The Nation Newspaper

Category: Pension

  • Pension complaints and solutions

    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 lump sum to be giving to us by our PFA.

    PENCOM: Good day Madam. Please give us more details in a clearer form to enable us 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 numbers.   What can i do?

    PENCOM: Good day Sir. Please write a formal complaint to the Commission and address 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, Labour House still no show. Please kindly help me since this fund has 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.

     

    ADELEKE: Dear Ma, I have two pen no with two PFAs, Trust fund Pension and ARM Pension. I retired since year 2014 and Trustfund had since paid me my lump sum. ARM PFA only gave me the statement of my account with them, which is less than N300,000 and they told me they are not the one to pay me. Please kindly help me ask them. Who is to pay me? Thanks sir.

     

    ARM PENSION: The team confirms that he will be required to write to PENCOM after which they will officially direct us (ARM Pensions) to transfer his balance to Trsutfund. Trustfund will then pay him directly. The reason he has to go through this process is  because, based on regulations, he should have only one RSA account, but in the event there was an error and two accounts were opened, the first account is the controlling account.

    He can come to our office for support/guidance regarding the process. If he has any further issues he can reach out to me directly Ethan: 01-2715005 Ext.1030

    PENCOM: Good day Sir. You can only receive payments from one PFA. Please write a formal complaint 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 PFAs, in order for PenCom to regularise your details. Thank you.

  • Pension fund hits N7.094tr

    Despite the adverse effects of recession  on businesses in the country last year, Pension fund assets under the  Contributory Pension Scheme (CPS) hit N7..094 trillion as at August 31, 2017 from the N5.904 trillion recorded in the same period of 2016.

    This represents a remarkable growth when compared with the amount recorded in August, 2016.

    This was made known in the Summary of Pension Fund Assets Report released by the National Pension Commission (PenCom).

    The report showed that as at January 2017, the fund grew from N6.255 trillion and increased to N7.094 in August.

    The investment of the pension fund in the report further showed that Federal Government Bonds took the larger chunk of the fund in August 2017 with N3.792 trillion investment representing 53.46 per cent.

    Treasury bill received  the second largest chunk of the fund with 18.59 per cent resulting to N1.318 trillion in the period under review.

    State government bonds however got 2.24 per cent or N159.178 billion, Agency Bonds (NMRC and FMBN) got 0.04 per cent or N3.058 billion, Corporate Debt Securities got 3.70 per cent or N262.659 billion and Supra-National Bonds got 0.16 per cent or N11.029.

    In all, Federal Government Securities has received 78.19 per cent of the total pension as at August, 2017.

    The pattern of investment shows that Pension Fund Administrators (PFAs) have great confidence in FGN Securities.

    Only 21.8 per cent was invested in other areas which include Domestic Ordinary Shares, Foreign Ordinary Shares, Local Money Markets, Mutual Funds and Real Estate Properties.

    Domestic debt securities is the third largest area where the fund was invested with N632.46 billion, representing 8.91 per cent in August 2017. Foreign Ordinary Shares on the other hand received only 1.37 per cent.

    The sum of N501.43 billion representing 7.06 per cent of the fund was invested in Local Money Market Securities. The fund was invested in banks as fixed deposit and commercial papers. The percentage invested this year in this area dropped from 7.5 per cent to 7.06 per cent between August 2016 and August 2017.

    Real estate properties received 3.6 per cent of the  fund  which is N212.915 billion.

    Recall that the Federal Government has been clamouring that the amount invested in this area should be increased so that there may be housing for all Nigerians.

    Investigation by The Nation shows that although the fund is not growing as projected by the commission owing to recession, the pension fund may in few years reach N10 trillion mark going by the projected average growth of N30 billion.

    Acting Director General PenCom, Mrs Aishat  Dahiru-Umar  in a paper presentation in Abuja said the number of registered contributors grew to 7.4 million as at March, 2017.

    This, she stated, represents about 7.45 per cent of total labour force in Nigeria and 3.95 per cent of total population.

    She said: “The total pension fund assets grew to N6.42 trillion as at  March, 2017 with an average monthly contributions about N30 billion. The total pension assets were equivalent to about six per cent of the Nigerian rebased GDP. The pool of pension fund generated by the Contributory Pension Scheme has aided the deepening of Nigeria’s financial sector and provided a platform for attaining strategic programmes of government in the areas of infrastructure, housing and the development of the real sector of the economy.

    “The CPS has simplified the process of payment of retirement benefits through the issuance of effective regulations and guidelines for accessing such benefits. Over 184,979 had retired under the Scheme as at March 2017 and are currently receiving pensions as and when due with an average monthly pension payment of N6.7 billion as at the same period.

    “The pension reform has gained public confidence and acceptability within the short period of its implementation. The private sector, which hitherto was apprehensive of the CPS as a ploy by the public sector to raise funds to address its huge pension liabilities, has come to accept and is religiously implementing the reform. To date, about 200,000 private sector employers of labour are implementing the CPS and have contributed about 60 per cent of the total pension fund assets.

    “The Contributory Pension Scheme has also introduced transparency and integrity in the pension administration system in Nigeria. From inception of the reform to date, there had not been a single incidence of fraud or mismanagement of the pension funds and assets under the Scheme”, she added..

  • Anchor declares dividends on 2016 accounts

    Shareholders of Anchor Insurance Company Limited have  approved a dividend payment of N3.6kobo per share in its financial year 2016.

    The shareholders approved the payment at the company’s 27th annual general meeting (AGM)  at the Le Meridian Ibom Hotel and Golf Resort in Uyo, the Akwa Ibom State capital.

    Chairman of the company, Dr. Elijah Akpan, stated that despite the  harsh economic situation  in the global and domestic environments, the company recorded growth in some key indices in the year ended December 31, 2016.

    He said the dividend payout is an indication of 12 per cent growth.

    He said the company experienced 11 per cent growth in profit after tax margin from N205 million in 2015 to N228 million in the year ended December 2016.

    He stressed that the growth was mainly attributable to improved efficiency in operations of the company and introduction of unique and acceptable insurance products backed with cutting-edge innovative technology.

    He said: “Its investment and other incomes grew by 16 per cent from N182 million in 2015 to N212 million in 2016. This is as a result of shrew investment operations and decisions. The company incurred claims of over N371 million while the underwriting result at the end of the year amounted to N1.013billion compared to approximated N965 million earned during the year ended December 2015 which amounted to 5.04 per cent in 2016.

    “The company total asset increased in 2016 by 6.5 per cent with an approximated total of 5.8billion compared to N5.4billion recorded in 2015 while its shareholders fund grew from N4.5 billion in 2015 to N4.7 billion in the year 2016 thus showing a 5.03 per cent growth in shareholders fund”.

    Akpan further stated  that the company is implementing her plans to improve her capital base through available instruments in the market  with introduction of improved insurance products, Retail and Micro Insurance, Property Investment and Leasing.

    The firm’s Managing Director, Adeduro Mayowa, added that the company is poised to develop and introduce more innovative insurance products following the launch of AnchorLoEIS into the insurance market with the aim of making the company the trailblazer while setting standard for others to follow in respect to non-generic insurance products.

  • Complaints and Solutions

    EBONG: Dear Sir, your column in The Nation newspaper of Wednesday, July 5 has   assisted pensioners. My name is Ebong. I  attended a verification exercise in Uyo Akwa Ibom State on February 7, 2017. My complaints are 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.

    THE NATION: The newspaper will intervene. Do await response from PTAD. Watch out for the newspaper next week for your response and subsequently every Wednesday as we update you with pension news.

    OLUYEMISI: My name is Mrs Oluyemisi from Osun State. I retired in July 2015 but I’m yet to receive my benefits. My question is will our two years salary arrears going to be deducted from the lump sum to be given to us by  our PFA.

    THE NATION: The newspaper will intervene. Do await response from PenCom. Watch out for the newspaper next week for your response and subsequently every Wednesday as we update you with pension news.

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

    THE NATION: The newspaper will intervene. Do await response from PenCom. Watch out for the newspaper next week for your response and subsequently every Wednesday as we update you with pension news.

    MAYALEEKE: Dear Omobola, My federal
    pension under the old scheme has been stopped since June 2010. The last of my pension from the Federal Government was in May 2010. About N8,748.90 per month was paid without any increment of the past years. All efforts to correct this so has failed. Kindly help.

    THE NATION: The newspaper will intervene. Do await response from PTAD. Watch out for the newspaper next week for your response and subsequently every Wednesday as we update you with pension news.

    ADACHI: My name is Adachi. My dad died since 2007 while with NPF and I was verified since 2014 but till now I have not been paid. What do I do?

    THE NATION: The newspaper will intervene. Do await response from PTAD. Watch out for the newspaper next week for your response and subsequently every Wednesday as we update you with pension news.

    ANONYMOUS: Please I am an ex NITEL staff. We are still waiting for a supposed verification but is not forthcoming. What is our position?

    THE NATION: The newspaper will intervene. Do await response from PTAD. Watch out for the newspaper next week for your response and subsequently every Wednesday as we update you with pension news.

    OKON: Please, I  am one of those who had missed the verification of retires at Calabar, Cross River State. I want you to inform me the date and location for North Central to enable me to get there as published in The Nation newspaper Wednesday June 21, 2017. Thanks.

    THE NATION: The newspaper will intervene. Do await response from PTAD. Watch out for the newspaper next week for your response and subsequently every Wednesday as we update you with pension news.

    ADELEKE: Sir I have two pen no with two PFAs. I retired since year 2014 and one of them has since paid me my lump sum. The other PFA only gave me the statement of my account with them which is less than N300,000 and told me they are not the one to pay me. Please kindly help me ask them. Who is to pay me? Thanks sir.

    THE NATION: The newspaper will intervene. Do await response from PenCom. Watch out for the newspaper next week for your response and subsequently every Wednesday as we update you with pension news.

  • Pension fund hits N6.6 tr

    Pension fund hits N6.6 tr

    •PenCom to lawmakers, others: don’t undermine pension reform

    Pension fund assets under the Contributory Pension Scheme (CPS) has hit N6.6 trillion, the National Pension Commission (PenCom) Acting Director-General, Mrs. Aisha Dahir-Umar, has said.

    She made this known a paper titled: “Position paper on the Bill for an Act to Amend the Pension Reform Act, 2014 to Exclude Some Government Agencies from the Application of the (CPS) she presented at the Public Hearing organised by the Committee on Pensions, House of Representatives on the proposed controversial pension bills in Abuja.

    She lamented that despite these achievements, there had been  measures aimed at undermining the pension reform.

    She said there was need to consolidate the gains of the CPS and avoid policy reversals and that this could undermine public confidence and impact the  economy and Federal Government’s change agenda and economic recovery plans.

    Mrs Dahir-Umar, who said the total pension fund assets hit N6.42 trillion by last March, added that the fund grew by about N30 billion.

    She said the total pension assets were equal to about six per cent of the Nigerian rebased Gross Domestic Products (GDP).

    Similarly, the number of registered contributors grew to 7.4 million as at March, representing about 7.45 per cent of total labour force  and 3.95 per cent of total population.

    She pointed out that the pool of pension fund generated by the CPS has aided the deepening of Nigeria’s financial sector and provided a platform for attaining strategic programmes of government in infrastructure, housing and the development of the real sector of the economy.

    Besides she said, the CPS has simplified the payment of retirement benefits by issuing effective regulations and guidelines.

    She further said over 184,979 retired under the scheme during the period under review and are receiving pensions as and when due with an average monthly pension payment of N6.7 billion during the same period.

    She added that the pension reform has gained public confidence and acceptability within the short period of its implementation.

    The private sector, which hitherto was apprehensive of the CPS as a ploy by the public sector to raise funds to address its huge pension liabilities, has come to accept and is  implementing the reform. About 200,000 private sector employers are implementing the CPS and have contributed about 60 per cent of the total pension fund assets, she added.

    She said: “The CPS has also introduced transparency and integrity in the pension administration system. From inception of the reform to date, there had not been a single incidence of fraud or mismanagement of the pension funds and assets under the Scheme among other achievements.

    “In spite of these achievements, however, there have been recent actions, both legislative and administrative, aimed at undermining the pension reform in Nigeria. Exempting some government agencies would lead to divestment from FGN securities before maturity, which would have ripple negative effects on not only the finances of government, but on the entire financial system.”

    The Acting DG said another negative impact of exempting these agencies is the erosion of the pool of long-term investible funds accumulated under the CPS, suitable for economic development of any nation as illustrated in other jurisdictions, including developed economies.

    She observed that this would undermine the process of attaining development initiatives in the infrastructure, housing and real sectors of the economy, hinged on the utilisation of a portion of the pool of pension fund assets.

    “It would also be contrary to public policy for the Federal Government to succumb to the clamour for exemption of its employees from the CPS, which has so far proven to be efficient, effective and beneficial as a pension administration system. Indeed, it is the benefits of the CPS that are attracting increasing number of State Governments in Nigeria as well as other African countries to adopt and implement the Scheme in favour of their respective employees,” she added.

     

  • Lagos pays N711m pension

    Lagos State paid another batch of 287 retirees under the Contributory Pension Scheme (CPS)  N711 million in September, its Governor, Mr. Akinwunmi Ambode, has said.

    The Governor, represented by the Commissioner for Establishments, Training and Pensions, Dr. Benson Oke, made this known at the 43rd batch of the Retirement Benefit Bond Certificate Presentation last weekend in Ikeja, Lagos.

    He said his administration was poised to touch every aspect of life and that he had embarked on massive infrastructural development of the state.

    He stressed that he prioritises retirees’ welfare.

    He said: “I understand the challenges facing a retiree and that receipt of pension dues will enable them face the future. We are looking at other goodies that are in the pipeline for their comfort.’’

    Lagos State Pension Commission (LASPEC) Director-General, Mrs. Folashade Onanuga, said the agency  last month also released Insured death benefit cheques amounting to about N32 million to nine beneficiaries and Next of Kin of deceased employees.

    She advised the pensioners to spend their pensions wisely.

    “You are in the evening time of your life, make sure you rest well, and do not do anything that will aggravate your health status. Use your pension for your basic needs and make sure you eat well and in moderation,” she said.

    She noted that economic challenges had affected the ability of youths to gain employment. Many youths who should be taking care of themselves and their parents were still dependent on them,’’ she said.  She urged the retirees to use the lump sum received to empower any resourceful child to start a family business which could end up creating jobs for others.

    Mr. Adedokun Oyeleye, a partially impaired retiree, expressed gratitude to the governor for the gesture.  “I did not go through any stress before I was called to collect my pension. I am really impressed with this administration. I know what obtains in other states concerning pensions payment. Ha! It is marvellous in my sight,” he said.

  • PTAD screens weak pensioners in their homes

    PTAD screens weak pensioners in their homes

    Old and weak retirees under the old pension scheme, Defined Benefit Scheme (DBS), were verified in their various homes in Lagos State by the Pension Transitional Arrangement Directorate (PTAD).

    The pensioners, who got screened over the weekend, were drawn from eligible civil service pensioners, numbering over 22 from the total estimate of 21,295, slated for the ongoing verification by the PTAD.

    The exercise, which commenced last week Monday, will end on Friday, September 29, and is being supervised by PTAD Executive Secretary, Sharon Ikeazor.

    The Nation followed PTAD officials to homes of the aged and weak retirees to monitor the event. Among them were Mr Davies Ajayi and his wife, Catherine. They live at Pen Cinema Estate, Agege. Mr Davies is 90 years, while his wife, Catherine, is 86.  They were excited to see the officials at their doorstep.

    Davies, who said he felt great about the exercise, exclaimed happily that it was the first time in his life that he felt loved by the country, that he served for over 40 years.

    He said: “I feel very grateful. In the past, we use to see how our colleagues were destroyed on the long queue while receiving their pension. But I like it now I am particularly grateful to those who are sponsoring this vision. My words to President Buhari is that I am grateful for what is taking place now, which is different from what we have been getting.

    “The pension money is very important to us. For instance, the burden on my children will have been heavier if not for the stipend that I have been getting. It goes a long way to help us and our children. We are not depending totally on our children, but partly on the government.”

    Mrs Ajayi on her part noted that she has been disturbed in the past by the sight of some of her colleagues, who collapse and die while queuing to get verified.

    “In the past, we queue up for up to 10 hours sometimes just to be verified. If we don’t do it, they will remove us from the payroll. Some of my colleagues were not even on the payroll despite being subjected to series of painful verification exercise.

    “Some will fall down and die there. At a point, it became a nightmare for me to go for verification because of how I see my colleagues collapse and I was afraid for my own life too.

    “But now we are grateful for this home verification. We are enjoying it now and our souls pray for the management of PTAD and President Buhari. I also appeal to the government to increase the pension.”

    The first son of the couple, Ademola Ajayi, said he is particular happy that the government has lifted the burden of carrying his aged parents to verification centre.

    “I am the first child and a lot of responsibility falls on me. I have to do a lot of running up and down. When my mother called that they were coming, I was really glad. I used to carry them to the verification centres in the past and it is a relief for me that they have come home to them and I think it is a big improvement on the part of the government.

    “In the past, I would carry them in my car because they were no longer strong to move on their own. Sometimes, when I drop them off, I will quickly run back to my office, do some work and go back to them. It was very stressful for aged people and us their children. Some of them were carried on back of their children or relatives. But with this new arrangement, we will not have to worry again.

    “I appeal to the President to review their pension because what they are receiving now is stipend. In developed and developing countries, senior citizens are provided with all the services they need. They are provided with free services like  free healthcare, bus ride, among others. If this can be introduced here in our system, it will go a long way in ameliorating the kinds of pains that go with old age.

    Mrs Eunice Ogun, 88-year-old retiree, who was also verified in her home at Oladeinde Street, Agege, Lagos, expressed gratitude to PTAD.

    Mrs. Ogun said she just recovered from a serious illness and is happy to still be alive.

    She urged PTAD to continue to support the old and weak retirees in all that they do

  • Lagos to expand social nets for retirees

    Retirees are among the most vulnerable in the country and government in the interest of the society should embark on initiatives that benefit them, Lagos State Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson, has said.

    According to Benson, the state, as a result of this, is working to expand the existing social nets championed by the Civil Service Pensions Office (CSPO)  of his ministry for its retirees.

    He made this known at the workshop for officers of the CSPO titled: “Designing Social Safety Nets for Retirees  of the Lagos State Public Service”, which held in Lagos.

    The Commissioner, who said the purpose of the workshop was to explore the possibility of designing a framework to accommodate the existing and other possible safety nets for retirees of the state Public Service, said  Governor Akinwunmi Ambode fully understood and appreciated the roles played by public servants in governance.

    He added that the Governor was compassionate about pensioners hence, his dedication to the welfare of public servants during and after active service.

    He said: “The government is working to design suitable social safety nets for retirees and we hope the seminar will come up with novel suggestions on how to improve and expand the existing social nets. There are existing safety nets being implemented by the CSPO in the hope that they will help stimulate this seminar’s inquiries into how these measures can be improved and the modalities for creating and sustaining additional safety nets as may be thought fit.

    “In Lagos State, we believe that the society and the government should care for its retirees because they are our mothers and fathers. They are our first teachers. They teach how to love, how to care, how to give, how to forgive, how to accept, and most of all, they are our backbone of support. Without their endless sacrifice during our early years, we would not be capable of what we are today. We need to care for our retirees and the older citizens because they deserve to be cared for.

    “We should care because they have more knowledge and wisdom than any one of us. Their experiences through the turbulence of storms that life takes them through yield great wisdom.”

    They have come so far and they have learned so much, we have a responsibility to learn from that wisdom.

    “Also, we believe that there is need to know how we can create a society where people are not so worried about getting old, where there is less stereotyping of older people, more inter-generational contact, and more opportunities to see older people as assets? What are the issues around financing retirement and how do we make sure older adults are not excluded because they don’t have enough money?”

    In terms of existing initiatives, the Commissioner said the CSPO regularly distributes welfare packages to the retirees of the state’s public service that are 70 years and above.

     

    This initiative is informed by the commitment of the Governor Ambode to continue to celebrate and appreciate the invaluable contributions made by public servants to the status of Lagos State as a model state and as Nigeria’s Centre of Excellence, he added.

  • IEI-Anchor Pension records 23.4 % growth

    IEI-Anchor Pension records 23.4 % growth

    IEI-Anchor Pension Managers Ltd has witnessed growth in its pension assets under management, gross revenue, profit, earnings per share, RSA unit price in its 2016 financial  year.

    The company, a Pension Fund Administrator (PFA), recorded a 23.4 per cent growth in Assets under Management (AUM), which jumped from N47 billion in 2015 to N58 billion last year.

    The gross revenue grew by 21 per cent, from N451 million to N544 million for the year under review.

    The company returned to the path of profit this year from the previous loss position of N17 million after tax to a profit after tax position of N81 million.

    Consequently, earnings per share rose to 37 kobo from negative 8 kobo position in 2015.

    The PFA also recorded a 20 per cent growth in Retirement Savings Account (RSA) PIN generation from 8,000 to 10,000.

    RSA Unit price grew from 1. 7706 to 1. 9411 year-on-year, while Retiree Unit prices also grew from 2.0079 to 2.2331 year-on-year. As at June, the company said it had moved to 2.0727 for the RSA and 2.3939 for the retiree funds.

    The company’s Chairman, Senator Jonathan Zwingina, who made this known during the 2016 Annual General Meeting in Abuja, said the last year was rather challenging.

    As result, he said the company grappled with increased operational costs, but was able to deliver on its main goal – satisfying its customers and making profit.

    He said: ‘’Being a service-delivery industry, we have continued to improve on our customer service delivery by leveraging technology via the infrastructure we have put in place to aid this cause.

    “On our future outlook, we are optimistic about the future of our country and the state of the economy especially with the government’s efforts at diversification. Furthermore, the expected introduction of the Micro-Pension Scheme in the industry portends a good future for the company.

    “A myriad of challenges still face the company and the industry. Some of these include the non-funding of accounts by employers due to state of the economy and the cost of regulatory compliance, which seems to continually be on the increase.”

    Its Managing Director, Glory Etaduovie, said despite the economic difficulties in 2016, the pension industry has been to weather the storms.

    “We reviewed our foundations for the structured growth we desired. We found a need to renew the culture of stronger corporate and individual discipline, focus, customer sensitivity and developing more fully our core values namely -dependability, integrity, friendliness, proficiency and innovation.

    “In the future, we will rapidly consolidate on our achievements for both long and short term goals. We are perfecting our strategies and tactics for improved market share, funding, return on Investments and profit enhancement through efficient cost management. 2017 has shown positive signs so far.

    “We are deepening our customer-service culture as well as expanding and deepening our market outreach. Our staff are continually being trained to be mentally engaged to achieve our set goals and profit objectives,” he added.

     

  • LASACO gets PTAD’s commendation

    LASACO gets PTAD’s commendation

    The Pension Transitional Arrangement Directorate (PTAD), through its Divisional Manager, Mrs Christianah Adebote, has commended Lasaco Assurance Plc for settling the Legacy Funds in its custody.

    Adebote gave the thumbs up in Abuja when the company transferred N1.063 billion meant for pensions of six Federal Governement parastatals under the Definded Benefit Scheme (DBS).

    She gave the company a Letter of Clearance on behalf of the directorate and urged other companies that are yet to settle their obligations based on the directive to take a cue from those that have complied.

    Adebote said the directorate, last year, issued demand notices on the insurance companies holding legacy funds meant for payment of pensioners under the Defined Benefit Scheme (DBS) to transfer outstanding funds into “our dedicated e-Collection account with the Central Bank of Nigeria (CBN)’’

    She explained that the Pensions Reform Act (PRA) 2014 vested all pension assets, funds and liabilities in PTAD and warned that it has become imperative for other concerned companies still holding onto the legacy funds to transfer them to PTAD without further delay.

    She also noted that the intention of the Federal Government’s request for the release of these funds is to grow them for the prompt payment of pension.

    The General Manager (Marketing) LASACO Assurance Plc, Ademoye Shobo while collecting the Letter of Set Off from PTAD, having fully paid the amount due, said the legacy funds managed on behalf of six Federal Government parastatals as required by Section 42 of the Pension Reform Act (2014) was fully remitted in July 2017.