The Nation Newspaper

Category: Pension

Consolidated Hallmark Regional Director gets Rotary job

The Regional Director, Eastern Operations of Consolidated Hallmark Insurance, Mrs. Ijeoma Pearl Okoro, has been appointed as a member of the Board of Trustees (BoT) of Rotary Foundation in Evaston, Illinois, the United States.

The Trustees of Rotary Foundation manage the Foundation, the charitable arm of Rotary.

Mrs. Okoro, the only Nigerian and African elected to the board, will serve for a four-year term.

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Speaking during a send off by Consolidated Hallmark for her in Port Harcourt, the Rivers State capital, the Managing Director/CEO of the company, Mrs. Mary Adeyanju expressed appreciation to Mrs. Okoro for her contributions to the company not only in the East where she served as a director, but also in other spheres of operations.

Mrs. Okoro has 30 years’ experience in the insurance industry, 17 of which was spent in Consolidated Hallmark Insurance where she played prominent roles in transformation, market development, and management processes.

She holds a bachelor’s degree in theatre, a postgraduate in management. She also studied at the Lagos Business School.

September 18, 2024
Guinea Insurance records N2.07b revenue

Guinea Insurance Plc reported a 49.4 per cent increase in insurance revenue in 2023, rising from N1.36 billion in 2022 to N2.07 billion.

The growth, according to the firm, highlights the successful execution of strategic initiatives aimed at expanding market presence and enhancing customer satisfaction.

Managing Director/CEO, Guinea Insurance, Ademola Abidogun in a statement said the revenue surge reflects Guinea Insurance’s commitment to product diversification, improved customer service, and market expansion.

Abidogun also said the company recorded a remarkable turnaround in its financial performance, achieving a profit after tax of N477.7 million for FY 2023.

He stated that this represents a significant rebound from a loss of N83 million in 2022, noting that the turnaround reflects the company’s focus on operational efficiency, cost management and financial discipline.

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He said: “A substantial 176 per cent increase in claims was incurred, rising from N199.3 million in 2022 to N549.6 million in 2023. This increase underscores the company’s commitment to promptly addressing policyholder claims and enhancing customer support. The rise in claims incurred reflects Guinea Insurance’s robust financial health and capability to meet customer expectations during critical times, reinforcing its reputation as a reliable insurance partner.

“The company recorded 58.6 per cent improvement in its solvency margin, rising from N2.2 billion in 2022 to N3.49 billion in 2023. This substantial enhancement underscores the company’s financial stability and capacity to meet long-term obligations with increased confidence. The improved solvency margin reflects prudent financial management and strategic planning. Guinea Insurance is well-positioned to seize new growth opportunities, invest in innovative solutions, and continue delivering comprehensive insurance solutions.

“We also achieved an outstanding 34.4 per cent Profit to Gross Written Premium (GWP) ratio for FY 2023. This achievement reflects effective management of premium income and operational efficiency. The strong performance highlights Guinea Insurance’s ability to convert premium income into substantial profit, showcasing its operational excellence and financial acumen. We reported a phenomenal 673 per cent increase in profit for FY 2023, achieving a 34 per cent profit ratio. This dramatic growth reflects the successful execution of strategic initiatives and operational excellence.’’

September 18, 2024
Fed Govt will clear pension liabilities soon, PenCom DG assures retirees, others

• Agency trains PDOs for seamless processing of MDA retirees

The Federal Government will soon clear the pension backlogs of Ministries, Departments and Agencies (MDAs) that have been pending since March, last year, the Acting Director-General, National Pension Commission (PenCom), Ms Omolola Oloworaran, has said.

She stated this yesterday in Lagos at the workshop on Online Enrolment Application for Pension Desk Officers of Federal Government of Nigeria (FGN) Treasury-Funded MDAs under the Contributory Pension Scheme (CPS).

She stated that though the delay in the release of funds by the Federal Government for the payment negates the objective of the CPS to pay promptly, she assured that the situation would soon be resolved.

She said efforts had reached advanced stage, to not only clear outstanding pension liabilities, but to also put in place machinery that would address the problems.

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The PenCom boss said they had met with various stakeholders, including the Minister of Finance, and Accountant-General of the Federation on the matter and that a lasting solution was on the way.

She promised that not only would they clear the backlogs, but that they were working to ensure that the delays were a thing of the past.

She said: “I want to use this opportunity to talk about the pending payments of retirees who retired since March 2023. This is an issue that we are fully aware of and we have been working on it. We have met with various stakeholders including the Minister of Finance, the Accountant-General of the Federation and the solution is in advanced stages.

“We are almost getting there. It is a burning issue for the government and we are working with them to ensure the payments are made as quickly as possible. We will continue to follow up and very soon, we will be making the payments. The Federal Government under the CPS is also put in place lasting solution that will address the problems that we are facing.

“I am saying that we have accrued pensions that haven’t been paid and the government realises it. Not only are we going to pay the backlogs but we are working to put lasting solutions to ensure that all these delays are a thing of the past. So we will put a process in place that once a retiree retires, they are paid immediately and within a reasonable time.”

In her keynote address to the PDOs, Oloworaran, who expressed joy in meeting with stakeholders at the event, said the commission prioritises the role of the PDOs in ensuring a seamless retirement process in MDAs.

She explained that the online enrolment application for PDOs of MDAs kickstarts the final preparations towards commencement of the Online Enrolment for 2025 prospective retirees of Treasury-funded MDAs.

She recall that, in line with its mandate, PenCom conducts yearly pre-retirement verification and enrolment for employees of Federal Government Treasury-funded MDAs who are scheduled to retire within the next fiscal year.

“The objective of the exercise is to obtain accurate information of prospective retirees that would enable PenCom determine their Accrued Pension Rights for budgetary provision by the Federal Government. You would also recall that since 2021, the Commission has automated the retiree enrolment with the deployment of the Online Enrolment Application, which has the capabilities to register, verify, and enrol prospective retirees of Treasury-funded MDAs.

“The Application has four modules, namely Retiree Module, MDA Module, PFA Module and PenCom Module. As indicated, the Application was designed with the MDA Module that enables the Pension Desk officers to upload information of retirees/prospective retirees. Therefore, in recognition of the significant role of the PDOs in the Retiree enrolment process, the Commission deems it necessary to organise annual workshop for the PDOs. Indeed, workshops like this, are integral to the Commission’s mandate and commitment to enhancing the knowledge and building the capacity of stakeholders in the Pension Industry. So, the objective of this workshop is to train the Pension Desk Officers with the requisite knowledge on the relevant Modules of the Enrolment Application.”

She noted that the workshop would focus on addressing the gaps observed in the previous exercises and enlighten PDOs on the modalities for the upcoming enrolment for next year’s retirees.

In addition, she said, PenCom held the workshop to provide PDOs with the hands-on training that would enable them to tackle the challenges encountered by them during the enrolment.

She urged them to participate and ask questions as well as seek further clarifications, where necessary, to ensure proper understanding.

Ms Oloworaran further stated that the Commission is not oblivious of the challenges being experienced occasionally with the Enrolment Application due to downtimes.

“It is important to note that these downtimes mostly occur during the last-minute rush by retirees and relevant stakeholders to meet the enrolment deadline. While the Commission is committed to providing support to PDOs during those few periods of downtimes, I am particularly pleased to inform you that the Commission has already engaged a Consultant to design and develop a new Enrolment Application that will not only address these issues, but also provide users with a more friendly and seamless experience during the enrolment.

“Events like this are timely and crucial as they provide a platform for PenCom to reiterate its commitment to continuous service improvement in the Pension Industry so that contributors and retirees receive the best possible experience regarding pension matters. It is also an occasion to interact with the stakeholders and discuss developments shaping the country’s pension landscape.’’

September 18, 2024
Pension complaints and solutions

FOLORUNSO: My name is Folorunso. I worked at the Vanguard Newspaper and later joined The Nigerian Tribune.

On joining Tribune, Stanbic IBTC Pension opened a new RSA account for me, same Stanbic with Vanguard. I have double PEN registration.

But I am having difficulties in accessing my funds. For over a year, I have been writing both Stanbic and the DG of PenCom but there were no replies.

After much pressure, Stanbic claimed to have harmonised the two PEN account numbers and it is left for PenCom in Abuja to approve access to my funds.

My findings show that it will take another one year to get PenCom’s approval. Please, what can I do to get the urgent attention of the PenCom DG to resolve my pension issue?

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PENCOM: Send the PIN numbers

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 could apply for annuity after a year of earning on Programmed Withdrawal. It is a year, so I submitted my annuity application again via DHL from Auchi to Abuja as there is no Premium Pension office in Auchi.

I checked and realised 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.

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 told me that it had not been paid.

I needed money urgently to do the surgery of my right leg at Igbobi Orthopedic Hospital, Yaba, Lagos. I had the wound while in active service of Census 2006. Since then, I have been spending on the leg. The commission did not take care of me.

I spent my cooperative savings on the leg until I was told that a surgery was needed 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 May 24, 2024. The RSA holder is advised to approach his PFA to confirm it.

SANI: My name is Sani. I worked at the 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 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 payment.

Please, I want you to intervene so that my entitlement can be paid to me. It is six months that I have been at home without earning salary. Thank you.

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

ANNONYMOUS: Ma, I need your help. We are leaving the country and we need money for our upkeep. 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, PIN and PFA to enable the Commission process the complaint.

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 Limited on 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 received their payments. Is it a crime to choose annuity, which is what warrant this unholy treatment from Oak Pension?

The Pension Act provides us the freedom to choose any 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.

September 18, 2024
Pension complaints and solutions

ANNONYMOUS: Good day, I want to remain anonymous. What are the required documents one needs from a sacked employee and employer to process pension? I work at Crusader Sterling while my former employer is the Medical and Dental Council of Nigeria.

IORLIAM: My name is Lorliam. I submitted my annuity transfer Letter to NPF Pension since June 10, but till now, they have not done the transfer. Kindly help me so that NPF will do the transfer and pay my monthly pension. I have not received my pension.

CHINEDU: My name is Chinedu. I submitted my Benefit Payment Application Documents to Access Pension but they have not done the transfer. Kindly help so that Access will pay my benefits

EBITARI: Hello, my name is Ebitari. I am one of the complainants who came to the PenCom office, Abuja about my unpaid benefit. I have done everything about clearance with my documents at Premium Pension office in Bayelsa State, and finally did my capturing on October 6, 2023.

I am still looking forward to hearing from you for the payment of my benefits. Thank you.

IYAV: My name is Iyav, I retired from the Nigeria police force in 2011. African Alliance Insurance PLC is my insurer. My complaint is that I have not been paid my pension salary for the past four months of May, June, July, and August, 2024. Help. I haven’t heard anything from them.

KWAGHHBEE: My name is Kwaghhbee. I retired in 2010 and my insurer is African Alliance Insurance Plc. I have not been paid my pension for the past four months – May, June, July and August 2024. The company has not given any explanation. Please help me.

ALEX: Good day, my name is Alex. I did DRE with Arm Pension and they say PenCom rejected it. They said the reason was that I do not belong to the provided PFA. Please, help shed light into this as I do not understand.

Read Also: Things to know about old pension scheme (2)

ATOLAGBE: Good day, my name is Atolagbe. I retired from the National Population Commision on January 15, 2023. My PFA is Stanbic Ibtc Pension Manager. I need my benefit urgently to pay my rent, children’s school fees and to feed myself. MY PFA, Stanbic IBTC told me that they are expecting my accrued right from the PenCom before they can pay me.

OLANIYAN: Dear Omobola, my name is Olaniyan. My former PFA is Premium Pension and I have been receiving Annuity from African Alliance Insurance since March 10, 2016. I receive N36,599 monthly. I forwarded my particulars to you weeks ago about nonpayment of my monthly stipend since last May up till now (four months). I have not seen any reply from your office concerning my complaint nor have I got any payment since May. What next do I do because I am dying? I was told you can help me out.

FEMI: Hello, my name is Femi. I am an annuitant with African Alliance Insurance Plc. I have not received my stipend for May, June, July and August. What is the way out? It seems the company is distressed. What happens to our benefit with them? Can I migrate to Stanbic-IBTC Pension? Thank you.

OMONIGBEHIN: Hello, My name is Omonigbehin. I was the one who called you on the payment of my pension by the African Alliance. I am on an annuity program with them. Since May 2024, I have not been paid.

THE NATION: The newspaper will intervene by sending your complaint to PenCom. Therefore Iorliam, Chinedu, Ebitari, Iyav, Kwaghhbee, Alex, Atolagbe, Olaniyan, Femi and Omonigbehin should watch out for the pension page on Wednesdays for response from PenCom and subsequently every Wednesday for pension news.

ANNONYMOUS: Good day, my complaint has been made by one of my pension account officers on my behalf but I am yet to get an update and it has been over three months now. How long does it take for merging?

PENCOM: Dear sir, Kindly provide the details of the two Retirement Savings Accounts you are trying to merge to enable the Commission process the complaint.

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.

MOHAMMED: Dear sir, I am Bawa. We are the administrators of our late father Mohammed. He worked at the Nigeria Immigration Service (NIS) from 1987 and was sacked by the Presidential Task Force in 2006. Since then, we have not collected one kobo from the National Pension Commission or NIS. We don’t know where to go or what to do. Help us out.

PENCOM: Please provide the PFA and PIN to enable the Commission to investigate your complaint.

ANNONYMOUS: l recently retired from one of the MDA’s. What do I do to get my benefits?

PENCOM: Please visit your PFA and ensure that you have the required documents, have undergone the enrolment and data recapture (if applicable). Your PFA will provide more information to you and guide you through the process.

September 11, 2024
Retirees Online Enrolment 2025: PenCom to train PFAs, PDOs

The National Pension Commission (PenCom) has lined up workshops to equip Pension Fund Administrators (PFAs) and Pension Desk Officers (PDOs) of Treasury-funded Ministries, Departments, and Agencies (MDAs) with the expertise to utilise the Online Enrolment Application.

PenCom, in a statement, said the workshops, scheduled from next Monday will end on October 11, are a precursor to the upcoming Online Enrolment Exercise for next year’s prospective retirees of Treasury-funded MDAs.

According to the Commission, the workshops will be conducted across the six geopolitical zones to ensure comprehensive coverage and accessibility for stakeholders.

The statement read: “The retirement process for employees of Treasury-funded Ministries, Departments and Agencies (MDAs) of the Federal Government of Nigeria (FGN) begins with participation in the Annual Pre-retirement Verification and Enrolment Exercise by PenCom.

“The exercise is conducted to determine the accrued pension rights, that is, the employee’s entitlement for past service from the commencement of employment up to June 2004 when the Contributory Pension Scheme (CPS) was introduced. This is to enable budgetary provision to be made by the FGN, towards payment to the retirees in the subsequent year when they retire. It is in line with the provisions of Section 15 of the PRA 2014, which requires that the accrued entitlement of any employee under the Defined Benefit Scheme who migrated to the CPS to be redeemed into the Retirement Savings Account (RSA).

“The automation of the annual enrolment exercise, hitherto conducted at several locations across the six geo-political zones of the country, was a major digital transformation milestone by PenCom. Prior to the online enrolment, prospective retirees were required to travel to the nearest Enrolment Centre to be verified and enrolled. There is no gainsaying that the exercise was a bit cumbersome for the prospective retirees who had to undergo the hassles of travel, amidst other inconveniences. The online enrolment has enabled prospective retirees to be verified electronically irrespective of location.

“The workshops aim to train the representatives of PFAs and PDOs on the workings of the Online Enrolment Application, in order to equip them with the skills necessary to facilitate the smooth verification and enrolment of the prospective retirees. The online enrolment application, which is hosted on PenCom’s website (www.pencom.gov.ng), enables prospective retirees to initiate their enrolment using mobile phones and other devices,” the commission noted.

Online Enrolment Application

PenCom explained that the application comprises four key modules – Retiree Registration, PFA Module, MDA Module, and PenCom Module – noting that each plays a vital role in ensuring a seamless and efficient enrolment.

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Retiree Registration Module: This allows the prospective retirees to register their Bio-data, employment details, and upload the required supporting documents of the employment records.

“PFA Module enables PFAs to verify the information provided by retirees. PFAs ensure that information provided aligns with original or certified true copies of the required documents. They also guide retirees through the online registration process, providing assistance as needed.

“MDA Module on the other hand enables PDOs to upload the list of potential retirees, that is, their bio-data and complete employmen details from the respective MDA. It ensures that all data are accurate and up to date while PenCom Module is for validation of records submitted by the Retirees, MDAs and PFAs, which would enable the accurate computation of the accrued pension liability.

Training and Implementation

The statement further read: “The workshops will cover a wide range of topics, focusing on the technical aspects of the Online Enrolment Application. Participants will be trained on how to navigate the application, use its various modules, and conduct enrolment processes effectively. A crucial part of the training will involve familiarising PFAs with the enrolment process for prospective retirees, which is divided into three stages: Registration, Verification, and Enrolment. The application’s self-assisted registration feature empowers prospective retirees to initiate their enrolment by visiting the PenCom website, creating an account, and providing essential information such as their RSA PIN, National Identification Number (NIN), personal details, and employment history. Scanned copies of necessary documents are then uploaded to the system, ensuring that all data is both complete and accurate.

“In the verification stage, PFAs will be trained to cross-check the submitted information against original or certified true copies of documents to determine that all records are complete and accurate. A live image of the retiree will also be captured through the application, and two copies of the Enrolment Slip will be printed. One copy will be retained by the retiree, while the other will be submitted to the PFA. Importantly, the workshops will also address how to conduct remote verification and enrolment for retirees who are sick or incapacitated. This ensures that the enrolment process is inclusive and accessible to all, regardless of their physical condition”.

The commission also said that the knowledge gained from these workshops as the Online Enrolment Exercise approaches, will be invaluable in ensuring a smooth verification and enrolment for the 2025 prospective retirees of treasury-funded MDAs by PenCom.

September 11, 2024
Experts to brainstorm on roles of insurance, pension in attaining $1tr economy

Experts in the pension and insurance industry are set to brainstorm on roles of insurance, pension in attaining a $1trillion economy in line with President Bola Tinubu’s goal..

The experts will speak at the Ninth Nigerian Association of Insurance and Pension Editors (NAIPE) conference with the theme, “Towards A $1trillion economy: Roles of insurance and pension sectors”, in Victoria Island, Lagos.

The panelists, who comprised experts from key sectors, from insurance, pension, to capital market include the Managing Director/CEO, Sanlam Life Insurance Limited, Tunde Mimiko; Executive Director, Technical, NEM Insurance Plc (General), Adeyemi Mayadenu; Chief Investment Officer, Access Pensions, Wale Okunrinboye; Managing Director/CEO, Parthian Partners Limited, Oluseye Olusoga; and CEO, Pension Fund Operators Association of Nigeria (PenOp), Oguche Agudah.

Read Also: Things to know about old pension scheme (2)

The former Commissioner for Insurance/CEO, National Insurance Commissioner (NAICOM), who is also the former Managing Director/CEO, FBS Reinsurance Limited, Fola Daniel, will chair the conference while the Managing Director/Chief Economist, Analysts Data Services and Resources, Dr. Afolabi Olowookere, will deliver the main paper.

The special guests of honour are the Commissioner for Insurance/CEO, NAICOM, Mr. Olusegun Omosehin and Director-General, National Pension Commission (PenCom), Ms Omolola Bridget Oloworaran.

September 11, 2024
PTAD: Resolving pensioners’ issues

ADAJI: Dear Madam: My name is Adaji from Kogi State. Help me request PTAD to pay me my gratuity which they informed me through The Nation

of Wednesday, June 15, 2022, that my gratuity had been computed for payment.

I have waited patiently for the alert from the bank, but to no avail. I wrote several times to that effect but till date, they have not let me know the cause of the delay.

Recently, I received a call from PTAD, precisely on July 11, 2024, requesting for my account details for payment of my gratuity which I did. Yet, till date, I have not received an alert. I called several times through the line but they refused to pick my calls. I don’t understand the game at all. Please, help me relay my message to PTAD. Thanks for your good work.

PTAD: Pensioner to provide his/her pension number to enable us resolve the complaint.

TEMITOPE: My name is Temitope. I was disengaged from Federal Civil Service in 2006. My Pension administrator is Stanbic IBTC Pension Manager. Since then, my benefit has not been paid. l need your help.

PTAD: The pensioner is not a PTAD pensioner.

EBITARI: Good day, my name is Ebitari. I complained about my unpaid benefits. I am still expecting it.

PTAD: The pensioner should provide his PTAD verification slip.

ANONYMOUS: I am a pensioner from one of the Federal establishments, residing in lbadan, Oyo State. I would like to know where your satelite office at lbadan, Oyo State is. Thanks.

PTAD: PTAD’s office is located at the Oyo State Secretariat, Ministry of Establishment and Agodi, Ibadan. Our Ibadan phone number is 08081997333

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BAIYEGUN: PTAD, while appreciating your hard work, and your quick action to pensioners’ complaints, kindly be informed that, I am yet to receive my Federal share of state pension for July 2024. Thanks for your anticipated quick action.

PTAD: The pensioner has been paid his July 2024 pension. He should please check with his bank. If he is yet to receive it, he should send his bank statement from June 1, 2024 to date.

DMBIEM: I am Dmbiem, an actuary. I am also a PTAD pensioner. My sample of pension-related circulars 1975-2021 showed two problems: New pension rates were late and pension enhancements were almost always below incumbent. New minimum wage of N70,000, 2024 has been approved. I challenge PTAD to liaise with NISWC to release the New Minimum Wage Circular 2024. Within 14 days a new pension rate should be circulated. New pension pay in 30 days. Hardships under fuel subsidy removal are tough to endure. PTAD pensioners cannot afford delay in new pensions. Where is N75,000 total palliative for PTAD pensioners like me?

MICAH: Good day, my name is Micah. While thanking you for your good work, I wish to still appeal to you to look into my complaint of non-implementation of my level 13 salaries with FRCN where I retired on April 20, 2019 on level 12 a former Principal Marketing Officer, The level 13 promotion was after my retirement in April 2019 and was back-dated to January 2019. I have sent you the details which you replied in The Nation of January 18, February 15 and 22 and March 1; all in 2023. My PFA is Premium Pension. I have sent the details to you since January 18, 2023. Kindly assist me.

Olawunmi: I am Olawunmi. I retired from the News Agency of Nigeria (NAN ) in December 1996 and was getting my pension until August 2020 when it was stopped. I did verification in Lagos in July 2023 to restore my pension payment but up till now, I have not heard anything. I retired from NAN in 1996 on Grade Level 14.

September 11, 2024
Things to know about old pension scheme (2)

What is the period of bank statements needed for verification?

Duly stamped and signed NUBAN Bank statement on the bank letterhead from period of retirement or date from which complaint was made till date. Where there is no complaint, bank statements for the last six months should be provided.

Who is the Next of Kin (NoK)?

The Next-of-Kin (NoK) is the individual chosen by the principal to inherit his or her entitlement in the event of his/her death.

The NoK could be the child, wife, brother, parent, friend or any relation of the deceased, selected by the deceased while he/she was alive.

If there are more than one NoK, do we all need to be present for verification?

Yes. You all need to be present as NoKs. Verification can only be successful and recognized when all NoKs are present in compliance to the will of the deceased pensioner.

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What are the documents needed for NoK verification?

Depending on the department, documents required for verification of NoKs vary. They include Letter/Gazette of first appointment/Letter of Enlistment; Letter/Gazette of first Confirmation of Appointment; Letter/Gazette of Last promotion; Approved Letter of Retirement/Disengagement; Severance Pay Slip (Disengaged Retirees Only; Evidence of payment of Gratuity; Computation Sheet stamped and signed by the State Auditor General ( for State pensioners with Federal Shares only); Death Certificate of the Deceased from a Government recognized hospital or National Population Commission; and Letter of Administration from a Federal High Court.

Others are Birth Certificate of NoK, Letter of Introduction from MDA (Death in active service); Record of Service; NoK Identity card (Driving License, Int’l Passport, National ID Card or Voters Registration Card); Letter of Introduction from the Command Headquarters (Police); Letter of Introduction from the Association of War Affected Police Officers (AWARPO); Letter of Amnesty from the Police Service Commission (Police); Joint Account of NoKs(Duly Stamped/Signed); Marriage Certificate (For Spouses); Duly signed and stamped NUBAN Joint Bank Account Statement of the NoK (s) with bank logo; Stamped Bank Verification Number (BVN) Slip print out of the NOK (s); one coloured Passport Photograph for each NOKs; Duly signed and stamped NUBAN Bank Account Statement of the deceased from retirement till date; Birth certificates/sworn affidavit of the NoK (s); Evidence of change of name (where applicable); and Evidence of Transfer of Service where applicable.

Can a sick or bedridden pensioner be verified?

Yes. PTAD undertakes mobile verification to homes and hospitals to verify sick and bedridden pensioners who are unable to physically come to our verification centres. To qualify for mobile verification, pensioners should send proof of incapacity either through a medical report from a recognized government hospital or a picture showing the state of condition of the pensioner.

September 11, 2024
Mutual Benefits seeks policy change in insurance

Mutual Benefits Assurance Plc has called for policy changes to increase insurance uptake by Nigerians as low insurance penetration in Nigeria persist the despite the country’s high population and large demographic density

Managing Director/Chief Executive Officer of Mutual Benefits Assurance Plc, Mr. Femi Asenuga, made the call at the workshop organised by the company for the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos.

It had as its theme, “The role of insurance in national development’’.

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Asenuga called for media support in ensuring policy changes, shaping public understanding of insurance and deepening insurance penetration in Nigeria.

While emphasising the importance of the media in educating the public on how insurance contributes to economic resilience, he said the ability of insurance reporters to communicate the complexities of insurance in relatable and impactful ways is vital in building public trust and confidence in the industry as well as encouraging more people to embrace insurance.

He said: “We are far from where we are supposed to be as a country. Nigeria with a population of over 200 million and as the giant of Africa should not only be in theory. As the media, you have a major role to play in changing the narrative of insurance penetration in the country.’’

September 11, 2024