The Nation Newspaper

Category: Pension

  • CPS pensioners demand interest on accrued pension

    Federal Government pensioners, who migrated from the Defined Benefits Scheme (DBS) to the Contributory Pension Scheme (CPS) in 2004, are demanding interest yield on the investment of their accrued benefits with the Central Bank of Nigeria (CBN) by the National Pension Commission (PenCom).

    The pensioners, who retired under the CPS are making the call under the auspices of Interim Association of Contributory Pension Scheme Pensioners.

    President of the association  Comrade Shittu said since the government moved them from the DBS to the CPS, following its establishment in 2004, they have been receiving their pension benefits.

    He said the Federal Government, through the CBN and PenCom still owe all categories of contributory pensioners accrued interests on their initial pension entitlements from the old scheme as at June 2004, which were deposited with the CBN as Bonds.

    He maintained that the Commission has not communicated to them whether it will pay the interest yield.

    He said:“According to Google and Wikipedia, “in finance, a bond is an instrument of indebtedness of the bond issuer to the holders. The bond is a debt security under which the issuer owes the holders a debt (depending on the terms of the bond), The issuer is obliged to pay them interest (the coupon) or to repay the principal at a later date, which is termed the maturity date.

    “Furthermore, a government bond is a bond issued by a country’s government, promising to repay borrowed money at a fixed rate of interest at a specified time. From the above analysis, the Federal Government through the CBN and PenCom still owe all categories of contributory pensioners accrued interests on their initial entitlements as at June 2004, which were deposited in the Central Bank as Bonds.”

    “Therefore, as of rights, we are demanding the calculation of all our accrued interests on all monetised amount as at June, 2004, which were not made known to Staff as at time of registration even, at a very low government interest rate.

    “The Association is fully aware that in all countries where CPS is practised, all workers involved are duly paid these entitlements at the commencement of the scheme. It is our belief that if these amounts were given to every participant in Nigeria, it would have accrued substantial fortunes as interests in the various financial institutions. We wish to state that retirees under the CPS Scheme are been short-changed. We will commence action in demanding our due entitlements,”he added.

    In an report titled: “Introductory Notes to Prsident Buhari by the National Pension Commission (PenCom), the commission stated that delays being experienced in the settlement of accrued benefits of Federal Government  retirees and deceased employees whenever there are delays in the funding of the Retirement Benefits Bond Redemption Fund by the government as was the case in 2012, 2014 and 2015.

    It also said the sum of N483.33 billion has been released into the Retirement Benefits Bonds Redemption Fund account by the government, which was invested by the CBN and yielded N7.71 billion between 2006 and March 2015.

    The Commission, however, did not state if interests were paid to the pensioners or not.

  • Pension complaints and solutions

    ANONYMOUS: I have double pin number. What can I do?

    PENCOM: Good day Sir. Please write a formal complaint, addressing it to the National Pension Commission, Plot 174 Adetokunbo Ademola Crescent, Wuse II, Abuja. Please ensure to attach evidence of registration with both Pension Fund Administrators. Thank you.

    ANONYMOUS: Good day, please we need help. We retired from the Federal Government civil service. Some of us retired between 2013 and 2017 respectively. We have not received any pension or gratuity. Some of us have died of frustration, while some are sick. We don’t have proper food to eat and we cannot send our children to school and meet other basic needs of life. Thanks. I want to remain Anonymous.

    PENCOM: Sir, please provide us with your PIN, place of employment, dates of employment and retirement; for us to ascertain the status of your benefits. Thank you.

    SAHEED: Dear Sir/Ma, my name is Saheed. I have part of my pension with NSITF/NPF. In my Sterling bank account, I have N87,454.82. Please note that not a single kobo has been paid from their office on Ikorodu road to Elephant House, Alausa, where I was asked to open an account with Zenith with all documents, but I was still not paid. I travelled to Abuja office labour house still no show. Please kindly help me since this fund had been hanging somewhere since 2004. By now, under normal circumstances, the money would have generated returns for 13 years. Thank you for taking time to read my story.

    PENCOM: Good day Sir. Can you please give us clearer details of your issue? Thank you.

    EBONG: Dear Sir, your column in The Nation of Wednesday July 5th is earnestly assisting pensioners. My name is Ebong. I attended a verification exercise in Uyo Akwa Ibom State on February 7, 2017. My complaint is non harmonisation and short payment of my pensions.  I submitted all the required documents for scanning. Please kindly help me so that my arrears can be paid to enable me cope in this recession period. My pension is paid up to date. Thank you.

    PTAD OKONDO: Your monthly pension has been harmonised and we recently paid six months of 33 per cent  arrears, the balance of 12 months will be paid subject to availability of funds.

    ANONYMOUS: I am a 63-year-old military pensioner. I am sending this text in respect of Akinsoto comment in The Nation Friday June 2, 2017 page 46 with the tittle pension complaints and solution. Akinsoto also a NIPOST pensioner where he emphasised that our military and para military colleagues were paid there 33 per cent increment arrears at once not in dribs and drabs like that of NIPOST. I want Akinsoto to know that it is not true that military pension paid our 33 per cent at once. Out of the 53 per cent that we are being owed, 33 per cent arrears is paid to us in two quarterly payment as of 2015. The payment of that according to government is expected to finish this year.

    For God’s sake a person, who is expecting to be paid N276,000 at once, is being paid twice quarterly (in dribs and drabs). Can the money do a reasonable project? What kind of country are we in? I have never seen where arrears are being paid quarterly.  We kept sending text messages to the military pension board, asking questions but no response. We serve our country with truthfulness and faithfulness, but we do not have the strength to till the soil. We are getting frustrated, but we believe that God  will intervene in our case and all our entitlements will be paid at once.

    PTAD OKONDO: The pensioner is a military pensioner and not a pensioner eligible under the Defined Benefit Scheme (DBS). With regards to the 33 per cent pension arrears, the Pension Transitional Arrangement Directorate recently paid an instalment owed to some of its pensioners. The categories affected are Police, Civil Service and Parastatal Pensioners. All pensioners under the Customs, Immigration and Prisons Department had already been paid the 33 per cent arrears in full since September 2016.

    The latest payment was made from the Service Wide Vote released two weeks ago by the Federal Ministry of Finance (FMF). PTAD assures that all outstanding arrears of the 33 per cent increment will be settled as soon as additional releases are made.

     

    MAYALEEKE: My Federal pension under the old scheme has been stopped since June 2010. I received my last pension under the old scheme from the Federal Government in May 2010. They paid me N8,748,90, per month without any increment of the past years. My name is Mayaleeke. My friend, Folajuwon has the same problem. All effort so far has failed. kindly help.

    PTAD OKONDO: Mr. Folajuwon and Mr. Mayaleeke should forward their verification print-out and bank-statements from Jan, 2010 to date to enable us ascertain their claim.

  • Lagos conducts training for workers

    Lagos State Governor Akinwunmi Ambode has conducted 120 local and international training sessions for its workers since the beginning of his administration, the Commissioner, Ministry of Establishments, Training, and Pensions, Dr. Akintola, Benson has said.

    He spoke at the first training session in 2018 for senior civil servants with the topic: “Fundamental Leadership Principles For Senior Civil Servants in Lagos State”.

    He said the state has been able to achieve this feat when other states are grappling with non payment of salaries.

    He stated that the trainings has enhanced workers productivity level that has in turn impacted on the state

    He stressed that the maximisation of efficiency and the achievement of organisational goals are the top  priorities of the Governor Ambode’s administration for the state civil service.

    This according to him, explains why trainings have been given primacy and also underlines the other numerous trainings tailored to inculcate, improve, and amplify the leadership abilities and skills of senior officers in the civil service.

    Benson said the governor believes the state will make rapid progress and experience exponential growth only when its units and teams and departments are staffed by persons who understand what leadership means and who have developed their leadership potentials and have enhanced their performance skills.

    He noted that states or any organisation with such exposure will have no problem that is too complicated, no task too herculean and no challenge too huge.

    He urge the workers to tap from the governor’s vision for the state public service of which they are an integral part.

    He further challenged them to join the present administration in dreaming the dream of a civil service where every officer has fully developed leadership potentials and is ready and willing to take on responsibilities for the greater good of the citizens of the State.

    He aid: “This is the first training in year 2018 and it is instructive that the focus is on what is perhaps the most important element for success in any organisation. Leadership is that element that helps organizations to maximise efficiency and achieve organizational goals.

    “With such trainings, civil servants are better equipped to effectively discharge their roles as leaders in the different departments and units of the State”, he added.

  • Ambode praises Lagos workers on productivity

    Ambode praises Lagos workers on productivity

    lagos State Governor, Akinwunmi Ambode has praised the  state worforce  for a peaceful work environment leading to sustainable productivity for the Public Service,

    Ambode who was represented by the Commissioner, Lagos State Ministry Of Establishments, Training, And Pensions, Dr. Akintola Benson spoke at the just concluded Retreat for Trade Union Leaders on the topic, “”Industrial Harmony and Sustainable Productivity in Lagos State” in Lagos.

    He stated that industrial harmony refers to a friendly and cooperative agreement on working relationships between employers and employees for their mutual benefit.

    He said that human resources are rightly regarded as the bedrock of an organization since organizations are overwhelmingly dependent on human capacity for the supply of physical labour, technical and professional skills, which are germane for effective and efficient planning and implementation of development policies, programmes, projects, and daily activities.

    He stressed that  there is no disagreement on the proposition that human resource policies and practices are influenced by strategy and structure and, more importantly, by external factors such as trade unions, labour market situation and the legal system.

    He said: “In Lagos State, we are proud to note that there is in place, a well thought-out and sequential model on industrial relations practices. In Lagos State, instead of suppressing conflicts, specific channels are created to make these conflicts explicit and resolved. It is in furtherance of this approach to industrial relations that the Governor approved a retreat for the purpose of the government and the leadership of the trades unions in Lagos State to deliberate on industrial harmony and sustainable productivity in the state.

    “The approach by the State Government is not a ruse or gimmick. Rather, it is well-engrained in the fabric of the industrial relations policies of the government. We have a number of industrial relations platforms such as the Joint Negotiating Council (JNC). The prevailing harmonious relationship between the government of Lagos State and the various trade unions in the Lagos State Public Service is an eloquent testimony to the relevance, importance, competence and strategic philosophy of the Governor to governance. We urge all stakeholders in the human resource and industrial relations arm of the State Public Service not to rest on their oars. In order to sustain the existing atmosphere of industrial harmony in the state and in order to transform such harmony into even greater productivity, we must be proactive

    “Governor Ambode is committed to a perpetual regimen of training and re-training of skills. This is because, in today’s world in particular, high premium is placed on the possession of skills that are adaptable to the needs ever-dynamic needs of modern society. Many of these skills are soft skills. All stakeholders should also commit to the promotion of the indispensable value of team work in labour and government relations. The Public Service will become more effective and efficient if all stakeholders rededicate to the values of team work and collaboration.”

    Benson said that with firm focus on delivering value to the people of Lagos State, the administration has since recognised that one of the most effective ways to ensure that officers of the public service are positioned to deliver value is to invest in improving their skills and knowledge.

    To this end, a number of trainings have been approved and delivered to ensure that officers of the Public Service are positioned to favourably compete with officers from other states and able to meet the challenges of today’s world, he added.

  • NAICOM inaugurates committee on public building insurance enforcement

    NAICOM inaugurates committee on public building insurance enforcement

    The 0.25 per cent premium collected from insurance companies to aid the enforcement of compulsory insurance for public buildings by the Federal Fire Service (FFS) has  accumulated to about N100 million.

    Insurance Commissioner, National Insurance Commission (NAICOM), Mohammed Kari revealed this ater the inauguration of a Technical Committee to drive the enforcement of public building insurance in the country in Abuja.

    Kari, who  was represented by Deputy Commissioner for Insurance, Technical, Mr Sunday Thomas, said NAICOM, under the National Insurance Act 2003  had the responsibility of ensuring that public buildings and buildings under construction were insured.

    He noted that the collaboration with the fire service across the country will improve the level of compliance with Section 65 of the Act, which invariably will impact on the fire fund.

    He said: “The Act provides that 0.25 per cent of premium collected with respect to public buildings are supposed to be accumulated in the fire funds. But over time, these funds have not been forthcoming because the process for collection is not put in place.

    “Therefore, NAICOM in the spirit of transparency and all inclusive administration has decided to bring in those who know more about fire service into this activity. It is the responsibility of the committee to advise the steering committee on how public building funds will be effectively and efficiently disbursed for firefighting in the country.

    He added:“We have the responsibility for collecting of funds, monitoring and also disbursing the funds for the purpose of improving fire activities in Nigeria.”

    According to Kari, the steering committee planned on disbursing the funds for the purpose of training of staff of the fire service both at the federal and state levels.

    He said a portion of the funds would be used to upgrade the activities of the academy of the federal fire service and refurbish/repair firefighting trucks and equipment.

    He said some of the funds would be used for the purchase of vehicles for inspection, investigation and also for the purpose of publicity. The commissioner said that about N100 million had already been accumulated in the funds, adding that a template had been given to the market that would ensure proper enforcement for collection of more funds.

    “The amount has a potential of multiplying itself and unlike what we had, we have set a template by which this collection will be appropriately and adequately remitted into the commission.

    “But whatever we get in the collection is dependent on adequate enforcement of all the buildings that need to be insured. By public buildings, we mean all schools, hospitals, hotels, malls and offices and they have the responsibility to show evidence that they have complied with section 65 of the Insurance Act 2003,”he said.

    The commissioner called on the committee and all stakeholders involved to collaborate, create the necessary awareness so that the required result would be achieved.

    He said that if this was done, it would reduce the alarming incidents of fire outbreaks and building collapse as the FSS would be adequately equipped to carry out their mandate. The technical committee is chaired by the Acting Director, Authorisation and Policy of NAICOM, Mr Leonard Akah.

    The Controller of Fire Service, represented by the Commandant, National Fire Service Academy, Mr Callistus Agu, said the fund accumulated is a far cry to what the FSS required.

    He expressed the desire and commitment of the FSS to move fire service activities in the country forward.

    “There is a huge gap between the Federal Fire Service and the State Fire Service which is not supposed to be so. It is important for the FSS to be strengthened both at the federal, state and local government levels to ensure economic development of the country.

    “We appeal to government to look into the premium assigned to the fire service as it was not enough to meet the demands of the service.”

    The NIA, represented by the Head, Property and Risk Survey, Goldlink Insurance, Oni Soji, said the association is ready to partner with all stakeholders to drive the enforcement.

    He added that the enforcement would help the association generate more funds and grow premiums that would enable it to pay claims.

    He urged the FSS to come up with a central data which would help the association in doing proper planning. (NAN)

    The committee which was inaugurated by the NAICOM’s Commissioner for Insurance, Mohammed Kari, in Abuja was made up of representatives of NAICOM, the Federal Fire Service (FFS), representatives of states fire service from the six geo-political zones and the Nigeria Insurers Association (NIA). The steering committee on the other hand is made up of the Commissioner for Insurance, the Controller-General of the Federal Fire Service and the Chairman of the NIA.

     

     

     

     

  •  Pension complaints and solutions

    EMEKA: I retired in 1994 on grade level 12 step 6. My federal pension as at October 2010 was N13, 866. It was cut down to N4,164.00 after a lump sum payment of N309, 000 in December 2012. Please look into my case.

    PTAD OKONDO: Please contact PTAD directly and send your UBA Bank statement from January 2010 todate, for us to resolve your complaint. Kindly also send your Confirmation of First Appointment. Mails should be sent to the Executive Secretary, PTAD, 22 Katsina Ala Crescent, Maitama Abuja; for the attention of the Director, Civil Service Pension Department.

     

    TAJUDEEN: My name is Tajudeen. I served more than 10 years and got my gratuity at NITEL in August 1990. But I missed all other incentives and money paid to eligible NITEL workers by NITEL liquidators. Can there be hope of receiving my lost dues.  Kindly help me.

    PTAD OKONDO: According to the extant Law, at the time he retired and for him to qualify for pension, he would have served for at least 15 years. But any service year less than 15 years qualifies the retiree for gratuity only. According to the calculation, this retiree has received his entitlement fully. For further enquiries, please forward the following documents to info@ptad.gov.ng or complaints@ptad.gov.ng. Letter of first appointment; Letter of last promotion; Retirement Letter;  Computation sheet; BVN Registration slip; Bank statements from the day of retirement todate duly signed and stamped by the bank.

     

    AGOR: Firstly I want to thank you for your practical approach to solving our problem particularly state pensioners with federal share. I however complained that I have not been paid my federal share of gratuity and pension arrears. I retired in January 2007 but I started collecting my federal pension in 2009 but without the arrears and the gratuity. My name is Agbor. I retired as Deputy Director on salary grade level 15. I am a Cross River State pensioner with federal share. I attended the PTAD verification exercise that took place in Calabar in February this year.

    PTAD OKONDO: Mr. George Agbor is currently receiving his pension and is up to date. The Federal share of his gratuity is indeed outstanding. Once PTAD is in receipt of funds for this purpose, he will be paid.

     

    ONAH: My name is Onah, I was retired from service on July 31, 2007 after 23 years as a civilian staff under the Ministry of Defence. I was enrolled into monthly pension in 2010. My problem is that I have not been paid the pension arrears of three years 2007 to 2010. I have complained and written severally without response. Kindly help.

     

    PTAD OKONDO: Mr. Onah should contact National Pension Commission for his retirement benefit because from his retirement date ( July 31, 2007), he is a PENCOM pensioner and not PTAD as PTAD cut-off date is June 30, 2007.

     

    EDUOK: I retired from AKSG service on October 29, 2003. I was paid federal share of pension up to and including October 2012 when it was stopped. My federal share of gratuity of N293, 299.20 is outstanding in spite of representations before various verifications teams including the one led by executive secretary PTAD, Ms. Sharon Ikeazor to Akwa Ibom (CSPD) in February 2017.

    Worthy of note also, is that my monthly pension arrears from November 2012 to May 2017 is equally outstanding. Please help as you always do. Thank you and God bless.

    PTAD OKONDO: Kindly note that additional information is required to resolve this complaint. Mr. Eduok should please provide either his bank name and account number and/or his BVN. He may also wish to contact PTAD directly on this matter.

     

    SAHEED: Dear sir/ma, my name is Saheed. I have part of my pension with NSITF/NPF. In my Sterling bank account, I have N87,454.82. Please note that not a single kobo has been paid from their office on Ikorodu road to Elephant House Alausa where I was asked to open an account with Zenith Bank with all documents, but I was still not paid. I travelled to Abuja office of Labur House with no positive result.  Please kindly help me since this fund had been hanging somewhere since 2004. By now, under normal circumstances, the money would have generated returns for 13 years. Thank you for taking time to read my story.

    PENCOM: Good day, sir. Can you please give us clearer details of your issue? Thank you.

     

  • Ambode’s wife presents retirement bonds to 286 pensioners

    Ambode’s wife presents retirement bonds to 286 pensioners

    •LASPEC pays N33b to 8,252 retirees in three years

    The wife of the Lagos State Governor, Mrs. Bolanle Ambode, marked  the Christmas season with pensioners of the state as she presented Retirement Bond Certificates of accrued pension rights to 286 retirees last week.The package was made up of gratuity and pension entitlements  for service rendered before the commencement of the Contributory Pension Scheme (CPS) in 2007.

    The First Lady of Lagos State at the event held in Lagos urged the retirees to avoid frivolity, stating that the state government is determined to make the pension scheme work.

    She said it was expedient for her to share in the joy of those who have laboured for the state and who personally collected their terminal entitlements that will guarantee their financial independence in old age.

    Meanwhile, the governor who was represented by the Commissioner for Ministry of Establishments, Training and Pensions, Dr. Akintola Benson, said the state had paid accrued pension rights of N33 billion to 8,252 retirees under the Contributory Pension Scheme (COS) in less than three years.

    The commissioner stated that the money was paid between  August, 2015 and December, 2017.

    He also said accrued pension rights paid during the previous administration from 2010 to mid-2015 amounted to N33, 645 billion to 7,409 retirees.

    He noted that this would  bring the total amount paid since the beginning of the Retirement Benefit Bond Certificate presentations in 2010 to over N66.6 billion for more than 15,671 retirees and withdrawn staff.

    He further stated that the state government is also committed to the regular contribution of the monthly deduction of 7.5 from the workers’ salary.

    He said: “It is no surprising that retiring public officers in Lagos State now look forward to retirement with more confidence and joy. This is how it should be. The Lagos State Government through the Lagos State Pension Commission. (LASPEC) will continue to ensure that public service retirees not only get what is due to them statutorily, but also continue to receive, through other agencies and programmes.

    “Without a doubt, prioritising pensioners’ welfare has both moral, economic, strategic, and social implications. Indeed, it is only such a holistic view of the subject that can put the efforts directed at its management and promotion in perspective. On a moral pedestal, I have always said that all persons of goodwill ought to pause and reiterate that it is morally reprehensible for any employer to neglect or refuse to plan and cater for the retirement benefits of its employees who gave the prime of their active years to the employing institution.

    “Thankfully, this is an area where the Lagos State Government, through the instrumentality of LASPEC, has demonstrated its virtuous and exemplary moral compass. As it is well known, under the administration of Governor Ambode in particular, the Lagos State Government has faithfully honoured its obligations under the Lagos State CPS Law.  Such that the state is now presenting bond certificates to the 46th batch of retirees from the public service. Furthermore, the Lagos State government has been consistently winning the National Pension Commission’s award for the Best Pensions Compliant State in the Federation. We are committed to maintaining this rating by continuing and improving on the timely payment of all pensions and other applicable benefits to our retiring workers upon disengagement from service.

    “The strategic relevance of an effective and efficient pension management system to organisational cohesion is also noteworthy. We believe that stimulating confidence in the organisation’s commitment to its pension obligations can have positive implication on the morale and effectiveness of the workforce. It is, therefore, a strategic tool in the hands of management’’.

    LASPEC Director-General, Mrs Folashade Onanuga on her part, said Governor Ambode is the first to focus on employee development by ensuring that adequate budgetary provisions are made for staff training and development.

    She stressed that he is also the first to provide extra funding to bridge pension obligation gaps, pay salaries on the 23rd of the month at the latest,  the only governor who has been paying accrued pension rights on a monthly basis.

    He is also the first to start thinking of affordable homes for retirees, ease of transportation and healthcare provision for retirees, among others.

    She recalled that it was the 18th Bond Certificate Presentation that was held when the governor came on board, but has paid up to the 46th batch.

    She said: “In a period of two years and six months, 28 Bond Certificate Bond Presentations have taken place and total number of beneficiaries within the 30 months period is 8,262.

    “Furthermore, the state, through the Commission has paid to 104 named beneficiaries of deceased employees in the Mainstream Civil Service, Insurance benefit of N325, 000,000.00 from August 2015 to date. This insured death benefit is by law to be paid to named beneficiaries to alleviate the immediate needs of the family members. From January, 2017, the responsibility of payment of the insured death benefit has been ceded over to the Insurance Department of the Ministry of Finance.

    Chairman, House Committee on Establishments, Training and Pension, Hon. Adedayo Famakinwa, said the legislators will continue to appropriate adequate funds to cater for retirees in the state.

  •  Pension complaints and solutions

    EBONG: Dear Sir, your column in The Nation newspaper of Wednesday July 5  really  assisted pensioners. My name is Ebong. I attended a verification exercise in Uyo, Akwa Ibom State, on February 7, 2017. My complaints is non harmonisation and short payment of my pensions.  I submitted all the required documents for scanning. Please kindly help me so that my arrears can be paid to enable me cope in this recession period. My pension has been paid up to date. Thank you.

    PTAD OKONDO: Your monthly pension has been harmonised and we recently paid six months of 33 per cent  arrears, the balance of 12  months will be paid subject  to availability of funds.

     

    ANONYMOUS: I am a retired 63- year-old military pensioner. I am sending this text in respect of Akinsoto comment in The Nation newspaper Friday June 2, 2017 page 46 with the tittle pension complaints and solution. Akinsoto also a NIPOST pensioner, claimed that our military and para military colleagues were paid their 33 per cent increment arrears at once and  not in dribs and drabs like that of NIPOST. I want Akinsoto to know that it is not true that military pensioners were paid 33 per cent at once. Out of the 53 per cent that we were owed, 33 per cent arrears was paid to us in two quarterly payment as of 2015. The payment of that, according to government, is expected to finish this year. For God’s sake, a person who is expecting to be paid N276,000 at once is being paid twice quarterly (in dribs and drabs). Can the money do a reasonable project? What kind of country are we in. I have never seen where arrearsare being pay quarterly.We kept sending text messages to the military pension board asking questions but yet no response. We serve our country Nigeria with truthfulness and faithfulness but we do not have the strength to till a soil. We are getting frustrated but we believe that God  will intervene in our case and all our entitlement will be paid at once.

    PTAD OKONDO: The pensioner is a military pensioner and not a pensioner eligible under the Defined Benefit Scheme, DBS. With regards to the 33 per cent pension arrears, the Pension Transitional Arrangement Directorate recently paid an instalment owed to some of its pensioners. The categories affected are Police, Civil Service and Parastatal Pensioners. All pensioners under the Customs, Immigration and Prisons Pensions Department had already been paid the 33 per cent arrears in full since September 2016. The latest payment was made from the Service Wide Vote released two weeks ago by the Federal Ministry of Finance (FMF). PTAD assures that all outstanding arrears of the 33 per cent increment will be settled as soon as additional releases are made.

     

    MAYALEEKE: My federal pension under the old scheme has been stopped since June 2010. I received my last pension under the old scheme from the Federal Government in May 2010. They pay me N8,748,90, per month without any increment of the past years. My name is Mayaleeke. My friend, Folajuwon has the same problem. All efforts so far have failed. Kindly help.

    PTAD OKONDO: Mr. Folajuwon and Mr. Mayaleeke should forward their verification print-out and bank-statements from January, 2010 todate to enable us ascertain their claim.

     

    ADACHI: I am Solomon Adachi. My dad died since 2007 while with the Nigerian Police Force. I was verified since 2014 but up till now, I have not been paid.

    PTAD OKONDO: Mr. Adachi should please visit our Head Office for the Next-of-Kin interview.

     

    MRS OLUYEMISI: My name is Mrs Oluyemisi, from Osun State. I retired in July 2015 and I am yet to be paid my benefits. My question is that with two years salary arrears, is it going to be deducted from the lumpsum to be given to us by our PFA.

    PENCOM: Good day madam. Please give us more details in a clearer form, to enable us to assist you with your complaint. What kind of arrears do you mean? Promotion salary arrears or arrears accumulated due to unpaid salaries? Also provide us with details of your place of employment, PIN and PFA. Thank you.

     

    ANONYMOUS: I have double pin no. What can I do?

    PENCOM: Good day Sir. Please write a formal complaint of this to the commission, addressing it to the National Pension Commission, Plot 174 Adetokunbo Ademola Crescent, Wuse II, Abuja. Please make sure to attach evidence of registration with both Pension Fund Administrators. Thank you.

     

    ANONYMOUS: Good day, please we need help. We retired, from the Federal Government civil service. Some of us retired between 2013 and 2017 respectively. We have not received any pension or gratuity. Some of us have died of frustration, while some are sick. We don’t have proper food to eat and we cannot send our children to school and meet other basic needs of life. Thanks. I want to remain Anonymous.

    PENCOM: Sir, please provide us with your PIN, place of employment, dates of employment and of retirement; for us to ascertain the status of your benefits. Thank you.

     

    SAHEED: Dear sir/ma, my name is Saheed. I have part of my pension with NSITF/NPF. In my Sterling bank account, I have N87,454.82. Please note that not a single kobo has been paid from their office on Ikorodu road to Elephant House Alausa where I was asked to open an account with Zenith Bank with all documents, but I was still not paid. I travelled to Abuja office of Labur House with no positive result.  Please kindly help me since this fund had been hanging somewhere since 2004. By now, under normal circumstances, the money would have generated returns for 13 years. Thank you for taking time to read my story.

    PENCOM: Good day Sir. Can you please give us clearer details of your issue? Thank you.

     

     

     

  • PFAs pay N4b to 12,464 disengaged workers from pension contributions

    PFAs pay N4b to 12,464 disengaged workers from pension contributions

    A bout N4billion were disbursed to 12,464 workers, who lost their jobs across the country, from their pensions contributions in the third quarter of 2016. The money was paid to them by their various Pension Fund Administrators (PFAs).

    A report published by the National Pension Commission (PenCom), which revealed this, stated that the workers are holders of Retirement Savings Accounts (RSAs) under the Contributory Pension Scheme (CPS).

    According to the report, they were paid 25 per cent each out of their total contributions, putting the amount paid at N4 billion.

    The disengaged workers were unable to secure another job within four months of being disengaged.

    The RSA holders are, however, those under 50 years.

    A breakdown of the report showed that the private sector accounted for 173,578 of the disengaged RSA holders, representing 95.43 per cent of the total number.

    The public sector on the other hand accounted for 8,305 disengaged RSA holders, representing 4.57 per cent in the period under review.

    The Pension Reform Act (PRA) 2014, Section 16, sub section (1) states that an employee shall not be entitled to make any withdrawal from his RSA account before attaining the age of 50 years. Sub Section (5) further states that without prejudice to subsection 1, any employee, who disengages or is disengaged from employment before the age of 50 years and is unable to secure another employment within four months of such disengagement may make withdrawal from his RSA in accordance with the provisions of Sections 7 (2) and 7 (3) of the Bill.

    Section 7 (2) states that where an employee voluntarily retires, disengages or is disengaged from employment, he or she may with the approval of the Commission, withdraw an amount of money not exceeding 25 per cent of the total amount credited to his RSA, provided that such withdrawals shall only be made after 4 months of such retirement or cessation of employment and the employee does not secure another employment.

  • Agents urged to be innovative 

    •Ademola Ifagbayi now ARIAN President 

    Insurance agents needs to be creative and innovative to generate more businesses that will crystallise into a better result for the industry, immediate past President, Association of Registered Insurance Agents of Nigeria (ARIAN), Gbadebo Olamerun, has said.

    He made this known while speaking at the 2017 Annual National Conference, Election and 8th Award Ceremony in Lagos.

    He urged agents to imbibe the entrepreneur’s mindset to succeed in the ever competitive business environment, adding that an agent, who works like a member of the staff will not succeed no matter how much they pay him or her.

    According to him, an agent, who acts like an ‘agencyprenuer’  will succeed, adding that the dynamics at which the industry is going now demands greater aggressiveness from the agents to deepen insurance penetration in the country.

    He said:  “We are beginning to teach agents to have the owner’s mindset, not the staff’s mentality. They should start to think like they are the CEO, which they are. If an agent does not think like a CEO, he will not go extra mile even when the businesses are not forthcoming. So, we want them to think that they are an entrepreneur.

    “The competition for the industry is not within the sector, but outside it. The value the industry needs is to demystify greater value to see how agents can increase its reach to the outside market.

    “So, we are also projecting to our agents to begin to think outside the box, to put technology at the forefront of selling their business. You need to think outside Lagos, Abuja and Port Harcourt. There are so many other areas that can generate more businesses aside these three major urban areas. The agents should begin to see how they can generate more businesses that will crystallise into a better result for the insurance industry.”

    Equity Assurance Plc Managing Director, Moruf Apampa, while speaking at the event,  said technology is changing the perception on how businesses are done, while the sale of insurance products and services is becoming more appealing.

    He noted that the era of traveling from one place to the other to close insurance business deals is fast fading away, as most multi-billion naira deals are now being sealed on the internet and social networks.

    He stressed that if agents want to maintain their relevance in the industry, they must research more, increase their appetite for knowledge by becoming a professional in the industry and a taste of great ambition.

    Meanwhile, Mutual Benefits Life General Manager, Ademola Ifagbayi, emerged as the new National President of ARIAN at the event.

    He emerged as the president unopposed, while Olusegun Padoye from Leadway Assurance, becomes the Vice Chairman.

    The position of the National Secretary went to Ms  Opeyemi Osiyemi, who is an independent agent, with Ms Patricia Okeke from LASACO Assurance PLC becoming the Assistant National Secretary. The Treasurer is Ms Mokahan Mary from Custodian Assurance Plc while the position of Financial Secretary went to Mrs. Laurence Constant from AIICO Insurance Plc. The Social Secretary is Mr. Malachy Maduako from Standard Alliance Insurance, while the Public Relation Officer (PRO) is Mr. Moses Itoya from FBN Insurance.

    Commenting on the election, the Outgoing President, Olameru, said he has no doubt that the incoming president will bring on board his immense wealth of experience, adding that this is the first time a G.M is contesting for the presidency of the association.

    At the event, nine members, with a minimum of 15 years experience in insurance industry, were inducted into the Fellowship of the association, while Mrs. Yetunde Ilori, Director General, Nigeria Insurers Association(NIA) was installed as the Patron of ARIAN to succeed Sir Chief Oladipo Bailey as the pioneer patron of the association.