The Nation Newspaper

Category: Pension

  • We ‘re not part of pension syndicate’

    National President of the Nigeria Union of Pensioners, Abel Afolayan has denied being part of the pension syndicate.The group allegedly mismanaged over N20 billion pensioners fund.

    He made this known in an exclusive interview with The Nation following the latest disclosure by the Attorney General of the Federation and Minister of Justice, Abubakar Malami, that there exists a pension fraud syndicate in the country.

    Malami made the statement last week during the probe by the Senate on the controversial return of former Chairman of the Presidential Task Force on Pension Reforms Task Team, Abdulrasheed Maina.

    According to Malami, the syndicate has been able to operate smoothly with the connivance of the Nigeria Union of Pensioners (NUP).

    But Afolayan in the interview, said himself as the current President and his executive members are not involved in the scandal.

    He said that the fraud allegation against the former executives has court case being heard  at the Abuja High Court, Abuja.

    He said: “What the Attorney General said about NUP being part of pension fraud syndicate does not concern us. It concerns our predecessors. The aspect that involves the NUP President has been in court.

    “I was part of the former executive as the 2nd National President and so I know about the case. I assumed office as National President in August 2013 after the alleged fraud which occurred between 2012 and 2013. But the matter has being in court for the past four years. The leadership of the NUP has also for the past four years been going to court”, he added.

  • PTAD settles 12 months of Police pension

    PTAD settles 12 months of Police pension

    The Pension Transitional Arrangement Directorate PTAD has paid additional 12 months arrears of 33 percent pension increase to Police Pensioners, bringing the number of months so far paid to months, the Directorate has said.

    In a statement made available to The Nation, PTAD said it has so far paid 24 months of the arrears to the police pensioners, leaving an outstanding of 18 months, while civil service pensioner have so far been paid 30 months arrears with the payment of an additional 6 months.

    It said that pensioners from government parastatals were also paid an additional six month pension from the payment made recently from the service wide vote released by the federal Ministry of finance.

    The statement further said that all pensioners under Customs, Immigration and Prison Pensions Department had already been paid the 33% arrears in full since August 2016. The latest payment was made from the Service Wide Vote released last week by the Federal Ministry of Finance. 

    It said it will settle the outstanding arrears of the 33% increment as soon as additional releases are made. Until then, the Directorate implores its pensioners to be patient and continue to exercise vigilance against the activities of fraudsters and rabble-rousers. Always remember that the payment of pension and other retirement benefits is free.

  • Stanbic IBTC Pension identifies opportunities in PRA 2014

    Stanbic IBTC Pension identifies opportunities in PRA 2014

    The pension industry created through the Pension Reform Act 2014, which replaced the 2004 Act has demonstrated the potential to pool the requisite funding to support Nigeria’s economic development, the Managing  Director, Stanbic IBTC Pension Managers, Eric Fajemisin, has said.

    He made this known while briefing journalists on the achievement of the pension industry in Lagos.

    According to him, the performance of the Stanbic IBTC Pension Managers Limited with N1.7 trillion in assets under his management and the total N7 trillion pension assets within the industry further showed its strength.

    Fajemisin said the Pension Reform Act 2014, which replaced the 2004 Act, addressed a number of lacunas in the original Act such as the application of a portion of pension assets towards the payment of equity for a residential mortgage by the RSA holder as well as the inclusion of the informal sector in the Contributory Pension Scheme (CPS).

    He, however, said there is more room for further development as the industry operators, the regulator and other stakeholders continue to collaborate to ensure continuous advancement.

    He said the company believed that every able-bodied Nigerian, who earns a living is entitled to a pension at the point in time when that person can no longer work and would not want to be a liability to the nation or to his kith and kin, noting that this is what makes participation in the nascent pension scheme quite imperative.

    He said:“It is very important to raise the level of awareness about retirement planning, especially among operators in the informal sector which boasts of an estimated 38 million workers and about 60 per cent of Nigeria’s Gross Domestic Product (GDP) as well as employing over 90 per cent of its workforce.

    Deepening awareness about the pension scheme, he said, requires the collaboration of all stakeholders as there are numerous benefits to ensure peace of mind in retirement.

    “On service delivery, the provision of satisfactory services to the informal sector through channels we are conversant with will ensure availability and accessibility while adopting the existing ecosystem we operate and using mobile devices to access important information will add more transparency and trust to the scheme. The PFA would continue to respond to the ever-changing preferences and needs of its customers by deploying the appropriate tools, technology and channels.

  • Retail business is cash cow, says Law Union MD

    Retail business is a cash cow that has the capacity to boost the premium income of the insurance industry, Managing Director, Law Union & Rock Insurance Plc, Jide Orimolade, has said.

    Orimolade, who made this known during the CEO Forum of the National Association of Insurance and Pension Correspondentsp (NAIPCO), said his company is set to fully explore the huge growth potential in the retail business.

    He said the company is targeting to grow its gross premium written in 2018 by 35 per cent through retail business, adding that the company also plans to reposition itself in the engineering sector and tap into the opportunities provided in the 2018 budget.

    He added that the 30.8 per  cent share of capital expenditure signals that a lot of activities, which would require insurance service better than 2017, should be expected.

    He further stated that the company is leading with eight power plants and plan to do more in the new year.

    He said the engineering market is expected to contribute largely to the premium of the company in 2018.

    He said: “In 2018, we are going to be committed to effective distribution of most of our retail products. Most of them have already been deployed on our e-platform to make it easily available to the customers.”

    On awareness creation, Mr. Orimolade said the company would be looking at how to improve its image and brand visibility in the market.

    “ During the recession, every industry playing in Nigeria market were battered. And now that we are in recovery session, we will definitely recover together.

    “We see a better economy clearly showing continuous decrease in consumer price index now at 15.91 percent, increase in crude oil price now at $62.99, foreign exchange dropping. All these indices show a better 2018,” he assured

     

  • Stanbic IBTC Pension pays N279b to retirees

    The 2017 half year result of Stanbic IBTC Pension Managers Limited has shown a payment of over N279 billion to retirees since its inception in 2006, Chief Executive, Stanbic IBTC Pension Managers Limited, Eric Fajemisin has said.

    He made this known in a statement showing the company’s 2017 half year performance and made available to journalists in Lagos.

    He stated that the company has more than N1..7 trillion in assets under management, a feat that reinforces a strong evidence of its proficiency at ensuring safety and return of value on investment to RSA holders through higher standards of service delivery.

    According to him, between January and June this year, over 5,000 new retirees also received their benefits from the PFA, increasing the number of individual Retirement Savings Account (RSA) holders nationwide with it to over 1,500,000.

    Fajemisin who said the result affirms its status as Nigeria’s largest Pension Fund Administrator (PFA) added that a total of N16.6 billion was paid to retirees from January to June this year.

    He said: “The performance of the PFA also demonstrates the potential of the pension industry to pool the requisite funding to support Nigeria’s economic development.

    “The Pension Reform Act 2014, which replaced the 2004 Act, addressed a number of lacunas in the original Act such as the application of a portion of pension assets towards the payment of equity for a residential mortgage by the RSA holder as well as the inclusion of the informal sector in the Contributory Pension Scheme. However, there is more room for further development as the industry operators and the regulator and other stakeholders continue to collaborate to ensure continuous advancement.

    “We believe that every able-bodied Nigerian who earns a living is entitled to a pension at the point in time when that person can no longer work and would not want to be a liability to the nation or to the kith and kin. This is what makes participation in the nascent pension scheme quite imperative,” he said.

     

  • Pension complaints and solutions

    SOLARIN: I retired from the Federal Ministry of Housing and Urban Development in 2006. I was paid my gratuity in 2008 and later received pension up to July 2010. Since August 2010 till date, I have not received anything.I have sent all required documents to PTAD through their Lagos office. Gladly, PTAD Abuja have been telling me to wait until Lagos verification is done but for how long am I to wait?

    PTAD: Dear Mr. Solarin, details of our planned verification exercise of civil service pensioners in Lagos State will be made available to you as soon we finalise arrangements. Be rest assured. However, in order to enable us resolve your complaints; kindly provide us with your full name and bank account details.

    HUDU: I am one of Delta Steel staff that was disengaged by the company. I want know when our pension issue  would be cleared by PTAD?

    PTAD: Dear Mr. Hudu, PTAD is currently concluding plans to embark on the verification exercise of pensioners of Delta Steel Company tentatively planned to commence in Warri. As soon as we conclude verification, we will begin payment to pensioners who meet the requirements for retirement benefits subject to the availability of funds

    UGBEDE: My mother,  late Mrs. Ochala died while in active service on grade level 16 as a chief Assistant Education Officer a year to her retirement with Kogi State Teaching Service Commission in 2014. How do I process her death benefit.

    PTAD: Dear Mr. Ugbede, from indications in your complaints, it is possible your late mother was not under the purview of PTAD as your mother died in active service in 2014.To be a state pensioner with federal share, a retiree must have been  in employment before 31st day of March 1976. Kindly refer to PENCOM for your complaint resolution.

    LUCAS: My name is Lucas and I am from Ondo State. My complaint is omission of pension since  January  2011. I partook in the 2011 verification exercise of PTAD. Till date, I have not been paid. Also I do not know when another verification will be done in Ondo State. Please assist me from old age agony.

    PTAD: Dear Mr. Lucas, it is possible you were verified in 2011 not by PTAD but by the defunct pension office under the Head of Service (HoS). However, we are currently concluding plans to begin the verification of civil service pensioners in Ondo, Osun & Ekiti states respectively. Details will be made available to you as soon as we finalise arrangements, kindly exercise patience.

    METU: Through your efforts in November, 2016, I was paid part of the arrears but ridiculously placed on monthly pension of N18,118.21 which I have received up till April 2017. Please intervene in order to correct this anomaly for justice delayed is justice denied. My colleagues who retired in 1992 receive very high pension monthly.

    PTAD: Dear Mr. Metu, in order to resolve your complaints, kindly provide us with a duly stamped and signed original bank statement with bank letter-head dating back at least May 2016 till date to enable us ascertain your complaint of  short-payment of monthly pension arrears. Kindly email the above documents to complaints@ptad.gov.ng  or access our pensioner’s complaint submission portal at www.ptad.gov.ng you can also visit any of our zonal offices where complaints can be processed.

    ANONYMOUS: Please help me to find out what really is happening in Military Pension Board. It is a year now that they call us to come and do verification in respect of our pensions. They took our personal information, service information pension details and verification details as genuine pensioners but up till  now, nothing is heard from them. Please help and let me remain anonymous.

    PENCOM: Sir, you may please direct your enquiry to the Military Pension Board.  Its contact details are as follows: Military Pensions Board, Public Relations Department, Ministry of Defence, Dutse Alhaji – Kubwa, Abuja (Federal Capital Territory) Phone: 07031172384, 08080916302, 08075338283.

  • ‘Lagos invests millions in human capacity’

    The Lagos State government has invested millions of naira in training its workforce.The huge investment in human capacity  development  has  resulted in effective policy execution and articulation, Commissioner for Establishment, Training and Pension, Dr. Akintola, Benson, has said.

    He made this known in a keynote address delivered at the training facilitated by Valueline Consultants on the topic, “Policy Analysis, Development and Implementation for Policy Analysts and Developers in the Lagos State Public Service in Lagos.

    The commissioner said the governor has performed tremendously in infrastructural renewal, road maintenance, massive renovations of public schools, health among others.

    He said the governor is trying to consolidate on the achievement so that the entire public service which he believes is the real engine room will also consolidate on it and enable Governor Ambode’s administration to continue to perform.

    Benson urged the Directors from the state Ministries, Departments and Agencies (MDAs) including Education, Health, Housing to be good policy analysts and developers as required by global best practice.

    He said: ” Governor Ambode has made it clear to the Ministry of Establishments, Training, and Pensions that the mandate to train and re-train officers of the public service must not only be executed but must also be dynamically executed in such a fashion as to ensure that officers of the Lagos State Public Service are equipped with the most current skills and knowledge necessary to assist the government in the discharge of its sacred constitutional and democratic duties.

    “Without doubt, those involved in the public policy process need to possess strong analytical skills and the ability to apply a variety of research and evaluation methods within a complex political and economic environment. The objectives of training and re-training represent the indices now regarded, as a matter of global best practice, as essential knowledge and practice for public sector policy experts.

    “The value to be derived from them are not quantifiable. But, as always, we must take great pains to carefully domesticate them both institutionally and individually, taking care to avoid importing practices that are not workable under our local circumstances. Beyond this, however, we must be challenged to aspire to the highest standards of governance and administration that the citizens expect from the government”, he added.

  • Premium Pension rounds off compliance, ethics week  

    Premium Pension Limited has marked the 2017 Compliance and Ethics Week in line with the global practice, Executive Director  Kabir Tijjani has said.The event  took place between November 6 and 10.

    Tijjani in a statement in Lagos said the Compliance and Ethics Week was celebrated with the theme: Make the Right Choices.

    According to him, the company is keying into the global yearly event for the second time running in appreciation of its invaluable significance.

    ‘’As a leading operator in the industry, all hands must be on deck to support the culture of compliance which will not only distinguish us among our peers but also reflect on our profitability” he said.

    While flagging off the event, he noted that the company, one of the leading Pension Fund Administrator has grown to a level where ethical principles are becoming part of our culture and the sustenance of this great value is a function of the extent to which each and every staff of the company can embrace the attitude of doing things the right way and making the right choices at all times.

    He further stated that it is through demonstrable professionalism, high ethical standards and adherence to global best practice that the company has witnessed tremendous growth and won several local and international awards.

    He said: “The choices we make in life have a significant impact on the results or outcomes we get. Making a right choice today will result in having a fulfilled future tomorrow.

    The company’s Chief Compliance Officer, Funmi Femi-Obalemo, added that compliance is a culture which infers the willingness to do things right, based on the requirements of the law.

  • Lagos workers express joy over pension benefits

    Lagos workers express joy over pension benefits

    Chanting joyful songs and jubilating, employees of Lagos State billed to retire in six months have expressed joy that they have  received pension benefits in their respective Retirement Savings Accounts (RSAs).

    The prospective retirees expressed joy at the 13th Retirement Benefits Documentation  Seminar, organised for them in preparation of their exit from the service by the Lagos State Pension Commission (LASPEC) in Lagos. The retirees were drawn from the Core Civil Servants, SUBEB and  Parastatals under the Contributory Pension Scheme (CPS).

    One of them from the Ministry of Education, Mrs Bukola Adeyeye, said she is excited that she can  retire, rest and earn pension after working for 35 years.

    Another worker, Jide Orimolade, on his part said he is looking forward to retirement because he knows his employer, the Lagos State Government remits pension as and when due, leading to accumulation of his benefits in his RSA.

    Speaking at the 44th batch of the Retirement Benefit Bond Certificate Presentation Ceremony in Lagos, Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson,  who represented Governor Akinwunmi Ambode, said the state has paid more than N80 billion into the RSA of active workforce since the commencement of the CPS in 2007.

    He said the state has paid accrued pension rights of approximately N30,658 billion into the RSA of 7,522 in the last 25 months, stressing that the state remains the only one in the country that is up to date in its monthly remittances into serving employees’ RSA

    LASPEC Director-General Mrs Folashade Onanuga noted that in the last two  years, the state under the leadership of Governor Ambode, has witnessed dramatic changes.

    She said added that it is government’s desire and the LASPEC to see that retirees in the state live comfortable in retirement. She urged prospective retirees to begin to think of what they can do to keep themselves busy in retirement.

    She encouraged them to commencein order to have something to fall back on before they begin to draw their pension benefits.

    In the same vein, the state has approved the release of N710 million to pay another batch of 153 retirees for the month of October, 2017.

    She said: “The Lagos State government, despite its commitment to the welfare of the active workforce and pensioners in respect of salaries and pensions, has undertaken a wide range of reforms that have improved governance, reduced  crime  and helped to bring millions out of poverty.

    “This administration has continued to bolster the living standards and socio-economic well-being of the ordinary citizen despite the fact that it has over 200 billion pension liabilities for Lagos State.”

    She advised pensioners to be wary of pension fraudsters, who present themselves in different forms, take very good care of their health and desist from spending on frivolities, among others.

  • Insurance firms yet to return Fed Govt’s N25b pension fund, says PTAD

    Insurance firms yet to return Fed Govt’s N25b pension fund, says PTAD

    Over N25 billion of  pension funds from the Defined Benefit Scheme (DBS) is still being owed by some insurance firms, the Executive Secretary, Pension Transitional Arrangement Directorate (PTAD), Mrs Sharon Ikeazor, has said.

    She was highlighting  the progress made by the Directorate in her 11 years of assuming office as the Executive Secretary at the just concluded 20117 Conference of the National Association of Insurance and Pension Correspondents in Lagos.

    Nine out of 12 firms are holding the funds. The one year deadline given to the defaulting firms would expire next month.

    Mrs Ikeazor said the PTAD had given the insurance companies one year  to repay the monies owed, considering that the monies had been with them since 2015 and they knew they were to hand over to PTAD since then.

    According to her, PTAD is liaising with the National Insurance Commission (NAICOM) for regulatory support as it may be compelled to take legal action and include the Attorney-General of the Federation and agencies such as the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices Commission (ICPC) to help recover the funds.

    She stressed that while some of the affected companies had complied, some of them said they would not be able to meet the December deadline .

    She said: “Among companies that have complied are Leadway Assurance with full payment of N33.3 million and  AIICO Insurance, which complied in form of transferring properties and investments worth N1.5 billion.

    “NICON Insurance substantially complied transferring fixed assets worth N13 billion to PTAD. The value placed on them are yet to be verified and reconciled. The Federal Ministry of Works and Housing is carrying out the valuation of those assets to determine their actual value. As at 31st August, 2017, the sum of N6.422 billion is in the Legacy Fund (e-payment) with the Central Bank of Nigeria.

    “PTAD has entered the enforcement stage in the recovery process against defaulting insurance companies. The final Demand Notice was served in October.”

    She urge the defaulting companies holding legacy funds to pay up to enable the PTAD deal promptly with the inherited liabilities.

    She listed the Directorate’s areas of success since she assumed office as prompt payment of monthly pensions; completion of the verification process for the civil service and parastatals; automation of the pension payment processes and the use of Government-Integrated Financial Management System (GIFMIS) and tackling pension scammers and fraudsters.

    The Directorate, she said, has also paid outstanding arrears, including the 33 per cent arrears and recovery of legacy funds from insurance companies.