The Nation Newspaper

Category: Pension

  • New Nigeria lauds PTAD

    The management of the           New Nigeria Newspaper (NNN) has lauded  Pension Transitional Arrangement Directorate (PTAD) for  timely placement of their pensioners on monthly payment.

    The firm spoke when its management, led by Acting Managing Director, Maruf Ibrahim,  paid a courtesy visit to PTAD Executive Secretary, Sharon Ikeazor.

    This was made known in a statement by the Directorate‘s Corporate Communications Department.  Other members of the team included managers and pensioners’ union executives.

    The statement read: “The NNN officials said they are very happy at the speed at which PTAD was able to resolve, compute and pay their pensioners. They acknowledged the competence and diligence of PTAD staff in putting the pensioners first.

    “PTAD had in October placed 470 New Nigerian newspaper Pensioners on monthly pension payment for life. The Directorate advised those who have not received their payments to contact their bankers while PTAD re-present the 23 failed payments which is largely due to pensioners inactive accounts.

    “The team was assured that government will soon set up an Inter-Ministerial Committee to look into and dispense with the issue of pension arrears that has accumulated over the years.”

     

     

    Also, the payment to the 109 NoKs is being computed and they will be contacted once the funds are released”, it stated.

     

  • Radix Pension grows RSA by 450% in one year

    Radix Pension Managers, one of the Pension Fund Administrators (PFA), has grown its Retirement Savings Account (RSA) from 4000 to 22,000 in one year of operation under a new Board and Management. This represents 450 per cent growth in the company’s RSA holders.

    Its Managing Director, Kunle Adeboye, told The Nation, that the company, formerly trading as IGI Pension Fund Managers Limited and launched in October 2017, plans to close this year with a better outlook.

    He said the company is focused on providing good returns on investment and ensuring maximum safety of the fund under its management in line with regulations of the National Pension Commission (PenCom).

    He said the company has been able to manage and invest both its RSA and Retiree Funds properly, such that its unit price has been growing steadily on a monthly basis.

    He stressed that the unit price of the company has been on the top table of unit prices of PFAs out of the 21 existing PFAs since it commenced business a year ago,  hovering mostly between first and second, and in a few times up to seventh position, adding that the firm is working to be one of the top players in the pension space.

    He said: “In the industry there are two things that are important to all stakeholders: the safety of pension assets and the return on investment. For us at Radix, we are assuring our customers and potential clients of good return on investment and safety of funds alongside best-in-class customer services – dynamic and efficient administration of pension fund under management, prompt pension payments and excellent pension advisory.

    “We are doing a lot of things differently because we are a young and dynamic PFA. In one year of our operation, we have been able to grow our RSAs significantly. This is because we have people that have the experience and passion for the job. They have an understanding of why we are here, the kind of services we are rendering and the relevance of the service. We are talking about people’s future and joining them in planning for a better future. We have a brand itself that speaks to the youths in terms of most of the things that we do. We do a lot of online and social media sensitisation and so all of these and many more put together have been assisting us to grow.

    “In terms of customer service, we are trying our best as much as possible. We have 24-hour service driven by our ICT capability, and this makes us to be more efficient. In today’s world, most people have access to phone and email. They are more aware through social media. We have the mobile app; these things were not there before the acquisition. But with the acquisition by Radix Capital Partners so many changes have occurred in the company.

    “We are trying to ensure that customers get direct access to their RSA details in real time, so when you talk about complaints or enquiries, we treat them within the shortest possible time.”

    He noted that the Radix brand has over the years undertaken a number of investment banking activities, ranging from business and financial advisory services, issuing house activities, asset management, trusteeship, and now pension fund administration.

    “The company has over time built a solid relationship with the entire investment community, comprising banks, PFAs, insurance companies, asset management companies and high net-worth individuals. Radix Capital Partners seeks to further deepen its asset management services by participating fully in the management of pension assets,” he added.

     

  • PenCom, PFAs pay N10.6b to 25,629 out- of-job contributors

    Disengaged workers numbering 25,629 have claimed 25 per cent of their pension fund to the tune of N10.62 billion between January and June, 2018. This was shown in a report by the National Pension Commission (PenCom).

    The workers were paid by their respective Pension Fund Administrators (PFAs) with PenCom approval.

    They were under the Contributory Pension Scheme (CPS) as Retirement Savings Account (RSA) holders, under the age of 50 years and unable to secure another job within four months of their disengagement. The payment is backed by Pension Reform Act (PRA) 2004 as repealed by PRA 2014.

    A breakdown of the payment showed that 12,857 of the disengaged workers claimed 25 per cent of their pension fund in the second quarter of 2018, receiving N5.65 billion from their respective PFAs in the period under review.

    A further analysis of the report showed that the private sector accounted for 95.60 per cent of those who benefitted from the payments, while the public sector accounted for 4.40 per cent.

    The report read: “Withdrawal of 25 per cent of RSA balances approval was granted for payment of N5.65 billion to 12,857 RSA holders, who were under the age of 50 years and were disengaged from work and unable to secure another job within four months of disengagement.

    “The cumulative total number of RSA holders, who were paid 25 percent for temporary loss of job was 275,950. They received N93.19 billion being the 25 per cent of the balances of their Retirement Savings Account as prescribed by the Pension Reform Act 2014.

    The report also showed that approval was granted for payment of N4.97 billion to 12,772 RSA holders, who were out of job in the first quarter of 2018.

    “The cumulative total number of disengaged RSA holders, who were paid 25 per cent was 263,093 and were paid N87.54 billion from inception to the first quarter under review.

    “The private sector, however, accounted for 95.60 per cent, while the public sector accounted for 4.40 percent.”

     

  • Pension complaints and solutions

    AIYESIMI: Good day Omobola, I am a retired police officer. Please help me to appeal to PenCom to approve Leadway to pay me my benefit. I have been suffering for the past three years. PenCom should urgently attend to Leadway so that they can pay me. Please do not let me die of hunger.

     

    LEADWAY AIYEDUN: Dear Aiyesimi, cases like these are actually dependent on PENCOM. Do you have contact details of the client?

     

    ANNONYMOUS: I am a retiree of the Nigerian Police Force. I retired on October 1, 2008. My PFA is Trustfund Pensions. In April 2009, I was paid a lump sum of N6, 305, 247. 13. Half of this amount will be posted into my account and the remaining half will be with them growing for my next of kin. As at December 2016, the statement of my account with Trustfund Pensions read as N3,194,391.37. Those I retired with on the same rank of D.S.P with other PFA are paid same amount but their their balance is N4.5 million while mine is decreasing. Please help me out and investigate why my money is not growing with Trustfund.

    TRUSTFUND PRISCA: Dear Sir, we will revert to you soon.

     

    OGUNFOLAJU: Good day Madam, thank you for the great job you are doing for Nigerian pensioners vide your column on pension solutions in The Nation Newspaper on Wednesdays. I am Ogunfolaju. I retired from National Orientation Agency (Osun State) on June 4, 2015. I had earlier, on March 2, this year sent you details on my complaints on short payment of my retirement benefits. Big thanks for I am sure you would have taken action on it. However, I am yet to get a response from PenCom. Please note that out of all those who retired from NOA Osun State from Levels 10 to 15, I am the least paid both in lump sum and monthly payment. It’s quite saddening and frustrating. I went to Trustfund office. A level 10 officer got N2.3 million lump sum and N41,000 monthly pension while I got N1.3 million and N34,973 monthly. We were all employed in 1988. Please I still rely on you for assistance on solution to my short payment. Thanks

    TRUSTFUND PRISCA: Dear Sir, we will revert to you soon.

     

    JAPHET: Please, help me to ensure that Sigma Pensions trans-fers my pension to annuity. I have requested twice this year and on both occasions, I have been denied. The first time was on May 7 and second time was on July 24. All I was told is that they are waiting for approval from PenCom. Thank you.

     

    SIGMA FATIMA: Please be informed that the client in question has since been paid and has also confirmed receipt. Be assured of our best and loyal services always.

     

    LAWAL: I was verified by PTAD in November, 2015 in Katsina after complaints of not being on payroll and no pension arrears. I was asked to bring evidence of bank statement, which was done since 2017 through PTAD Kano and delivered to PTAD Abuja without any result. I complained again and it was discovered that they have no vital documents and I re-submited my documents. Please PTAD place me on payroll and pay my arrears.

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

     

    UMORU: I am very grateful to you for all your assistance that has yielded good result from PTAD that has placed me on full payment since June 2018 from short payment since 2010. PTAD is still owing me full salary from Oct. 2007 to May 2008 when we were not paid by hand nor through the bank; because we were not in commercial banks.

    I shall be grateful if you can help to press PTAD once more to pay me the arrears to enable me take care of my deplorable health, which the Doctor says is in danger as I have prostate cancer due for operation.

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

     

    MICHAEL: Dear Omobola, kindly help us Federal pensioners to find out from the Head of Service and PTAD why the delay in paying us the balance of our 33 per cent pension for 13 months. The national budget was passed and signed since June and we are now in September. The issue of lack of fund should not be an excuse again. Thank you.

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

  • PenCom issues guidelines on Voluntary Contributions

    •Commences radio programme

    The National Pension Commission (PENCOM) has issued new guidelines to regulate the operation of voluntary pension contributions (VPC) under the Contributory Pension Scheme (CPS).

    VPC simply allows Retirement Savings Account (RSA) holders to make additional contributions beyond the statutory employee and employer monthly contributions.

    A statement by the Commission, signed by its Head, Corporate Communications, Peter Aghahowa, sad the release of the guideline is in furtherance to carrying out its mandate of regulating the pension industry.

    The Commission said part of the objective of the new guidelines is to establish a uniform set of rules for the operation of voluntary contributions and eligibility criteria for participation in the contributions.

    The statement reads: “It is pertinent to note that the Pension Reform Act (PRA) 2014 allows employees to make Voluntary Contributions into their RSA in addition to their mandatory pension contributions, with the sole aim of enhancing their retirement benefits.

    “According to the issued guidelines, voluntary contributions shall be non-obligatory contributions made by any employee in the formal sector through the employer.

    “The objectives of the released guidelines are to establish uniform set of rules for the operation of voluntary contributions and eligibility criteria for participation in the contributions and to provide the procedure for making voluntary contributions as well as necessary safeguards and modalities for its withdrawals.

    “The guideline will enable contributors to utilise voluntary contributions for the purpose of enhancing future retirement benefits for active or mandatory contributors, will encourage retirees under CPS to utilise part or all of the Voluntary Contributions to augment their existing pension, will assist retirees under defunct Defined Benefit Scheme (DBS), exempted persons from the CPS and foreigners to save in order to cater for their livelihood during old age.”

    The commission, however, urged contributors to be guided by the guidelines and encouraged them to direct all their enquiries concerning  voluntary contributions to their respective Pension Fund Administrators (PFAs).

    Meanwhile, the commission in a bid to further enlighten the public on the operation of the CPS, has begun radio programme titled: “Retirement Mata”.

    The programme, which made its debute on October 26, 2018, is a weekly 30-minute pidgin programme, which will be on air every Friday on NAIJA 102.7FM, Lagos, at 5:00pm.

    The Commission called on workers and retirees under the CPS to listen to the programme, noting that it will be interesting and educative.

    The programme is designed to enlighten and address so many issues pertaining to CPS, the statement added.

  • Pension complaints and solutions

    Desmond: Dear PenCom, my name is Desmond. Redundancy affected me in Nichemtex Ltd in April 2018. I submitted my document to NLPC since April 4 this year but up till now they have not paid me. Please help.

    THE NATION: The newspaper will intervene by getting PenCom and NLPC Pension to respond to your complaint. Watch out for the newspaper publication every Wednesday and subsequently every week for pension news.

    Japhet: Please, help me to ensure that Sigma pensions transfers my pension to annuity. I have requested twice this year and on both occasions, I have been denied. The first time was on May 7 and second time was on July 24. All I was told is that they are waiting for approval from PenCom. Thank you.

    THE NATION: The newspaper will intervene by getting PenCom and SIGMA Pension to respond to your complaint. Watch out for the newspaper publication every Wednesday and subsequently every week for pension news.

    Annonymous: I retired as a level 10 officer and I received N1.3 million lump sum and N34,973 monthly pension. But my colleagues who are also level 10 officers and got employed as me in 1988 received N2.3 million lump sum and N41,000 monthly pension. It is quite saddening and frustrating that I am been short paid. I have complained to my PFA, Trustfund Pension, but they insisted that they are acting on PenCom approval. Please I am relying on you for assistance on the solution to my short payment. Thanks

    THE NATION: The newspaper will intervene by getting PenCom and NLPC Pension to respond to your complaint. Watch out for the newspaper publication every Wednesday and subsequently everyweek for pension news.

    AIYESIMI: Good day Omobola, I am a retired police officer. Please help me to appeal to PenCom to approve Leadway to pay me my benefit. I have been suffering for the past three years. PenCom should urgently attend to Leadway so that they can pay me. Please do not let me die of hunger.

    THE NATION: The newspaper will intervene by getting PenCom and Leadway to respond to your complaint. Watch out for the newspaper publication every Wednesday and subsequently every week for pension news.

    Dadah: My name is Dadah. I retired in September 1, 2008 as a Director on level 16 step 9. I have never been placed on federal share pension, nor paid my gratuity. Kindly help me solve this 10-year-old problem and God will surely bless you.

    THE NATION: The newspaper will intervene by getting PenCom to respond to your complaint. Watch out for the newspaper publication every Wednesday and subsequently every week for pension news.

    Toyin: Please, I retire in January 2019, when will I be able to access annuity and pensions.

    THE NATION: The newspaper will intervene by getting PenCom to respond to your complaint. Watch out for the newspaper publication every Wednesday and subsequently every week for pension news.

    Annonymous: I retired under the contributory pension scheme. How can I have access to loan?

    THE NATION: The newspaper will intervene by getting PenCom to respond to your complaint. Watch out for the newspaper publication every Wednesday and subsequently every week for pension news.

    AKANJI: Dear Sir, I have not been receiving my statement of account from my PFA since March this year. Akanji from Osun State.

    THE NATION: The newspaper  will intervene by getting PenCom to respond to your complaint. Watch out for the newspaper publication every Wednesday and subsequently every week for pension news.

    Oye: My name is Oye and I am an ex staff of one of Nigeria banks. I want to know if pension fund could be used as a collateral for loan in banks.

    THE NATION: The newspaper will intervene by getting PenCom to respond to your complaint. Watch out for the newspaper publication every Wednesday and subsequently every week for pension news.

  • IEI-Anchor grows asset by 17.3%

    Pension assets under the management of IEI-Anchor Pension Managers Limited has grown by N10 billion in its 2017 financial year, representing a 17.3 per cent growth.

    The assets under the company, a Pension Fund Administrator (PFA) grew from N58 billion in 2016 to N68 billion in 2017.

    During the year under review, the company also experienced growth in its gross revenue as it increased from N544 million in 2016 to N661 million in 2017, a 22 per cent growth.

    The Retirement Savings Accounts (RSA) generation also increased from 10,000 generated in 2016 to 12,394 generated in 2017, a 24 per cent growth in generation levels.

    In the same vein, the company’s RSA Fund Unit price grew from N1.9411 in 2016 to N2.2124 in 2017, a growth of 13.98 per cent while Retiree Fund Unit price grew from N2.2331 to N2.5615, a growth of 14.71 per cent during the year under review.

    “There was, however, a drop in our profit before tax, which moved from N116 million in 2016 to N45 million in 2017. Profit after Tax also fell from N81million in 2016 to N1.4 million in 2017,”the firm said.

    Addressing shareholders at the company’s sixth Annual General Meeting (AGM) in Abuja, its Chairman, Senator Jonathan Zwingina, said the company’s resilience was not in doubt as it continued to grow.

    He said opportunities were seized and maximised, noting that the spirit of the growth was achieved with the help of the management team guided by the board.

    He said: “The efforts of our employees cannot also be overlooked. They have remained committed and dedicated to building the company. In 2017, there were no changes on the Board of your company. The Board ensured accountability of the management through the supervision of Board Committees and strict adherence to regulatory controls and regulations.

    “The industry, in the year under discussion, also encountered some pressures with clamours by the National Assembly to increase the lump sum payments for retirees which is currently about 25 per cent to 75 per cent. Stakeholders in the industry were opposed to this proposition, which has now been put on hold. The Contributory Pension Scheme (CPS) was also further extended to include members of the informal sector, through the Micro-Pension Scheme. This plan will enhance the viability of pension assets to further secure retirement benefits. All PFAs are gearing up for its start up.

    “There is no doubt that the inclusion of this arm of the society will lead to a large in-flow of resources thereby growing the already robust Pension assets and providing a major financial base for investment opportunities,” he said.

  • Pension complaints and solutions

    ALI: My name is Ali, 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 is concluding computation of pension benefits for pensioners in the North central. You will be put on the payroll as soon as this process is completed. Payment of pension arrears will be made when funds are released and allocated by the Federal Government for that purpose. Thank you.

     

    MUFUTAU: I am Mufutau, a NICON Insurance retiree  since October 1990. I participated in PTAD verification in October 2017. I was later told that others were paid while mine has not been paid. PTAD claims 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 months before complaint to complaints@ptad.gov.ng to enable us investigate and resolve your complaint. Thank you.

     

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

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

     

    NENROT: I have been verified since November, last year by PTAD in Plateau zone. PTAD has not put me on payroll.

    PTAD is concluding computation of pension benefits for pensioners in North central. You will be put on the payroll as soon as this process is completed. Payment of pension arrears will be made when funds are released and allocated by the Federal Government for that purpose.

    Thank you.

     

    OZEGBE: My name is Ozegbe from Delta State. I retired on October 15, 2006 as a senior foreman 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.

     

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

     

    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 it has stated. My federal gratuity too has not been paid since my retirement in 2005. Please I need solution. Florence.

    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

     

  • PTAD payrolls 9,125 ex NITEL, Mtel workers

    After 12 years of post-privatisation uncertainty, the Pension Transitional Arrangement Directorate (PTAD) has added 9,125 ex-workers of Nigerian Telecommunication Limited (NITEL) and its mobile arm, Mobile Telecommunication Limited (Mtel) to its monthly pension payroll.

    PTAD Executive Secretary, Sharon Ikeazor, in a statement said it was in line with President Muhammadu Buhari’s commitment to ensure that all pensioners get their entitlements.

    She revealed that payments to 1,385 next of kins (NoKs) will follow shortly when the Directorate concludes the computation of deceased pensioners’ benefits.

    The Directorate, according to her, has been assuring the ex-workers, who are under the Defined Benefits Scheme (DBS), that they would be put on the monthly payroll to start receiving their pensions for life.

    She stressed that the greatest injustice is not to pay workers their wages after meritorious service to their father land, assuring them that payment of their arrears will be made as funds are allocated and released.

    The PTAD, she added, has so far verified and pay-rolled Delta Steel Company (DSC), Nigeria Reinsurance and NICON insurance under its Parastatals Pension Department.

     

  • ‘Why accrued pension rights are delayed’

    •Pencom pays N679b in 14 years

    The National Pension Commission (PenCom) is waiting for the release of funds from the Federal Ministry of Finance to be used in paying accrued pension rights of Federal Government retirees under the Contributory Pension Scheme (CPS).

    The Commission in a report on accrued right payment said the expected fund will be used to pay batches of retirees, who retired between September to December 2017.

    In the report, PenCom’s Acting Director-General, Mrs Aisha Dahir-Umar, said the Commission has paid 143,637 retirees N679.68 billion since the commencement of the Scheme in 2007.

    She said the Commission has intensified its effort to ensure that funds are released for payments of accrued pension.

    She disclosed that the effort yielded result as the ministry has released N14 billion to the Commission, noting that it will go a long way to clear backlogs of arrears.

    According to her, Federal Government’s outstanding pension liabilities to its retirees till date is N60 billion.

    She said: “We have paid the retirees up to August 2017 and we plan to clear the backlogs as soon as possible. Based on the effort made by the Commission, we are now getting monthly release of N14 billion.

    “We started getting it in July this year. We were not getting monthly release before this time. This may not clear all the backlogs, but it will go a long way in the long run if the ministry continue to release the fund.”