The Nation Newspaper

Category: Pension

  • GCR affirms Leadway Assurance’s ‘AA+(NG)’ financial strength

    GCR affirms Leadway Assurance’s ‘AA+(NG)’ financial strength

    A leading African rating agency, Global Credit Ratings (GCR), has reaffirmed Leadway Assurance Company Limited’s financial position with its National Scale Financial Strength Rating of AA+(NG).

    It states: “The affirmation of Leadway Assurance’s rating is supported by its extensive brand recognition, long-standing presence in the insurance sector, and consistent operational excellence. The insurer’s prudent capital management strategies have enabled it to maintain robust solvency levels and an industry-leading asset base.”

    GCR also affirmed that the rating for Leadway Assurance was conducted with independence and integrity. The rating firm said: “No aspect of the rating was influenced by any business activities external to the evaluation. Our assessment was based entirely on the financial merits and risk profile of Leadway Assurance, conducted through virtual interactions and correspondence with the rated entity.”

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    In a statement, the Head, Corporate Services, Leadway Holdings, Aishat Bello-Garuba, quoted the Managing Director/Chief Executive Officer, Leadway Assurance, Gboyega Lesi, as saying: “This rating validates our strategic drive to bolster financial and operational resilience. At Leadway, we remain determined to promptly fulfill our obligations to clients, regardless of the scale. The AA+ rating not only reflects our strong financial foundation but it also reinforces our stakeholders’ trust in us.

    “Following GCR’s initial rating of Leadway with an ‘A(NG)’ in claims-paying ability in 2001, we have consistently demonstrated our dedication to financial excellence.” In the last eight years alone, Leadway has paid over N338 billion in claims, further cementing our position as a reliable and trusted insurance provider in Nigeria. Over the years, we have also focused on leveraging digital transformation, innovative solutions, and sound corporate governance to deliver value-driven services. This reaffirmation by GCR underscores our resilience and dedication to continually fulfilling these obligations to our policyholders and stakeholders.’’

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    MRS NWOBU:  Hello, I am Mrs. Nwobu, a former Senior Nursing Officer in the Nursing Department. I am a University of Port Harcourt Teaching Hospital (UPTH) pensioner. I went to UPTH last week and was asked to come to Abuja to get a PIN for them  to process my papers. I have called the phone numbers given to me, but there was no response. My date of appointment is July 11, 1974 and I retired in November 1995. I live in the United States and just returned. I was told to go to Abuja for initial clearance. Please, when can I come to your office, and who will be working with me, and what time of the day will that be? Thanks for your anticipated response. Also, kindly provide me with an office address.

    AYODELE: RE: Underpayment of Monthly Pensions. I wish to put up a reminder that I am yet to get  neither acknowledgement nor response regarding my complaints to your organisation about three weeks ago on the above subject matter. This is after promises by your receptionists to deliver my complaints to the appropriate authority for further necessary actions. In October, last year, I was surprised to notice a huge deduction of N48,861.19 from my monthly pension of N154,015.36, for an excuse tagged overpayment of pension and which was not earlier communicated to me officially. From my concise and articulate computations of the deductions yanked, I believe that it was wrong to have carried out such deductions. By the way, I started working in 1970 and retired from service on August 1, 2005 from the Nigerian Institute for Trypanosomiasis Research, Kaduna (NITR), a parastatal under the Federal Ministry of Science and Technology, as a Chief Technical Officer Laboratory Instruments, on HATISS 13, Step 9.

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    As at the time of retirement, my pension was N92,170.75. However, two years later, August 2007, to be precise, there was a 15 per cent pension increment that jerked my pension up to N105,996.36. Three years later, which was August 2010, there was another 33 per cent increment of N34,978.80 that leveraged my pension to N140,975.16. And in April, 2019, there was a consequential pension adjustment of 0.0925 per cent or N13,040.20, which finally brought my current pension to N154,015.36.

    But surprisingly, from October, 2023, I observed that a huge chunk of N48,861.19 monthly deductions were made till date from my pensions, with the excuse that there were some overpayments made all along, which in actual fact is not true from the in depth analysis I have proffered. The pension refund I expect from you as of April 2024 is N342,028.33, which I am believing would be paid this month. These shortfalls have been causing me a whole lot of financial setbacks. I am equally aware that a review committee was set up towards the end of last year by the Executive Secretary, PTAD to tidy these grievances which are not limited to me or my parastatal alone but to several others. Times are pretty hard for even workers not to talk of vulnerable pensioners whose pays are nothing to write home about. At this juncture, I am imploring you to use your good offices to write this wrong, by reversing the status quo and refunds made back as quickly as possible. Thanks and God bless.

  • Things to know about old pension scheme (4)

    Things to know about old pension scheme (4)

    Why monthly pensions are sometimes delayed A number of reasons may cause delay in receipt of monthly pension. They include non- availability of funds, change in bank records or account numbering system; technical glitches on the e-payment platform; and operational delays by banks

    Can I still be verified if I missed verification in my zone?

    The Pension Transitional Arrangement Directorate has suspended walk-in verification at its headquarters and state liaison offices of pensioners captured under the Defined Benefit Scheme (DBS) until further notice. The suspension will affect pensioners under the Civil Service Pension Department (CSPD), the Police Pensions Department (PPD) and the Customs, Immigration and Prisons Pension Department (CIPPD).

    This is to allow PTAD conclude computation exercise for monthly pension payment due to pensioners whose data was collated and verified from across Nigeria. Normally, if you missed the verification in your zone, you could still be verified at our Abuja HQ.

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    To enable PTAD to schedule you for verification, kindly scan and email the necessary documents to complaints@ptad.gov.ng. They are: Letter or gazette of first appointment, Letter or gazette of confirmation of appointment; Letter or gazette of last promotion; Letter of retirement; Evidence of BNV; Computation sheet (If you worked with the state government and you have Federal share).

     What is the status of the 33% arrears?

    In 2014, the Federal Government approved an increment in pensions, effective July 2010, and PTAD commenced payment of the 33 per cent pension payment increase in October 2014, and all arrears for 2014 were paid in December 2014.

    Payments continued in 2016 and additional payments were made in November 2017 to all agencies that have arrears. As at April 2019, PTAD has been able to offset some of the arrears from all the pension departments. For instance, PTAD has paid 42 months arrears to pensioners of Civil Service Pension Department (CSPD) with no outstanding; same applies to Customs, Immigration and Prisons Pension Department (CIPPD), Police Pension Department (PPD) and Treasury Funded Parastatals Pension Department (PaPD)

    I am a diaspora pensioner. How do I get verified?

    In partnership with Nigeria missions and embassies abroad, PTAD is in the process of working out a verification process for all diaspora pensioners. In the meantime, any pensioner on a visit home can come to PTAD Headquarters in Abuja any day to be verified. Please ensure you come along with documents required for verification as listed above.

  • NSIA Insurance reports remarkable growth

    NSIA Insurance reports remarkable growth

    For NSIA Insurance. last year was good for business as it witnessed unprecedented growth.

    Despite the difficult operating environment, the company’s initiatives and strategies produced significant results that demonstrated the dedication and tenacity of all stakeholders to go above and beyond the status quo.

    As a customer-centric organisation putting the customers at the heart of what they do is a cardinal principle guiding and shaping its values and operations.

    NSIA Insurance customer-centric principle drove its Gross Written Premium growth to 24 per cent from N18billion in 2022 to N22.3billion in 2023, the its Chairman, Dr. Adesegun Akin-Olugbade, said

    Speaking at a media conference in Lagos, the chairman said the firm has continued to soothe the pains of policyholders as N27 billion claims was paid by them in five years, paying N7.8 billion in 2023 alone.

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    He stated that their ‘Insurance Service Result’ also grew by 18 per cent to N19.8 billion from N16.8billion in 2022.

    This growth, according to him, permeated across the business lines with the non-life and life business achieving double-digit growth of 19 per cent and 17 per cent, from N9.5 billion and N7.3billion in 2022 to N11.3billion and N8.6billion in 2023.

    Managing Director, NSIA Insurance, Mr. Moruf Apampa, stated that they navigated the stormy macroeconomics by deploying cost optimisation initiatives and leveraging their technical and management expertise to deliver Profit Before Tax of N3.2 billion and Profit After Tax of N3.1 billion, indicating a growth rate of 344 billion and 400 per cent.

  • SUNU Assurances saved my family from fire disaster, says don

    SUNU Assurances saved my family from fire disaster, says don

    The Executive Director, Executive Education, Lagos Business School, Prof. Victor Banjo, has stated how SUNU Assurances Plc saved his family  following a devastating fire outbreak in his home.

    Based on the company’s prompt intervention, Banjo recommends SUNU Assurances as a leading customer-centric insurance firm.

    The don, while presenting a paper on “Customer-Centric insurance: Enhancing the customer experience” at the just-concluded Chartered Insurance Institute of Nigeria’s Insurance Professional Forum in Abeokuta, Ogun State, said the perception of insurance by the people is crucial to the industry’s growth.

    Speaking about his experience on insurance, he said: “About a year ago, my house caught fire because the load that came from the national power supply ignited the inverter supply.

    “Luckily, we were able to get support from an insurance company, which is SUNU Assurances, and within a few days, inspection and replacement of equipment were done and payment was made.

    “The person, who made that happen is the Managing Director of the company, Mr. Samuel Ogbodu. He is behind the success of the company as I later found out. With the company’s prompt claims payment policy, my family and I didn’t suffer from the fire disaster.

    “This is what we are talking about when looking at service. SUNU Assurances proved to be one of the companies doing what we want to see happen with all the insurance companies and it should be the norm. Because when you have such incidents happening and people are getting their claims, it helps to raise their level of confidence and that it is indeed possible to get value from the industry”.

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    He advised insurers to ensure that claims payments are more prioritised.

    Ogbodu said the commendation from the professor at the event was unexpected but deserving.

    He stated that the company’s goal is to come to the rescue of the people who deem it fit to insure their lives, properties and businesses.

    The company boss said they believe that paying genuine claims is bringing succour to the insured, either in their life or businesses.

    Ogbodu further pledged that SUNU Assurances would continue to strive for excellence in customer service and urged the public to insure their lives and assets with SUNU.

    “We would continue to do more and as a token of our appreciation for your continued trust, we invite you to partake in our upcoming Customer Service Week in October. This celebration is a testament to our shared success,” Ogbodu added.

  • Sanlam General Insurance records N16.1b gross premiums

    Sanlam General Insurance records N16.1b gross premiums

    • Paid N3.9b in 2023

    Sanlam General Insurance Nigeria Limited, a subsidiary of Sanlam Life Insurance Nigeria, has reported impressive financial results for last year, with a Gross Premium Written of N16.1 billion and claims payouts totalling N3.9 billion.

    These figures represent a notable increase of 41 per cent and 26 per cent, respectively, from the previous year, showcasing the company’s growth and commitment to customer satisfaction.

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    Sanlam’s profit before tax also surged by 134 per cent, from N1.8 billion in 2022 to N4.4 billion last year, while its total assets grew by 42 per cent, increasing from N16.1 billion to N22.8 billion, underscoring the company’s strong financial position to meet its obligations.

    Managing Director/CEO, Sanlam General Insurance, Bode Opadokun said: “We are fully committed to earning and maintaining our clients’ trust through exceptional service and prompt delivery.

  • Pensioners withdraw N247.5b from Retirement Savings Accounts

    Pensioners withdraw N247.5b from Retirement Savings Accounts

    About 483,464 pensioners have so far withdrawn N247.47 billion from their Retirement Savings Accounts (RSAs) in the second quarter of 2024 due to job loss, as shown by national pension commission data 2024.

    The withdrawal represents 25 per cent of their pension savings as it stresses the  impact of the rising cost of doing business in Nigeria, leading to high unemployment rate.

    This was disclosed by the CEO, Pension Funds Operators Association of Nigeria (PenOp), Ogwuche Aguda during the 2024 annual conference of the Pension Correspondents Association of Nigeria (PenCAN) in Abuja, as he quotes  the National Pension Commission data, (PenCom).

    Oguche added that the withdrawal amount in Q2 2024 significantly exceeds the N182.2 billion withdrawn by 443,720 RSA holders in Q3 2022, showing the deteriorating economic conditions, attributed by critics to faulty policies implemented by the current administration.

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    The PenOp CEO said, “Contributions from both the public and private sectors rose to N5.72 trillion in Q2 2024, while total pension assets reached N20.87 trillion as of the same period. N169.67 billion, representing 0.81per cent of total assets, was invested in infrastructure as of July 2024. Additionally, N2.16 trillion, or 10.35 per cent of total assets, was invested in the equity market, while N2.25 trillion was channeled into corporate debt in the second quarter of 2024.

    According to him, “The Contributory Pension Scheme (CPS) has a strong  transformative impact on pension management in Nigeria, describing it as a shift from a broken system to one that is transparent and reliable”.

    The Publicity Secretary, National Union of Pensioners, elections  Bunmi  Ogunkolade criticized the 2004 Pension Reform Act for failing to address key issues, including the periodic adjustment of pensions for retirees. The union claims this shortcoming has driven the Nigeria Police Force to seek an exit from the CPS.

    “The new scheme can be better if we address its challenges. There has been no increment for years, which is why the Police and other stakeholders want to leave the scheme. The lack of adequate post-retirement support has led many to engage in corrupt practices to secure financial stability in their old age. If pensioners are well cared for after service, agencies like the ICPC and EFCC would have less work to do.”

    Speaking, the Director General, PenCom Mrs. Omolola Oloworaran, who was represented by Head of Corporate Communications, Mr. Ibrahim Buwai, assured Nigerians that the federal government’s outstanding pension liabilities under the CPS will soon be cleared, as she states that the commission has successfully computed the backlog of pension liabilities.

    Oloworaran emphasized that efforts are underway to resolve the issue swiftly assuring that this matter will soon be behind us. ‘ We are committed to addressing the outstanding arrears.

    She said RSA holders can now use a portion of their pension savings as equity contributions for residential mortgages. This initiative has already empowered over 5,000 workers to achieve homeownership, with N47.13 billion disbursed as equity contributions from their RSAs to mortgage lenders.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    PAUL: It is pertinent to note that retired police officers in the PTAD were notified of the “I AM ALIVE” programme through the website in 2023. I was among those PTAD has sent text messages to do “I am Alive” confirmation in October 2024.

    To this end, I was mandated to do it on 20/10/2024. I got a text message 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 one done on 20/10/2023 would expire on 20/4/2024.

    So, I want to know 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 messages?

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

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

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

    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 in October. We want to know what went wrong.

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

    SGT BASSEY: I am Sgt Bassey. I have not received my pension for  October. Kindly help me.

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

    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 been sent to me for the second verification. Please, advise me on what to do.

    PTAD: The pensioner is not reachable through phone.

    IRIOGBE: Dear Omobola, my name is Iriogbe, a NIPOST retiree. Information at my disposal is that PTAD is yet to invite NIPOST union and its desk officers to work with the committee to re-compute the issues that arose after the back-end-computation that resulted to the embarrassing deductions from our pension from October 2023 till this moment.

    I have in recent past written to PTAD that many of us were still shocked and devastated over the deductions and reversion to what we were earning as at September 2023 earlier promised when the panel was set up on 19/1/24. It is important to bring in the union and other sectoral unions that have vital documents to submit to the panel to enable it take informed decisions on this issue. We cannot afford to be disappointed again. Thanks for your good job.

    MABAWONKU: My name is Mabawonku, a federal/State pensioner. I worked at the Nigeria Educational Research and Development Council (NERDC) from September 14,1982 to July 6,1993. Thereafter, I joined the Lagos State government on July 15, 1993 and retired on January 28, 2008 as a Director. Despite several demands in writing, calls and physical presence, the gratuity has not been paid. I did physical verification with PTAD at Lagos in 2019.

    On request, I have sent my verification certificate and bank details from 2008 till date to PTAD. With the conditions met since 2019, still my gratuity of 11 years and pension arrears of six months (January to July 1993) has not been paid. The Nation newspaper through you (Omobola) should please help me. Thank you.

    OJO: Our Dear sister, I am one of Heritage Bank customers at Ado Ekiti, Ekiti State. I am one of those who were not paid their pension since May. I sent a message to you with my particulars.

    Please, I am waiting for your help. July is the third month. No payment.

    MURITALA: Dear Omobola, thanks so much for solving retirees problems. I am Muritala, a former staff member of the National Youth Service Corps (NYSC). My last monthly payment was September 2020. I have sent my documents several times.

    Kindly see to the payment of my unpaid monthly dues. I was verified by PTAD on May 30, 2023 and they promise that my cumulative arrears will be paid within three months. My last monthly payment was September 2022. I am alive so PTAD should please pay me.

    ANNASTECIA: Good afternoon, Madam. My name is Annastecia. I retired from the University Teaching Hospital, Port Harcourt. My pension was stopped since October 2020 because I was not in the head-count exercise.

    However, I have been screened at the Abuja PTAD office, cleared and given pension number as at December 2023. Since then, I have not received any payment. Please, I need your kind intervention.

    THE NATION: The newspaper will intervene by sending your complaint to PTAD. Therefore, IRIOGBE, MABAWONKU, OJO, MURITALA and ANNASTECIA should watch out for the pension page on Wednesdays for response from PTAD and subsequently every Wednesday for pension news.

  • Things to know about old pension scheme (3)

    Things to know about old pension scheme (3)

    When is the next phase of verification?

    PTAD has concluded verification for Civil Service, Police, Customs, Immigration and Prison Pensioners while that of pensioners under treasury-funded parastatals has taken off with defunct agencies.

    What are the likely reasons a pensioner can be taken off the payroll?

    You may have been removed from payroll due to the following: Inconsistent or incomplete employment records; Inconsistent or incomplete Bank details; an over payment of monthly pension has been discovered; Ineligibility based on verification outcome; lack of BVN number attributed to an account; receipt of Death Notification; and NoK attaining 18 years.

    I have made a complaint and submitted the required documents. How long will it take to resolve it?

    Your complaint will go through vetting before it can be resolved and approved for payment.  Usually, it is expected that complaints should be resolved expeditiously. However, they can vary in their complexity and may require more time.

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    Can spouses who are pensioners use the same bank account to receive their pension?

    No. This is because pension payments are based on individuals.

    Can a corporate or a business account be used to receive pensions?

    No. Pension payments are made to individuals, not corporate entities.

    How do I make complaints of short payment, non-payment of gratuities and pensions etc.?

    Complaints can be submitted online via our website www.ptad.gov.ng or visit any of our state offices and submit your complaint. Complete the complaint form and submit online or via email to complaints@ptad.gov.ng. Complaints can also be made by calling PTAD toll free on 080-2255-7823 (080-CALL-PTAD) to speak to any of our call centre agents.

    Documents required may include, but not limited to first appointment letter; last promotion letter; retirement letter; stamped and signed original bank statement on the bank letter head, covering at least six months before complaint or six months prior to retirement for non-payment of gratuity.

    What is the procedure for a pensioner to change his/her bank account for pension payment?

    A pensioner can change his or her bank account through procedures that include – Obtain statement of account from the bank; obtain a letter of non-indebtedness from existing bank; provide BVN print out from the bank; submit documents to the new intended bank; and write a notification letter to PTAD with copies of above documents.

    How do I correct an error after I have been verified?

    Send a notification to PTAD attaching a photocopy of the verification print out and supporting document for the change.

  • CIIN pushes for sector’s transformation agenda through technology, others

    CIIN pushes for sector’s transformation agenda through technology, others

    The Chartered Insurance Institute of Nigeria (CIIN) has challenged its professionals to transform the sector through technology, customer-centricity and emerging risk strategies. 

    The President, CIIN, Mrs. Yetunde Ilori, stated this while delivering an address at the institute’s Professionals’ Forum in Abeokuta, the Ogun State capital.

    Speaking on the theme of the forum, “The insurance industry: Transformation strategies towards expanding market reach,” she said the institute recognises that the global landscape of insurance was shifting rapidly, driven by advances in technology, changing customer expectations, and emerging risks.

    The question before them, she said, was not just how they respond to these changes, but how they harness them to expand their market reach, deliver greater value and ensure sustainable growth for our industry.

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    She said: “The theme aligns with that of my Presidency, “Igniting the bedrock of our envisioned industry”. Insurance has always been about providing protection and security to individuals, families and businesses and as we move further into the digital age, traditional methods are being challenged with emerging new avenues for innovation.

    “To stay competitive, we must adopt transformation strategies that not only allow us to survive but also to thrive in this dynamic environment”.

    On transformation in Insurance, she said: “Today, the insurance sector faces an unprecedented opportunity to reinvent itself. Through digital transformation, we can offer personalised, seamless experiences for our customers, simplify our operations and create innovative products that address the changing risk landscape. Our industry is being reshaped whether through AI-driven underwriting, blockchain in claims management, or new models like on-demand insurance.

    “However, transformation is not only about technology. It is about creating a customer-centric mindset that focuses on building trust, offering transparency, and fostering long-term relationships. Expanding our market reach involves understanding the evolving needs of our customers, reaching underserved segments and providing solutions that speak to their concerns.

    “One of the pillars of my EPIC agenda is professionalism, as professionals in this field, we must be disciplined. Trust is pertinent in a customer-centric atmosphere, run a business where your clients can beat their chest for you when it is time to settle claims.

    Our greatest advert is prompt claims settlement, transformation should begin here.”

    Ilori prompted the professionals that the key strategies for market expansion are Adoption of digital technologies, Enhancing financial inclusion; Regulatory innovation; and Talent and culture transformation.

    She noted that the journey ahead is exciting and challenging, but it is also filled with opportunities for those willing to transform, adapt and lead.