The Nation Newspaper

Category: Pension

  • SUNU Nigeria’s free cancer screening for 100 women

    SUNU Nigeria’s free cancer screening for 100 women

    As part of its Environmental, Social, and Governance (ESG) principles, SUNU Nigeria is set to conduct free cancer checks for 100 women.

    The programme titled: “Free Mamogram for 100 Women” is targeted at fighting against breast cancer in the country.

    The company in a statement said the company joined the fight against breast cancer as part of its corporate social responsibility commitment to the people.

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    The statement read: “SUNU Nigeria which includes SUNU Assurances Plc and SUNU Health believes that discovering breast cancer early is part of the ways to prevent deaths from breast cancer.

    “Breast cancer is easier to treat if found early, when it’s small and has not spread”.

    She disclosed that mammogram will take place from today, October 30 to Saturday November 2, 2024 at DIAMED Center, Plot 7&8 T.F Kuboye Road, Lekki Phase 1, Lagos.

  • Lasaco Assurance revenue hits N18.3b

    Lasaco Assurance revenue hits N18.3b

    Insurance revenue of Lasaco Assurance Plc has risen to N18.3billion in 2023 financial year from N13.5billion recorded in the previous year, representing 36 percentage increases within the period under review.

    The underwriting firm’s profit rose by six per cent, from N1.6billion in 2002 to N1.7billion in 2023, even as its shareholders’ funds was N13.7billion in 2023 from N12.3billion in 2022 financial year.

    Lasaco chairman, Mrs. Teju Phillips who made this known at its 2023 Annual General Meeting (AGM) in, Lagos said, its profit after tax witnessed a decline of 13 per cent descending from N1.52billion to N1.3billion in 2023.

    Disclosing that it recorded commendable growth in total assets, surging from N25.58billion to N26.97 billion, emblematic of a robust five per cent growth rate, she said, its performance was amidst economic challenges, hence, underscores its resilience and commitment to delivering value to stakeholders.

    Moving forward, she stated that they remain dedicated to leveraging strategic initiatives and prudent management practices to sustain our growth trajectory and uphold our position as a trusted leader in the insurance sector.

    Looking into the future, she said, the insurer is poised to elevate its performance by embracing innovative digital transformation initiatives, adhering to industry best practices,  fortifying its capital base,  enhancing its technological infrastructure, intensifying capacity building efforts, fostering collaboration and partnerships, optimising processes and reinforcing risk management and internal controls.

    Read Also: Lasaco Assurance records N1.68n profit before tax

    She said: “We are committed to enhancing our brand identity and visibility through modern innovatives while empowering our workforce to achieve greater heights. With a strategic and relentless pursuit of excellence, we are confident that Lasaco Assurance Plc will be positioned for sustained success and growth in the years ahead.”

    On his part, the Managing Director/CEO of Lasaco, Mr. Razzaq Abiodun, while calling for understanding of the shareholders for not able to declare dividend this year, promisied them improved dividend in the next financial year, saying, ‘I will implore out shareholders to fast now and break the fast in the next financial year with a bumper returns on investment.’

    Stating that, the company has recently raised N11billion capital in a self-induced recapitalisation exercise. He said, the company is well prepared ahead of planned insurance industry recapitalisation exercise, noting that, the company is very liquid to meet both the current and future claims obligations.

  • Mutual Benefits pays N25b claims in nine months

    Mutual Benefits pays N25b claims in nine months

    Underwriting firm, Mutual Benefits Assurance Plc and  its subsidiary; Mutual Benefits Life Assurance Limited have demonstrated stability in the insurance sector with payment of N25.63 billion in claims in the first nine months of 2024, Managing Director/CEO, Mutual Benefits Assurance Plc, Femi Asenuga has said.

    Asenuga, who made this known in a statement, said this is amidst a challenging economic landscape where businesses are grappling with numerous difficulties including inflation and currency fluctuations that threaten their competitiveness and survival.

    According to him, by consistently fulfilling its claims obligations, Mutual Benefits has demonstrated resilience and commitment to its policyholders, setting itself apart as a trusted provider in a turbulent market.

    He stated that the claims breakdown shows that Mutual Benefits Assurance Plc, the general business arm paid out in nine months N7.14 billion, whereas the life business arm paid out N18.49 billion, made up of N12.06 billion on deposit administration and N6.42 billion on insurance contracts.

    He said: “A further breakdown of the general business claims shows that, the company paid out N1.77 billion on motor business, followed by N1.38 billion on fire. Others are general accident N1.33 billion; Marine N1.16 billion; Aviation N715.81 million; Engineering N706.75 million;  and Oil and gas business N78.35 million, among others.

    “This steadfast performance not only underscores our robust financial management capability, but also highlights our dedication to building customer trust and adapting to the dynamic needs of the Nigerian economy. By consistently meeting our claims obligations, we have been able to build trust with policyholders, which has not only increased customer loyalty and retention but has also brought us new clients.

    “What we have done is to ensure we provide excellent customer service through our processes. This has enhanced client satisfaction and fostered long-term relationships that have remained critical for retention in tough economic situations like this”.

    Read Also: Mutual Benefits remains stable amid challenging economy, says Chairman

    Commenting on the life business and what the company is doing, Managing Director/CEO, Mutual Benefits Life Assurance Limited, Biyi Ashiru-Mobolaji, said its major revenue sources are from group life insurance, with claims of N5.21 billion, and individual life business, with claims amounting to N994.39 million in the nine-month period under review.

    “When an insurance company pays claims promptly, it typically reflects positively on the company’s reputation and engenders customer loyalty and operational efficiency. Companies known for prompt claims processing can differentiate themselves in a crowded market, making them more appealing to potential customers with increased referrals.

    “Efficient claims handling indicates a well-run organisation and that has been our focus and the reason we have continued to make investments in technology, staff training and processes. Nigeria’s economy has been heavily dependent on oil exports, which accounts for a substantial portion of government’s revenue and foreign exchange earnings. This reliance however continues to make the economy vulnerable to fluctuations in global oil prices, with domestic effects of high inflation, leading to increased costs of goods and services.

    “We understand the impact that these can have on our clients’ lives and businesses. Our ability to meet our claims obligations is a testament to our operational efficiency and the trust our clients place in us,” Ashiru-Mobolaji added.

  • Oloworaran restates PenCom’s commitment to elderly people’s welfare

    Oloworaran restates PenCom’s commitment to elderly people’s welfare

    The National Pension Commission (PenCom) has reaffirmed its dedication to ensuring the well-being of the elderly in Nigeria.

    The Acting Director-General of PenCom, Ms. Omolola Oloworaran ,gave the assurance during a visit to Amazing Grace Foundation, an elderly people’s home in Abuja.

    While highlighting the importance of recognising and supporting the contributions of elderly generations, she stated that the visit was part of activities held by PenCom to commemorate the 2024 Customer Service Week.

    She maintained that PenCom’s dedication to senior citizens reflects its broader commitment to the well-being of retirees.

    She disclosed that the visit was also aimed to engage with elderly residents at the home and offer a token donation to support their welfare.

    She said: “PenCom would continue to support the future of workers and honour the legacy of the elderly. She expressed deep gratitude for the role the elderly generation has played in nation building. It is because of you that we are here today. At PenCom, we believe in building a system that cares for every generation. It is not only about securing the future but also about respecting and honouring the legacy of those that came before us.”

    Speaking warmly about the value and wisdom that elders bring to society, she stressed that their contributions must be recognised and supported, adding that the work that they did is the reason they are standing here today.

    PenCom Commissioner for Finance, Dr. Charles Sylvester Emukowhate, echoed this sentiment, affirming that PenCom’s mandate is to care for both current and future retirees.

    Read Also: Customer Service Week: PenCom launches revised service charter, consumer protection framework

    “They are yesterday’s workers and today’s pensioners. And we are today’s workers and tomorrow’s retirees,” he said. He further underscored PenCom’s role in safeguarding the welfare of the elderly and ensuring that retirees are well cared for.

    President of Amazing Grace Foundation, Dr. Ifeyinwa Mary Obegolu expressed gratitude for PenCom’s support.

    She shared her passion for elderly care, which has driven her to create a space that provides shelter, medical care, and rehabilitation for the elderly.

    She said whenever the Foundation learns of an elderly person in distress; the organisation promptly sends its team to assess the situation. After profiling the person, the team brings the person to the facility, provide accommodation, and care.

    “The Foundation also strives to influence government policies to better address the needs of the aging population in Nigeria. The Amazing Grace Foundation provides a vital service to the elderly, some of whom were previously neglected or treated as outcasts. We have some that are not resident here, but we reach out to them”.

    The Foundation Director highlighted the ongoing efforts to provide care for the elderly beyond those housed in their facility.

    On the other hand, PenCom also held a Health Walk for its staff as it prepares to reenergise its workforce towards going Above and Beyond in customer service.

    The walk, which spanned about four kilometres, aimed at promoting physical wellness and a healthy lifestyle.

    During the event, the Acting DG tasked staff on the importance of staying healthy and reiterated PenCom’s dedication to the well-being of its employees.

    She noted that a vibrant and healthy workforce is essential for delivering excellent customer service in line with the spirit of the 2024 Customer Service Week theme.

    Ms. Oloworaran reminded staff that their health and vitality are crucial to the success of the organisation. By encouraging wellness activities like the Health Walk, PenCom aims to create a productive and engaged team capable of serving the public more effectively.

    “The wide array of activities organised by PenCom to commemorate the 2024 Customer Service Week highlights its renewed commitment to delivering excellent service in the pension industry.  The launch of the PenCom Service Charter and the Consumer Protection Framework will further strengthen and enhance service delivery, setting a new standard for customer satisfaction in the CPS space in Nigeria”, she added.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    AKINMUSAYO: Good day, my complaint bothers on my father who retired 19 years ago. He is yet to be paid his gratuity. He retired in May 2004 from the Ministry Defence.

    PTAD: Good day, your father’s gratuity has been computed and audited

    PAUL: It is pertinent to note that all retired police officers in the PTAD, were notified of “I AM ALIVE” programme through website in 2023. I was among those PTAD has text to do “I am Alive” confirmation in October 20, 2024. To this end, I was mandated to do it on October 2010/2024. I got a text again to do my “I’m Alive” confirmation before February 10, 2024. When I contacted some of my colleagues to know whether PTAD had sent such information to them, they said no. With this, I became worried. I revisited the last “I’m ALIVE” confirmation website I did and I was informed that the last done on October 20, 2023 will expire on  April 20, 2024. So, I want to know categorically from PTAD what is the time limit for the confirmation. Should it be done instead of someone or a member of the staff calling indiscriminately and sending text message.

    PTAD: Please disregard any text message asking you to verify that you are still alive before the six-month period expires.

    Read Also: PTAD: Resolving pensioners’ issues

    ODUNTAN: Good day, I am sending this message on behalf of my dad. His pension monthly is over N51,000 but he was paid N37,000 for the month of October. We want to know what went wrong.

    PTAD: The Parastatals Pension Department (PaPD) of the Directorate will respond soon.          

    BASSEY: I am Sgt Bassey, I have not received my pension for the month of October. Kindly help me.

    PTAD: The Police Pension Department (PPD) has represented all failed payment.

    ANNONYMOUS: Good day, I am one of the pensioners that did verification six months ago. I am surprised some people have done the second time. Please I am alive but up till now no message has sent to me for the second verification as others have done. Please advise me on what to do.

    PTAD: The pensioner is not reachable through phone.

  • Impact Investors Foundation, Kuramo Capital introduce fund

    Impact Investors Foundation, Kuramo Capital introduce fund

    The Impact Investors Foundation, in collaboration with Kuramo Capital has convened a high-level Pension Fund Administrators roundtable, bringing together representatives from the pension industry such as pension funds operators, administrators and the National Pension Commission (PenCom),  to foster collaboration and explore innovative ways to channel local capital towards impact-driven initiatives.

    A key highlight of the event was the introduction of the Wholesale Impact Investment Fund (WIIF), a groundbreaking initiative designed to catalyze a thriving impact investment ecosystem in Nigeria.

    The WIIF aims to address the critical financing gap faced by Micro, Small, and Medium Enterprises (MSMEs) and is positioned to drive long-term economic growth, job creation, and significant social impact across the country.

    Aligned with Nigeria’s National Development Plan (2021-2025), the WIIF provides PFAs with a unique opportunity to invest in an asset class that not only offers attractive financial returns but also aligns with Nigeria’s broader development priorities.

    At the event include the Permanent Secretary, Federal Ministry of Budget and Economic Planning, Dr Emeka Vitalis Obi; Abdulqadir Dahiru, Head Investment Supervision, PENCOM; Mrs Ibukun Awosika, Chair, National Advisory Board for Impact Investing (NABII) and Vice Chair, GSG Impact; Chair, Impact Investors Foundation, Engr Afolabi Oladele; CEO of Kuramo Capital, Wale Adeosun, Agudah Oguche, CEO PENOP, Amma Lartey, CEO, Impact Investing Ghana and Drew Von Glahn, Executive Director at Collaborative Frontier Finance (CFF), who gave a presentation on “Unlocking Pension Funds for Small Business Finance”.

    Read Also: Senate okays refund of N25bn to Kebbi, Nasarawa

    During the roundtable discussions, PFAs shared insights on the current investment climate and explored the potential of collaborating to unlock capital for impact-driven investments.

    With Nigeria’s growing demand for economic development and job creation, the WIIF presents an ideal vehicle for PFAs to participate in the country’s progress while achieving both financial and social objectives.

    CEO at Impact Investors Foundation, Etemore Glover said the Wholesale Impact Investment Fund is a transformative step toward bridging the financing gap for MSMEs in Nigeria.

     By engaging PFAs in the impact investment space, we are aligning financial returns with the broader goal of sustainable development, which benefits the entire economy, Glover noted.

  • Corporate Governance in Contributory Pension Scheme: New paradigm of sustainability

    Corporate Governance in Contributory Pension Scheme: New paradigm of sustainability

    The Contributory Pension Scheme (CPS) has flourished in Nigeria in the last 20 years largely due to responsible corporate practices, engagement, and long-term value creation.

    Pension Fund Operators must continue to adopt sustainability-focused governance to thrive in the Nigerian pension industry.

    These were the submissions of the Acting Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, during the 2024 Annual Corporate Governance Conference organised by the Society for Corporate Governance Nigeria (SCGN) held in Lagos.

    In an address titled “Corporate Survival and Sustainability: The New Face of Governance,” Ms. Oloworaran shared insights on the evolving landscape of corporate governance in the Nigerian pension industry.

    She was represented at the Conference by the Commission Secretary/Legal Adviser, Muhammad Sani Muhammad.

    Corporate Governance in Pension Industry

    The Acting PenCom DG contextualized how corporate governance has moved beyond a narrow focus on profitability to encompass Environmental, Social, and Governance (ESG) criteria.

    She said this evolution has significant implications for the Nigerian pension industry, which has grown rapidly since the CPS was introduced in 2004.

    She stated that as of August 2024, pension assets have surged to N21.25 trillion, establishing pension funds as influential players in the Nigerian capital market, particularly through their investments in fixed-income securities and equities.

    She said: “The NGX Pension Broad Index, launched in collaboration with PenCom in 2023, embodies this shift. Designed to encourage diversification, the index seeks to measure the performance of pension fund equity portfolios more comprehensively, moving away from heavy concentrations in Banking, Consumer Goods, and Industrial Goods.

    “This initiative signals a broader objective: to position pension funds as active stewards of corporate governance, shaping Nigeria’s business landscape through responsible investment”.

    Ms. Oloworaran noted that Pension Fund Administrators (PFAs) must advocate for sound corporate governance in their companies.

    “Pension funds must take up their role as custodians of governance,” she stated, stressing that pension fund managers carry the responsibility of influencing companies towards ethical, transparent, and sustainable practices.

    “Active stewardship means more than attending annual shareholder meetings; it requires engaging with corporate boards, voting on critical issues, submitting shareholder proposals, and promoting ESG standards. By integrating these stewardship responsibilities within their investment strategies, PFAs can actively shape corporate governance, pushing for practices that ensure companies are resilient and aligned with long-term value creation”.

    Role of ESG in Pension Governance

    Ms. Oloworaran highlighted that ESG considerations are now fundamental to corporate governance, influencing decision-making and guiding investments.

    “ESG frameworks provide a structured approach to assessing a company’s financial health and sustainability, encouraging pension funds to prioritise organisations committed to responsible business practices. This shift is aligned with global trends, where pension funds are increasingly scrutinising how companies manage environmental risks, treat employees, engage with communities, and protect shareholders’ interests.

    “By emphasising ESG factors, Nigerian pension funds can reduce long-term risks, enhance reputational standing, and ensure financial performance. As the PenCom Acting DG explained, “ESG isn’t just a trend; it’s an imperative for pension funds committed to securing value for retirees and supporting a sustainable economy.”

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    Sustainable Investment Practices

    Incorporating sustainability is about creating a pension industry capable of withstanding economic, social, and environmental shocks.

    Ms. Oloworaran advocates for diversified investments, particularly in renewable energy and innovative tech sectors, to support both fund stability and national economic growth.

    “To uphold strong governance, PFAs are urged to proactively meet evolving regulatory standards, seeing compliance as a strategic necessity rather than a formality. Active engagement with stakeholders—employees, communities, and regulators—is deemed essential for transparency, trust, and accountability.

    “In order to consolidate governance efforts in the pension industry, Oloworaran proposed several key initiatives: development of a Stewardship Code to serve as a guideline for PFAs on actively engaging with investee companies, advocating for governance standards aligned with long-term value creation; establishment of a Pension Leadership Council, which will provide a platform for pension funds to consolidate their influence, engage with regulators, and offer oversight on governance matters within investee companies; and implementation of the Nigerian Sustainable Pension Principles to guide PFAs in incorporating ESG criteria into risk management and investment decisions, ensuring that pension funds contribute to sustainable economic growth”.

    Oloworaran’s presentation illuminated a path towards a more responsible and sustainable Nigerian pension industry, one that leverages ESG principles, engages stakeholders, and leads by example in a rapidly evolving market.

  • Pension complaints and solutions

    Pension complaints and solutions

    ZEKERI: Good day, my name is Zekeri. I retired in June 2022 from the Nigeria Customs Service. When I approached my PFA, Premium Pension for my benefits in 2023 to be transferred to an insurance company for Life Annuity, my application was rejected and I was told to stay a year on Programmed Withdrawal before they can let me go. They said I can apply for annuity after a year of earning on Programmed Withdrawal. It is a year now so I submitted my annuity application again via DHL from Auchi to Abuja as there is no Premium Pension office here in Auchi. I just check and I realized my application was rejected again. I have been calling to know why but no response. Please help me

    PENCOM: The RSA holder should provide his PIN to enable the Commission to investigate the complaint.

    SANI: My name is Sani, I worked with West African Postgraduate Medical College, Yaba, Lagos. We chose Leadway Pensure Pfa Limited at Number 121/123 Funsho Williams Avenue, Surulere, Lagos. My pension contributions employer/employee has been fully remitted to the Leadway. Also my Legacy has been fully remitted to the Leadway. I have retired since March 31, 2023 and have submitted all the necessary documents for RSA and Legacy to be paid to me since May, 2023. Leadway told me that my documents were rejected because I did not put my pay slip. I sent the pay slip to them immediately. Since then no payment has been made to me. Leadway’s response is that PENCOM has not approved my documents for to pay me. Please, I want you to intervene so that my money can be paid to me. It is six months that I am at home without earning salary. Thank you.    

    PENCOM: Dear Sir, please carry out the Enrolment exercise, and submit the Enrolment slip, you may wish to visit www.pencom.gov.ng for guidance on how to get enrolled.

    Read Also: Pensioners task PTAD on full remittance of check-off dues

    ANNONYMOUS: Ma, I strongly need your help. We are leaving the country today and we need money for upkeep as we go. We are banking on my 25 per cent pension savings. PenCom is yet to approve. Kindly help us.

    PENCOM: Kindly provide the details of your Retirement Savings Account, the PIN and the PFA to enable the Commission process the complaint.

    JAMIUDEEN: Good day, my name is Jamiudeen. I retired from National Population Commission on May 1, 2023. I have been to my pension manager, Stanbic Ibtc Pension for my accrued right and gratuities. They always told me that it has not been paid and I need money urgently to do the operation of my right leg at Igbobi Orthopedic hospital. I was infected with the wound while in active service of Censor 2006 and since then I have been spending my money on the leg. The commission did not take care of me. I spent my cooperative money on the leg until I was told that an operation is needed to be carried out on my skin grafts. Since then, I have been waiting for my pension money to take care of my leg. Kindly help so I can be paid as soon as possible. I cannot feed myself and the children or pay school fees and house rent.

    PENCOM: Payment was made on the May 24, 2024. The RSA holder is advised to approach his PFA to confirm.

    DJOGRI: Hello, my name is Adjogri. I retired on July 31, 2016 from Delta State SUBEB, and got my accrued right to process my lump sum and pension. I went to Oak Pension Ltd on the November 8, 2023 to process it after eight years. But I have not heard from them. l am yet receive my lump sum neither has my annuity sum been released. Meanwhile, my contemporaries that choose programme withdrawal with the same Oak Pension have all received their payments. Is it a sin to choose annuity which is what warrant this unholy treatment from Oak Pension? Pension Act provides us the freedom to choose any form of payment and I have opted for Annuity but Oak Pension is punishing me because I didn’t choose their Programme Withdrawal. I plead with PENCOM to intervene and not allow the situation degenerate into litigation. Thanks in anticipation.

    PENCOM: Please, note the evidence of Annuity Request is yet to reach the Commission. The RSA holder should contact the PFA to submit the request.

  • PenCom gives update on private sector compliance in Q2 2024

    PenCom gives update on private sector compliance in Q2 2024

    • ’35 defaulting employers pay N210m penalty’

    The National Pension Commission (PenCom) has highlighted the compliance level of the private sector on Contributory Pension Scheme (CPS) in Second Quarter, 2024.

    During the quarter under review, the commission said it recovered outstanding pension contributions and penalties from 35 defaulting employers who failed to remit pension contributions as and when due.

    The employers paid N336.255 million comprising principal contributions N125.57 million and penalties of N210.68 million.

    The commission stated that it maintained the services of 25 Recovery Agents (RAs) for the recovery of the unremitted pension contributions and penalties from defaulting employers.

    Meanwhile, the commission said its Secretariat/Legal Advisory Services Department had been requested to take legal action against three defaulting employers.

    In all, the commission said since a total sum of N27.97 billion comprising of principal contributions N13.60 billion and penalties N14.17 billion has been recovered from defaulting employers from commencement of the recovery exercise in June 2012 to June 30, 2024.

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    The report also showed that PenCom processed and issued Pension Clearance Certificates (PCCs) totaling 13,047 PCCs to organisations that met the requirements and the sum of N143.13 billion was remitted into the Retirement Savings Accounts (RSAs) of 188,426 employees of the 13,047 organisations issued PCCs.

    Giving update on Refund of Pension Contributions to Personnel of the Military and Other Security Agencies, the commission said: “The commission received five requests for refund of pension contributions to military personnel and other security agencies. All five requests were processed and the sum of N 0.39 million was refunded to the affected personnel during the quarter.

    “The refund was attributed to the exemption of the Military and other Security Service Agencies from the Contributory Pension Scheme due to the nature of their jobs”.

    On the Nigeria Social Insurance Trust Fund (NSITF) Transfer of NSITF Funds, the Commission said it received twelve batches of NSITF transfer applications from Trustfund Pensions Limited on behalf of 91 NSITF members requesting for the transfer of a sum of N4.33 million into their respective RSAs.

    “The requests were reviewed and approvals granted for the transfer of N3.96 million into the RSAs of the 91 members with various Pension Fund Administrators, having met all the necessary requirements for the transfer of NSITF contributions.

    “However, the outstanding N370,000 was observed to be contributions remitted after the enactment of the PRA 2004 after July 2024, when the NSITF Scheme was terminated thus, the portion of the request was not approved for transfer into RSAs of the members.

    “Also, payment of NSITF Benefits Five batches of applications for NSITF benefits payment were received for the payment of N705,573.54 to 17 NSITF contributors. All the applications were processed. The Commission also granted approval to Trustfund for payment of monthly pension to the tune of N40.24 million to 2,263 NSITF pensioners during the quarter. Thus, from 2006 to date, the total pension payments made to NSITF pensioners from the NSITF Fund amounted to N5.57 billion”, the report read.

  • Retirees, workers lament nonpayment of pension

    Retirees, workers lament nonpayment of pension

    • Express confusion on CPS

    Retirees and workers in the country are lamenting abandonment by the National Pension Commission (PenCom) under the administration of its new Acting Director-General, Ms Omolola Oloworaran.

    For various reasons, the workers and retirees who are Retirement Savings Account (RSAs) holders under the Contributory Pension Scheme (CPS), seemed stranded as the commission refuses to address their grievances.

    The RSAs whom are mostly always confused about the workings of the CPS, raised concerns ranging from non-payment of pension, accrued rights issues leading to delayed pension after retirement, non-payment of monthly annuity pension, abandonment and lack of attention by operators and PenCom, among others.

    Retirees

    My name is Enon. I worked in Auchi Polytechnic from April 1985 to March 2023. I retired as Chief Lecturer on March 20, 2023 under the Contributory Pension Scheme (CPS). I am yet to have my accrued pension right released to my PFA (Stanbic IBTC), hence my pension benefit has not been paid since I retired over 18 months ago.

    I am Engr Alexander. I retired since March 2023 from Auchi Polytechnic but till now we are still waiting for our pension and gratuity to be paid after carrying out the necessary process long time ago. I will be very delighted to know the reason for the delay because I and my colleagues who retired this same time are suffering. My PFA is Stanbic IBTC Bank.

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    My name is Justice. I have not received my pension since I retired on July 8, 2009. My former employer has refused to release documents to help me process my pension claiming I absconded. I submitted my resignation letter to my branch manager; he acknowledged and gave me my copy but never forwarded it to the board. Now my PFA can’t process my pension until I provide the documents. I have been on this for over a year now. Please I need your intervention.

    I am Salmanu from Zaria, This is a “Save Our Soul” message to The  Nation newspaper. Many of us have been having sleepless nights with lots of problems as a result of non-payments of our retirement benefits. We hope that the Acting Director-General, Ms. Oloworaran, will use her new position to wipe away tears from retirees faces.

    I want to remain anonymous. There has been no remittance of annuity by African Alliance Insurance Plc since May 2024. I will like to know what is happening. PenCom and NAICOM should consider that the economy is tough, hence the need for our monthly pension.

    My name is Jauro from Bauchi State. I am writing to seek your assistance with an urgent matter. Despite submitting my request to transfer my pension to an annuity over a month ago, I am yet to receive a response from Premium Pensions. I have sent multiple follow-up emails and made several calls. Unfortunately, my efforts have been met with silence. I am feeling exhausted and frustrated by the lack of attention from Premium Pensions. I am appealing to the newspaper which remains unbiased to the plight of retirees in this country to help me resolve this issue.

    My name is Ishola. My last pension payment was in April 2024. I retired from Nigerian Postal Service (NIPOST) joined annuity and I have two accounts where I used to receive N23, 624:94 and N8, 575;85. I need help.

    My name is Akinola. I am on an annuity programme with African Alliance. I have not been paid my benefits since May 2024. I am retired and I need the stipend for my upkeep.

    I am Mrs Matthew. My husband died on October 5, 2019 but I have not been able to receive his benefits. He worked in the aviation industry and we lived in one of the quarters but I have been sent out since April 3, 2020.  My late husband benefits are with First Guaranty Pension Ltd. I have been writing to the PENCOM but to no avail. I am really suffering with the children. I am appealing to The Nation to help me as it is my last hope.

    My name is Christopher. I have been following up with my late wife’s gratuity since 2019. I have submitted all necessary documents I was asked to submit, but till date, I have not seen anything. The last time I went to Access Pension in Lagos, I was told that they were waiting for the money to be released to them from Abuja. She served with Ministry of Defense.

    My name is Mapaderun, an annuitant with African Alliance Insurance Plc.

    I have not received my stipend for May, June, July and August 2024.

    What is the way out? It seems the company is distressed. What happens to our money with them? Can I migrate back to Stanbic IBTC? Why are the authorities allowing African Alliance Insurance Plc to be toying with us. I wonder how they want us to survive these harsh economic times. Both PENCOM and NAICOM are not coming to our aid. It has been five months now that we haven’t received anything.

    My name is Iyav, I retired from the Nigeria Police Force in 2011. My PFA is Africa Alliance. I have not being paid my pension salary since May 2024 without any explanation from my PFA. We were advised to check The Nation newspaper publication of  September18, 2024 page 8 in which the company promised to pay at the end of September 2024. But they failed. Is there any explanation or solution to this problem?

    Workers

    My name is John and my PFA is Stanbic IBTC Bank Managers. I spoke with the PFA that I wanted to start Voluntary Contribution (VC) but they were unable to help me. What am I to do to start the Voluntary Contribution?

    I want to remain as anonymous. What document is needed to provide in case of death by next of kin to have access to the pension.

    PenCom

    All efforts to get responses to the retiree’s complaints on different challenges proved abortive as at press time.