The Nation Newspaper

Category: Pension

  • ‘Equity market growth to boost pension portfolio’

    •Over 250,290 disengaged workers claim N82.57b

    Nigeria’s pension fund portfolios are expected to show continued growth in the first quarter of this year, the National Pension Commission (PenCom) has said.

    The Commission, in a report, said this is based on the upward trajectory of the equity market in the first Quarter of the year.

    PenCom disclosed that this is premised on the expected drop in yields and interest rates on fixed income securities as a result of the improving macro-economic environment and the restructuring of the Federal Government debt portfolio.

    The report read: “Other factors expected to impact on the performance of the equity market include stable or increased global crude oil prices, increased liquidity in the foreign exchange market and improved foreign investors’ confidence and interest in the Nigerian equity market.“

    It is also envisaged that the inflation rate would trend downwards from the average inflation rate recorded in the fourth quarter, 2017 at 15.72.01 per cent. Overall, pension fund portfolios are expected to show continued growth in first quarter of 2018.

    Meanwhile, a total of 17,828 workers under the ContributoryPension Scheme (CPS), who lost their jobs have received N6.54 billion in the fourth Quarter of 2017.

    The amount given was 25 per cent of each person’s Retirement Savings Account (RSA) balances. This was made known in a report released by the National Pension Commission (PenCom).

    According to PenCom, the RSA holders are those under the age of 50 years and were disengaged from work and unable to secure another job within 4 months of disengagement.

    The Commission revealed that the cumulative total number of disengaged RSA holders, who were paid 25 per cent was 250,293 and were paid N82.57 billion from inception of the CPS to date.

    A further analysis showed that the private sector accounted for 95.40 per cent or 238,786 of workers, who lost their jobs and received the money in the period under review while the public sector accounted for 4.60 percent or 11,507.

     

  • Anchor Insurance gets new helmsman

    Anchor Insurance Company Limited has announced the appointment of Mr. Augustine Osegha Ebose as its new Managing Director, following National Insurance Commission’s (NAICOM) confirmation.

    The Board of Directors, according to a statement from the Brand and Corporate Communications Manager, Mr. Jamiu Osoba, had forwarded Ebose’s name to NAICOM as the nominee for the position stemming from the last Board meeting and selection anchored on the company’s succession plan.

    Before his new appointment, Ebose was the company’s Executive Director overseeing the business and marketing chains of the company.

    Ebose started his working career with Erikana Nigeria Limited in 2000 to 2001 as a Marketing Officer for the sales of the company’s products.

    Thereafter, he moved to Alliance & General Insurance Company Limited where he served in various capacities from 2001 to 2004, which he joined as an Executive and to rose to the position of Branch Manager.

    In 2004, he moved to Capital Express General Insurance Company Limited as a Manager and left in 2006 to start his business sojourn with Standard Alliance Insurance Company Plc from November of the year.

    He left the company in December 2016 to join Anchor Insurance Company Limited as Executive Director (ED), Business Development and Marketing.

    Ebose is a graduate of Delta State University, Abraka and University of Ado -Ekiti, Ado-Ekiti where he obtained B.Sc (Economics) and MBA (Business Administration).

    He is awaiting his graduation for a Doctorate in Business Management from University of Liverpool, Liverpool, United Kingdom.

     

     

  • Ambode: We are delivering more with less

    The Lagos State Civil Service has led the way in reducing waste in government while increasing productivity, Governor Akinwunmi Ambode, has said.

    The governor said this had been made possible partly through extensive investments in knowledge and skills in the Civil Service.

    Ambode, represented by the Commissioner for Establishments, Training and Pensions Dr. Akintola Benson during a training organised for workers in Lagos, spoke on the topic: “Adopting the lean process improvement culture in the Civil Service to further reduce waste and optimise productivity”.

    He said the state civil service was delivering more with less, noting that the importance of eliminating waste in government cannot be overemphasised.

    According to him, with good and sound processes relating to management of time and resources, meagre resources can be extended to produce outstanding results.

    “The ultimate objective of this training is to identify and codify the methods, means, and strategies for ensuring that the state Civil Service is positioned to do more with less. At the end of this training, officers of the state should be able to produce even more outstanding results with less money, less personnel, and in less time. This, at the end of the day, is ultimate productivity. It frees up resources, both human and capital, for investment in other competing fronts for the benefit of the good people of Lagos State.

    “Many civil servants feel that their priority should be matters of policy, not operations; others resent the notion that they are somehow part of a production line. Moreover, without the incentive of the profit motive, these government managers may believe they have neither a reason nor the levers to pursue a lean approach,”he said.

    He continued: “I will be the first to acknowledge that as has been well documented, persuading people to embark on the lean journey, where the last stop may be their own removal or reassignment, is not easy. To succeed, public-sector organisations must find a way to align their growth strategy, providing new and better services at limited cost, with a regard for the interests of their workers. Although lean programmes may cut the number of public-sector jobs, the goal is to make the remaining ones more rewarding. Incentives come from the prospect of more meaningful work, potentially with room for greater autonomy or a chance to develop new skills.”

    The governor urged participants  to actively participate in the discussions and contribute meaningfully to realising the objectives of the training, adding that it is in the state’s corporate interest to do so.

    “This is because, if the state civil service is able to perfect the art of lean management and operations, the service will be able to eliminate the three sources of loss, which are waste, variability and inflexibility,” noted.

     

  • Trustfund sensitises retirees on CPS

    Trustfund Pension Plc has advised would be retirees under the Contributory Pension Scheme (CPS) to commence plans for their retirement from age 45.

    Regional Manager, Obiora Ozoekwem, gave the advise during the company’s Retiree Forum in Lagos, adding that preparing for retirement early will enable them receive their benefits as and when due.

    He highlighted issues that cause delay in pension payment as un-remitted contributions, especially embloc payments and excess contributions, among others.

    The essence of the forum, he said, was to keep them abreast of the developments on their pension as regulated by the National Pension Commission (PenCom).

    He said: “It is important to notify retirees of the modifications and accurate information so they can get feedback to improve on themselves. For us at Trustfund, our priority is good customer service.

    “This has enabled us grow our customers base and we will not lag behind in our responsibility to ensure that everyone of our customers are comfortable and happy. Gone are the days when you see pensioners queuing and dying on the road, our success is measured by pensioners’ happiness and comfort.

    “Also, technology has helped us enhance our performance to our respective clients. Our website has been upgraded and each customer is able to easily access it and lodge complaints or queries.”

    He said the factors that may cause delay could be from the clients or their employers, noting them as un-remitted contributions, especially embloc payments, excess contributions, among others.

    Ozoekwem furtther enlightened the retirees on the modes of payment of pension benefits under the CPS.

    According to him, there are two forms of withdrawals, the Programmed Withdrawal, which refers to withdrawals of funds on a regular basis, which may be monthly, quarterly etc.

    “As an Retirement Savings Account (RSA) holder upon attaining retirement age or age 50, whichever is later, you can request for the balance in your  RSA account to be paid out to you via programmed withdrawals,”he said.

    He went on: “As regards annuity, it is defined as a series of fixed payments paid at regular intervals over the specified period of the annuity. An RSA holder may upon retirement or attaining the age of 50 years (whichever is later), purchase an annuity from a life insurance company licensed by the National Insurance Commission with monthly or quarterly payments”.

     

  • AIICO Pension to train unemployed, underemployed youths on career path

    AIICO Pension Managers Limited is set to hold a one-day career development workshop for unemployed and under employed youths.

    This was made known in a statement by the company’s Head, Strategic Planning and Corporate Communications, Tunde Otun, in Lagos.

    The company, a Pension Fund Administrator (PFA), is calling on the unemployed and underemployed below 30 years, National Youth Service Corps (NYSC) members with less than six months to complete their programme and graduates of any discipline or education background with a minimum of 2:2 (Second class lower grade) to participate.

    The workshop tagged: “Preparation meets opportunity: A window to excel”, is part of AIICO Pension Manager’s value-adding commitment to consistently empower youths by helping them build career related skills, expand their knowledge base and improve their brand equity.

    According to Otun, the workshop will also serve as springboard for participating organisations to access a pool of diverse employable talents and trainable graduates with unique value propositions. He added that the workshop will have in attendance career development experts, who will take participants through discussions on tips towards a successful job search; creating the right brand for yourself as an applicant; career talk and building skills; spotlight on common mistakes at job interviews and mastering the art of saving while in employment.

    According to him, there will be an opportunity for one-on-one sessions with Human Resource Managers (HR) from over 20 organisations, to afford participants networking opportunities and platforms for successful career development.

    He said that Nollywood and veteran actress, Joke Silva, will be in attendance as the special guest.

    “If you are interested in enhancing your career path and development, the workshop will enable you take the first step towards building a sustainable and incredible career route. To register to attend the workshop for free, interested participant are to visit www.aiicopension.com/csrworkshop,” he added.

    He continued:“The workshop, which is modeled around our Corporate Social Responsibility (CSR) initiative, is primarily aimed at helping a large number of the unemployed youths make smart career choices by exposing them to the rudiments of job search, expectations of employers in the 21st century job market, and appropriate self-branding.

    “The event will also serve as a springboard for participating organisations to access a pool of diverse employable talents and trainable graduates with unique value propositions, which they can tap into when looking to employ top-end entry level executives and/or trainees.

    “We expect to have four main speakers who are experts in their respective fields to deliver papers relevant to the theme of the workshop and a guest appearance by our brand ambassador, Ms. Ajoke Silva.”

  • Ambode: stress-free workplace ‘ll boost efficiency

    Weak or ineffective management can leave employees feeling undervalued and affect their self-esteem and efficiency, Lagos State governor, Akinwunmi Ambode has said.

    Besides, failure to keep employees informed about significant changes to the organisation causes them stress and uncertainty about their future.

    Ambode, who spoke at the Training facilitated by Human Capital Management and Solution Limited in Lagos and tagged: “Time and Stress Management Workshop”, said a stress free workplace will boost workers efficiency.

    Governor Ambode, who was represented by Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson said senior officers of the Lagos State Civil Service are being trained on how to make the civil service as less stressful as possible for civil servants.

    He listed other common causes of stress in the workplace to include multiple reporting lines for employees, with each manager asking for their work to be prioritised, poor physical working environment, excessively high workloads with insufficient workloads, lack of control over work activities, difficulty settling into a new promotion, both in terms of meeting the new role’s requirements and adapting to possible changes in relationships with colleagues.

    He said concerns about job security, lack of career opportunities or level of pay, bullying or harassment, among others can also cause stress for employees.

    “The state has since discovered that effectiveness in its Civil Service goes far beyond the acquisition of knowledge and job-related skills. The training is aimed at increasing knowledge and on-the-job skills for civil servants and enable them to live well-rounded lives and cope with a number of factors that are often over-looked in the quest for organisational efficiency.

    “Two of such factors are time management and stress management. In today’s 24-hour, round-the-clock work engagement culture, there is a critical need to help officers of the state Civil Service learn the mechanisms for coping with the demands on time management and the consequential stress.

    “It is important to recognise the common causes of stress at work so that you can take steps to reduce stress levels where possible. Workplace stress can be caused by a number of factors from heavy workloads and over-promotion to bullying and blame culture,”he added.

     

  • IEI-Anchor Pension records 17% investment return

    IEI-Anchor Pension Limited has recorded an investment returns growth of about 17 per cent for its activities in 2017, the Managing Director, Glory Etaduovie, has said. He made this known in a statement made available to journalists in Lagos.

    According to him, the growth is above the country’s year inflation figures which stood at 16.54 per cent on the average, while overall returns outperformed the MPR rate of 14 per cent all year round.

    He stated that this has helped to reposition the effects of long tenured previously lower Government Bonds yields where most Pension Fund Administrators (PFAs) are over-weighted. He noted that more weight is given to fixed income securities because of its safety.

    He, however, said the returns can be affected by the prevailing economic situations at entry point.

    Etaduovie added that we have grown their Assets Under Management (AUM) from N47 billion in 2015 to over N75 billion as at date.

    Speaking on the company’s 2018 goals, he said they chose the theme “Get The Edge”,  knowing that they are not amongst the biggest PFAs, but it makes them smarter and nimble in their responsiveness to client needs.

    He said: “We know that we are not amongst the biggest PFAs, but it makes us smarter and nimble in our responsiveness to client needs. That is the Edge- the more personal touch. The Customer is the main thing – making the “main thing” the main thing. When they smile we smile.

    “Our skills from marketing, contributions, investment, benefit payments and Retiree management have been horned.  There is a lot of pension business ignorance out there, too. We will engage in a lot of advisory services, too. There are lots of permutations and hypothetical assumptions out there that does not take into consideration of economic and political realities and vagaries year on year. We also charged ourselves to deliver returns that will out-play the inflation rate, thus ensuring that we meet the overriding objectives of the pension industry.”

     

  • Ambode trains workers on conflict resolution

    The ability by workers to persuade, negotiate, resolve conflicts and avoid chaos is crucial to the development and peace of Lagos State, Govenor Akinwunmi Ambode has said.

    He spoke during a workers training held in Lagos, tagged: “Building Values And Sound Human Relations Skills in Lagos State Civil Service”.

    Represented by the Commissioner, Lagos State Ministry of Establishments, Training and Pensions, Dr. Akintola Benson, he said the workers are expected to be able to identify and spot potentials for conflicts before they fester into full blown crisis.

    He pointed out that the world is fast changing and issues are becoming more complex, adding that the state need workers who are able to make critical observations.

    He said: “A refined officer is expected to have the skills to solve problems. The state need people who can be left on their own to figure out how to resolve conflicts and avoid chaos and ill feelings. You are expected to be able to identify and spot potentials for conflicts before they fester into full blown crisis. Indeed, the ability to persuade, negotiate and resolve conflicts is crucial if you plan to move up. You need to have the skills to develop mutually beneficial relationships in the state so you can influence and persuade people. You also need to be able to negotiate win-win solutions to serve the best interests of the state  and the individuals involved.”

    “As officers of the state who is in charge of important organisations, you must be able to observe and critically assess the impact and consequence of developments as they arise and, sometimes, even before they arise.”

    Ambode said the objective of the training is to inculcate and sharpen the vital interpersonal human relations skills and values that officers of the state civil service require to properly and fully serve the government and the people of Lagos.

    “This is why we have also ensured that we keep our officers happy to achieve good human relations and productivity.

    “A happy worker is a productive worker. A business relies on the productivity of its employees and that is where human relations comes into play,” he added.

    He told the workers that as an officer of the state civil service, they will attain better performance  if they possess good communication skills.

    “This doesn’t mean you have to be a brilliant orator or writer. It does mean you have to express yourself well, whether it is writing a coherent memo, persuading others with a presentation or just being able to calmly explain to a team member what is needed.

    “Also, your department will become more effective and efficient if you can work in a team and collaborate. The state civil service wants people who play well with others and can effectively work as part of a team,” he said.

     

  • PenCom: operators delaying pension payments, others

    The National Pension Commission (PenCom) has accused some pension fund operators  of delaying the payment of retirement benefits to retirees.

    The Commission, in its 2017 Third Quarter Report, released on its website, said the pension fund operators include Pension Fund Administrators (PFAs), Pension Fund Custodian (PFCs) and Closed Pension Fund Custodian (CPFAs).

    According to the report, other major issues discovered from the regulator’s surveillance of the industry are un-credited pension contributions and payment of outstanding commitments of retirement benefits to the retirees from previous routine examination by the Commission.

    These issues, the report  noted, have been addressed by the affected operators as directed by the Commission.

    On Corporate Governance issues, the report stated that  29 operators forwarded their reports to the Commission.

    The major issues observed from the review of reports forwarded by operators were inadequate board composition, absence of independent directors on the board, attendance and frequency of board meetings and that of the board committees as well as annual performance of the board, amongst others.

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

    “The Commission conducted routine examinations of licensed pension fund operators during the period under review. The reports of the 2016 routine examinations were presented to the boards of the pension operators. The reports detail remedial actions to be taken on noted issues during the examination. In addition, reports on compliance and corporate governance were received from the operators as part of the off-site examination activities.

    Highlights of the reports read: “During the quarter under review, 29 operators  forwarded the corporate governance reports. The major issues observed from the review of corporate governance reports forwarded by operators were inadequate board composition, absence of independent directors on the board, attendance and frequency of board meetings and that of the board committees as well as annual performance of the board, amongst others. The affected operators were directed to redress the issues identified.

    “On updates of Returns Rendition System, as part of the their obligations to the Commission, 32 licensed pension operators comprising of 21 PFAs, 4 PFCs and 7 CPFAs rendered the returns for the pension funds under their management and custody as well as that of the company to the commission via the Risk Management & Analysis System (RMAS) for the quarter ended 30 September, 2017”, the report showed.

  • Know your Pension Rights

    Do you know that your pension rights under the Pension Reform Act 2014 include the following:

    • Right to retire voluntarily at 50 years.
    • Compulsory retirement age is 60 years.
    • Access mortgage loan with part  of your pension.
    • Access 25% of your total pension when you are out of job for four   months.
    • Your employer is mandated to contribute minimum of 10% of your monthly total emolument to your RSA account every month in addition to the 8% deduction from your monthly salary.
    • Our PFA is mandated to write a letter to your employer on your behalf when they fail to remit same into your RSA demanding payment.
    • Your PFA is mandated to report your employer to the regulatory body, the National Pension Commission (PenCom) if they eventually fail to comply.
    • You can report your employer to your PFA or PenCom without your name being mentioned if they fail to remit your pension as and when due.