duly signed and stamped bank statement covering at least six (6) months before complaint to complaints@ptad.gov.ng to enable us investigate and resolve your complaint. Thank you.

     

    KAWONISE: I am Kawonise. I retired from Federal Ministry of Works and Housing, Lagos. I have not been paid my pension for April and May 2018. Kindly help me out of this problem and save me from hunger. Thank you.

    PTAD: Kindly scan and email your verification slip as well as your duly signed and stamped bank statement covering at least six (6) Months before complaint to complaints@ptad.gov.ng to enable us investigate and resolve your complaint. Thank you.

     

    FLORENCE: Dear PTAD, thank you for informing me that deduction in my May pension was due to computation correction. But the short payment is more than what was stated. My Federal gratuity too has not been paid since my retirement in 2005. Please I need solution.

    PTAD: Please scan and email your verification slip and supporting documents to complaints@ptad.gov.ng. This will enable us investigate and resolve your complaint. Thank you

     

    OZEGBE: My name is Ozegbe. I am from Delta                  State. I retired on October 15, 2006 as a senior foreman and carpenter on grade level 7 step 8. I did my capturing in 2016. My problem is nonpayment of Federal share since 2006 till date.  Thanks.

    PTAD: Kindly scan and email your verification slip to complaints@ptad.gov.ng to enable us investigate and resolve your complaint. Thank you.

     

    BAIYEGUN: My name is Baiyegun. I am an Ondo State pensioner with Federal share. I was verified by PTAD during the last exercise and captured into their scheme. My financial benefit was supposed to start from January 1, 2002, but to my surprise when I received bank alert for the payment, PTAD only paid me pension for March, April and May 2018. When am I going to receive the arrears of my pensions? Starting from January 1, 2002. Please I am dying.

    PTAD: Please note that PTAD has compiled the names of pensioners for the next batch of pension arrears payment and is waiting for the allocation and release of funds from the Federal Government for this purpose. Thank you.

     

    ALI: My name is Ali and I am from Plateau State. I have not been put on payroll. I am being owed gratuity and accumulated pension arrears. Please come to my rescue.

    PTAD: The Directorate is concluding computation of pension benefits for pensioners in the Northcentral. You will be put on the payroll as soon as this process is complete. Payment of pension arrears will be made when funds are released and allocated by the Federal Government for that purpose. Thank you.

     

    CHARANCI: I did not receive my pension in the month of April and May 2018. Yusuf                             Hassan Charanci.

    PTAD: Kindly scan and email your verification slip as well as your duly signed and stamped bank statement covering at least six (6) months before complaint to complaints@ptad.gov.ng to enable us investigate and resolve your complaint. Thank you.

     

    NENROT: I was verified in November 2018 by PTAD in Plateau zone. PTAD has not put me on payroll.

    PTAD: PTAD is concluding computation of pension benefits for pensioners in the Northcentral. You will be put on the payroll as soon as this process is complete. Payment of pension arrears will made whe n funds are released and allocated by the Federal Government for that purpose. Thank you.

  • ‘ Ex-NNSL workers, others to be verified soon’

    The verification of ex-workers of the Nigerian National Shipping Line (NNSL) and other treasury funded parastatals will begin shortly across the country, Pension Transitional Arrangement Directorate (PTAD) Executive Secretary, Mrs. Sharon Ikeazor, has said.

    She made this known while reacting to allegations by representatives of NNSL ex-workers’ insinuations that PTAD deliberately delayed their enrolment into the Defined Benefit Scheme (DBS), and frustrated N3 billion pension arrears payment owed to its members.

    Ikeazor, who debunked the allegation, assured pensioners, who are yet to be verified, that succour will come their way in conformity to the President’s commitment to improve Nigerian pensioners’ welfare, especially those neglected by previous administrations.

    She disclosed that plans are also underway for the verification and subsequent enrolment of qualified ex-workers of Savannah Sugar Company; Aluminum Smelter Company; Nigerian National Shipping Line and others as approved by the Minister of Finance.

    She said: “The attention of PTAD has been drawn to a misleading statement allegedly issued by representatives of ex-workers of NNSL, insinuating that the PTAD had deliberately delayed their enrolment into the DBS and thereby frustrating the payment of N3 billion pension arrears owed to its members. Nothing could be further from the truth.

    “To correct this false impression, we would like to state that the issue of enrolling pensioners of defunct or privatised agencies is part of President Muhammadu Buhari’s administration’s commitment towards lifting pensioners, who hitherto, have been neglected for over a decade, out of poverty.

    “This policy saw to the enrolment of pensioners of Delta Steel Company; NICON Insurance; Nigeria Reinsurance; New Nigerian Newspapers and Nigerian Telecommunications Limited and its mobile arm (NITEL/MTEL). All agencies that were either privatised or liquidated by previous governments without contingency safety nets for the thousands of their hardworking Nigerian employees. Plans are already underway for the verification and subsequent enrolment of qualified ex-workers of Savannah Sugar Company; Aluminum Smelter Company; Nigerian National Shipping Line and others as approved by the Minister of Finance.”

    She explained that in the case of NNSL, the approval for enrolment was received in April 2018, several months after the first set of agencies was approved.

    “It is worthy of note, that the Directorate’s pre-verification exercise for pensioners is a long and painstaking inter-ministerial process that requires the collection of data and digitisation of documents. Most significantly, it requires getting the authentic salary structure of the agency concerned, which in the case of NNSL was not an easy feat.

    “When PTAD eventually got a response in that regard from the Federal Ministry of Transport, representatives of the Union, whom the Directorate had been actively engaging with all along, declared the document incomplete, saying that it did not include the salary structure of its Seamen. Though PTAD is yet to receive any formal information from Federal Ministry of Transport regarding that allusion.

     

     

     

     

     

     

     

  • PenCom grants new PFA licence

    The National Pension Commission (PenCom) has issued license to a new Pension Fund Administrator (PFA).

    The PFA is named the Nigerian University Pension Management Company Limited (NUPEMCO).

    NUPEMCO, according to PenCom, will operate like a Pension Fund Administrator (PFA).

    A statement made available to newsmen read: “PenCom has approved the issuance of a licence to Nigerian University Pension Management Company Limited (NUPEMCO) to carry out the business of a Pension Fund Administrator (PFA).

    “This approval is consequent upon a detailed evaluation of NUPEMCO’s compliance with the requirements, terms and conditions stipulated by the Commission.”