The Nation Newspaper

Category: Pension

  • SUNU Assurances pays N2.08b claims

    SUNU Assurances pays N2.08b claims

    • Posts N2.5b profit, pays dividend

    Customers of SUNU Assurances Nigeria Plc have received N2.08 billion as claims payment in the 2023 financial year. This represents a 41.5 per cent increase from the N1.47 billion the company paid the previous year.

    The firm also excited shareholders with remarkable growth as they approved 5 kobo dividends per share of 50k ordinary share.

    SUNU Assurances posted a Profit After Tax (PAT) of N2.5 billion outperforming the full year budgeted profit after tax of N355 million.

    Besides, the company recorded a Gross Written Premium (GWP) of N8.16 billion in the year under review from N5.77 billion in 2022.

    This represents growth of N2.39 billion and 41.3 per cent in percentage terms while the full year budget of N6.7 billion was surpassed by 121.8 per cent.

    Speaking at the company’s  37th Annual General Meeting (AGM), the Chairman, Mr. Kyari Abba Bukar, stated that increased business proportion on renewals, favourable impact of premium rates on fire and motor businesses were the major contributors to the increase in revenue.

    Read Also: Sunu Assurances rewards shareholders with dividend

    He said: “We were able to reach another milestone of premium generation, the highest since inception of the company with a Gross Written Premium of N8.16 billion in the year under review from N5.77 billion in 2022.

    “Claims paid increased from N1.47 billion in 2022 to N2.08 billion in 2023 by 41.5 per cent, which represented 87.1 per cent of the paid claims budget for the year. This is partly due to unfavourable impact of macroeconomic factors as mentioned.

    “Net Claims expenses increased to N1.45 billion in 2023 by 41.4 per cent from N1.21 billion in 2022. This represented a budget overrun of N213 million above the N1.24 billion budgeted for the year due to the impact of the implementation of IFRS 17 on Insurance businesses.”

    Bukar pointed out that the unfavourable impact of inflation and fuel price instability led to a surge in the operating expenses of N2.33 billion in the year under review, by an increase of 39.4 per cent from N1.67 billion in 2022. This represents 111 per cent of the full year budget of N2.11 billion.

    “The Underwriting profit for the year was N1.83 billion which translates to 87.1 per cent of the N2.1 billion budget for the year. However, the underwriting profit increased by 44.8 per cent from N1.56 billion in 2022.

  • Fed. Mortgage Bank, Finance pensioners hail PTAD

    Fed. Mortgage Bank, Finance pensioners hail PTAD

    • To be enrolled on payroll soon

    Pensioners of the Federal Mortgage Finance Limited and Federal Mortgage Bank participating in the ongoing “I Am Alive”Confirmation Solution verification of the Pension Transitional Arrangement Directorate (PTAD) have lauded the Directorate on the coordination and smooth process in the geopolitical zones of the country.

    The pensioners of Nigeria under the Defined Benefit Scheme expressed their joy during the Phase Three of the verification of pensioners under the Defined Benefit Scheme that has been ongoing in Lagos and Oyo states since August 19. It ends today.

    They are also excited for the respect bestowed on them by PTAD staff members and the Executive Secretary, Dr. Chioma Ejikeme who was present in Lagos.

    Vice Chairman, Federal Mortgage Finance Limited and Federal Mortgage Bank of Nigeria pensioners’ union, Olusoji Akinniran, said since he retired, he had not encountered the kind of respect he received from PTAD.

    He stated that  he had not seen a government pension agency offer him water needless to say food.

    He said he was pleased to see PTAD offering them tea and giving them food and water during the exercise.

    Another pensioner, James Owoeye, noted that the exercise was going on smoothly.

    He said: “We come into the venue and we are welcomed by PTAD staff with tea. They give us seats and everybody moves in lines until it is their turn to be verified. We are doing our verification with peace of mind.

    Read Also: PTAD to Fed Mortgage Finance, bank pensioners in Kano, others: go for verification

    “This is unlike the ‘Maina’ era when government pension administrators demand money from pensioners’ before they are paid their entitlements. Many don’t even get it at the end of all the struggles. But we have PTAD to thank as they have changed pension administration in the country, giving it a decent face where pensioners are treated with respect and dignity,’’ he stated.

    A pensioner, Niyi Shonibare, said PTAD is disciplined and urged them to continue in this line.

    Mrs. Ngozi Nwomo also appreciated the ES for being on ground to ensure that their challenges were addressed.

    “I have watched her patiently listen to every pensioner that walks up to her with one problem or another and resolve the issues,” she said.

    Speaking at the just-ended “I Am Alive” confirmation verification in Lagos State and Oyo states, Dr. Ejikeme said the location was meant to capture pensioners in the Southwest.

    She stated that they were collecting information of pensioners of the Federal Mortgage Finance Limited and Federal Mortgage Bank of Nigeria across the country to verify and eventually enroll them on payroll.

    She said she had been visiting the designated centers across the country to ensure all went well.

    She also said her takeaway was that the responses from pensioners had been good but they expect it to get better as they moved to other regions of the country.

    “This because we are expecting to verify 1,400 pensioners, 400 Federal Mortgage Finance Limited and 1,000 of them are supposed to belong to the Federal Mortgage Bank.

    “We have been to Ilorin and Abuja where we started the verification. These states cover the Northcentral. We were in Kano and Kaduna which covered the Northwest. When we were in Adamawa for the Northeast and now we are in the Southwest covered by Ibadan and Lagos. We are moving to the Southeast in Enugu and Southsouth in Port Harcourt where we will wrap it up.

    “My takeaway is that the response has been good but we expect it to get better as we move to other regions of the country. This is because we are expecting to verify 1,400 pensioners, 400 Federal Mortgage Finance Limited and 1,000 of them are supposed to belong to the Federal Mortgage Bank”.

    She pointed out that since inception in 2013, PTAD had opened 11 state offices including that of Kwara State, making it the 12th, in addition to the Abuja headquarters.

    “PTAD has offices in Yola, Awka, Maiduguri, Ibadan, Benin, Enugu, Kaduna, Kano, Lagos, Sokoto, Yobe, and Ilorin. The aim of establishing these offices is to bring our exceptional pension services closer to the doorstep of Defined Benefit Scheme pensioners that are being managed by PTAD as mandated in the Pension Reform Act 2014, Section 47 (2).

    “You may recall that prior to the establishment of PTAD in August 2013, the DBS Administration under the Old Pension Offices faced challenges. These were an accumulation of a number of negative incidents emanating from administrative bottlenecks in accessing pension services, poor funding of pension liabilities, as well as poor service delivery to pensioners. Our pensioners can certainly attest that those major challenges are now all in the past with the advent of PTAD. In the last decade of operation, PTAD has reformed and revolutionised pension administration using technology.

    “We have implemented service innovations that have been proactive and intentional, from automating and streamlining our core operational processes, to digitisation of pensioner’s employment records, electronic computation of pension benefits, pension payments, complaints resolution, the BackEnd computation project, and the “I Am Alive”Confirmation Solution. All these and more are programmes carried out to strengthen and improve PTAD’s operations, eradicate the stress DBS pensioners go through to get their pensions, and ensure that the welfare of our pensioners remains our topmost priority,” she added.

  • Pension complaints and solutions

    Pension complaints and solutions

    ANNONYMOUS: l retired recently from one of the MDAs. 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.

    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. 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, we are the administrator of our late father Mohammed. He worked with Immigration Service 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 Nigeria Immigration Service. We don’t know where to go or what to do sir. Help us out.

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

    OBADARE: My name is Obadare. I am a retiree from Radio Nigeria. I did my PenCom verification in September 2022, but I am yet to be paid my pension. Kindly look into my case. Thank you.

    PENCOM: Dear Obadare, kindly provide the name of your Pension Fund Administrator to enable the Commission process the complaint.

    MEFE: Good day, I have been requesting 25 per cent for months. Last month I was told to wait for PenCom’s approval but I have not got response  from PenCom. I have a huge debt to pay and this money is my only hope.

    Read Also: IGP’s dedication to justice, security commendable – Tinubu

    PENCOM: Dear Mr. Mefe, the Pension Fund Administrator has already submitted a 25% request for approval and the Commission has granted approval on 24 November, 2023.

    BALOGUN: Hello, my name is Balogun. My employer’s name is Amazuma Services Limited. I don’t know my pension company. Kindly help me.

    PENCOM: Dear Mr. Balogun, you are advised to approach your Pension Fund Administrator to make enquiries.

    SALIU: My name is Saliu, I understand it takes five working days for approval to come from you when a PFA forward application. I want to find out why it’s not so with my application. This is two weeks now according to Leadway Pension that my application has been sent to you. What is holding my application?

    PENCOM: Dear Mr. Saliu, kindly provide the name of your Pension Fund Administrator to enable the Commission process the complaint.

    ANNONYMOUS: I have a problem with my pension. I am a police officer.  My pension has not been paid into my pension account since 2017. I have been on this for the past three years now by moving from one office to another but all my effort proved abortive. Kindly help me.

    PENCOM: Kindly provide your name and PIN.

    YAJI: Good day, my name is Yaji. My complaint is about the delay of my late father’s benefits, Inspector Yaji. His PFA is Leadway Pensure Nigeria Limited. He died on July 16, 2013. We are yet to be paid his death benefits.  

    PENCOM:  Dear Sir, the request was returned to the Pension Fund Administrator because there was no Death Certificate attached, which is one of the requirements for processing death benefits. Kindly provide the death certificate to the PFA for resubmission of the request.

  • PenCom attains ISO 27001:2022 recertification for information security

    PenCom attains ISO 27001:2022 recertification for information security

    • Assures contributors, retirees against cyber threats

    In yet another milestone, the National Pension Commission (PenCom) has attained recertification under the internationally recognised ISO 27001:2022 standard for Information Security Management Systems (ISMS).

    PenCom in a statement said this follows an evaluation of its ISMS compliance by the Professional Evaluation and Certification Board (PECB), Canada.

    The Director-General, PenCom, Ms. Omolola Oloworanran stated that the ISO 27001:2022 standard, published by the International Organisation for Standardisation (ISO) and the International Electrotechnical Commission (IEC), represents the best practices for managing the security of information assets.

    According to her, it provides a robust framework for organisations to establish, implement, maintain, and continually improve information security management systems, ensuring the protection of sensitive data against an ever-evolving threat landscape.

     Rigorous evaluation and certification

    Oloworanran explained that PenCom’s journey to the recertification began with an audit of its ISMS by PECB.

    She said: “This audit meticulously examined PenCom’s information security policies, procedures, and controls across all core areas of its operations. The evaluation focused on four key control categories: Organisational, People, Physical, and Technological controls, each essential for overall information security management.

    “The Organisational controls assessed the governance structure and management processes that ensure information security policies are aligned with PenCom’s strategic objectives. The People controls scrutinised the human factor, ensuring that personnel are adequately trained, aware of security risks, and are compliant with security protocols. Physical controls addressed the protection of physical assets, including buildings and equipment, while Technological controls evaluated the security of IT systems and networks, ensuring they are protected against cyber threats.

    “Upon successful completion of this evaluation, PenCom’s ISMS was found to be in compliance with the ISO 27001:2022 standards. This certification not only affirms that PenCom has established robust mechanisms for identifying and managing information security risks but also highlights its commitment to continual improvement in this critical area”, she noted.

    Transition from ISO 27001:2013 to ISO 27001:2022

    On transition, she said PenCom’s previous certification under ISO 27001:2013 in 2021 was a testament to its dedication to safeguarding information assets.

    Read Also: Mutfwang suspends two Commissioners, two Special Advisers

    “However, the transition to ISO 27001:2022 was necessitated by the evolving nature of information security threats and the corresponding need for updated and enhanced security measures. The ISO 27001:2022 standard introduces several notable changes from its predecessor. These include the addition of new controls and the reorganisation of existing ones to better reflect the current technological environment and emerging risks.

    “Notably, the new standard places a greater emphasis on addressing risks related to cloud services, supply chain security, and the increasing sophistication of cyber threats. PenCom’s successful upgrade to this new standard demonstrates its proactive approach to adopting the latest best practices in information security”.

    Significance of recertification for industry

    As the regulator of Nigeria’s pension industry, the DG maintained that PenCom plays a critical role in overseeing the management and security of the nation’s pension data.

    She stressed the Commission is responsible for maintaining the National Databank on pension matters, a repository of sensitive information that includes data on contributors, retirees, pension funds, and other stakeholders.

    “Achieving ISO 27001:2022 recertification is a significant accomplishment that underscores PenCom’s commitment to the highest standards of data security.

    This certification assures stakeholders that PenCom has implemented a robust information security management system designed to protect the confidentiality, integrity, and availability of pension-related data.

    “The implications of this certification extend beyond mere compliance. In an era where data breaches and cyber-attacks are increasingly common, PenCom’s adherence to the ISO 27001:2022 standard serves as a strong deterrent against potential threats. It provides assurance to contributors, retirees, and other stakeholders that their personal and financial information is secure and that PenCom has the necessary controls in place to mitigate risks effectively.

     “For contributors and retirees, the security of their personal and financial information is crucial. The ISO 27001:2022 certification serves as a guarantee that PenCom has put safeguard in place to protect their data from unauthorized access, breaches, and other security incidents”.

     Ongoing commitment to Information Security

     She further stated that PenCom’s achievement of the ISO 27001:2022 recertification is not the end of its efforts in information security. The Commission is committed to continuously improving its ISMS to address new and emerging threats.

     “This commitment is reflected in its ongoing investment in technology, staff training, and process improvement to ensure that it remains at the forefront of information security management. The recertification also enhances PenCom’s capacity to guide Licensed Pension Fund Operators (LPFOs) towards adopting best practices in information security.

     “As cyber threats continue to evolve, PenCom’s commitment to information security will remain a cornerstone of its operations, ensuring that it continues to protect the interests of contributors, retirees, and all other stakeholders”, she said.

  • Premium Pension gets new CEO, ED

    Premium Pension gets new CEO, ED

    Premium Pension Limited has announced the appointment of Mr. Hamisu Bala Idris as its new Managing Director/Chief Executive Officer, along with Mrs. Maryam Mohammed as the new Executive Director.

    Hamisu succeeds Mr. Umar Sanda Mairami, who has retired.

    In a statement, the company’s Head, Corporate Communications, Aliyu Mohammed Ali, said Idris brings to the role over two decades of experience in the financial services sector, with a strong background in banking and pension fund administration.

    It read: “His career began at Inland Bank Limited in 1999, where he served as a Funds Transfer Officer. He later joined Broad Bank Limited as a Customer Service Manager in 2003, and following the banking consolidation reforms of 2006, he became a Branch Leader at Fidelity Bank.

    “At his inaugural staff meeting, Mr. Hamisu emphasised his commitment to making Premium Pension more customer-centric, aligning with the company’s mission and vision. He stated, “We will stay close to our customers and do everything possible to serve them properly. Our customers will be at the beginning, the middle, and the end of our strategy.” He also highlighted the importance of capacity development to ensure that Premium Pension staff continues to uphold professional standards.

    “Mr. Hamisu’s experience in the pension industry dates back to 2011 when he joined Premium Pension as Head of Marketing. His career has since spanned roles at FUG Pensions, Veritas Pensions, and Fidelity Pension Managers, where he served as Head of Business Development and Strategy. He further broadened his expertise at Investment-One Pension Managers, where he was appointed Managing Director in 2019.

    “Before his appointment, he was the Managing Director and CEO of Norrenberger Pensions Limited, a position he held since 2022. Throughout his illustrious career, Mr. Hamisu has attended numerous prestigious training programs and business schools, both locally and internationally, which have significantly contributed to his professional development”.

    Read Also: IGP’s dedication to justice, security commendable – Tinubu

    The Board of Directors also announced the appointment of Mrs. Maryam L. Mohammed as Executive Director.

    “Mrs. Maryam, a seasoned IT expert and operations management professional, brings over 20 years of experience to the role. She holds a first-class bachelor’s degree in Computer Science from the University of Abuja and a master’s degree in Information Technology from the University of Lagos. An alumna of the Lagos Business School Senior Management Programme (SMP 69), she also holds several prestigious certifications, including IT Business Manager Certification (ITBMC), ITIL Version 3, Oracle Certified Associate (OCA), and Microsoft Certified IT Professional (MCITP).

    “Mrs. Mohammed’s career began at NITEL, where she rose from Programmer/System Analyst to Head of Billing Administration for the Lagos Zone. Since joining Premium Pension Limited as a pioneer staff member, she has held various key leadership roles, including Head of Operations and Acting Head of Human Resources & Administration. Her leadership in strategic client engagement, market expansion, and data management has significantly contributed to the company’s success.

    “Mrs. Mohammed’s vision and dedication to excellence are expected to be instrumental in positioning Premium Pension Limited as a leading force in Nigeria’s financial services industry.

    “Premium Pension Limited remains at the forefront of pension administration in Nigeria, committed to providing innovative solutions that meet the evolving needs of its members. In 2023, the company became the first Nigerian-owned Pension Fund Administrator (PFA) to achieve Assets under Management (AUM) of over N1 trillion without any form of business combination,” the statement.

  • PTAD to Fed Mortgage Finance, bank pensioners in Kano, others: go for verification

    PTAD to Fed Mortgage Finance, bank pensioners in Kano, others: go for verification

    As verification for pensioners of Federal Mortgage Finance Limited and Federal Mortgage Bank of Nigeria by the Pension Transitional Arrangement Directorate (PTAD) continues across the country, the Executive Secretary, Dr. Chioma Ejikeme, has called on pensioners in Kano, Yola and environs who are yet to do the “I Am Alive” Confirmation to visit some designated centres in the state to do so today.

    She urged them to visit Federal Secretariat Complex at 1, Murtala Mohammed Way, Kano, Kano State or Federal Secretariat Complex, Ground Floor, Yola, Adamawa State for assistance.

    She said the verification in Kano and Adamawa holds from Monday August 12 To Wednesday, August 14 from 8am-5pm.

    She also urged pensioners to beware of fraudsters, noting that PTAD will never request for Bank Verification Number (BVN), ATM Card Details, ATM Card Pin for“I Am Alive” Confirmation or cash to process pension payment.

     Ejikeme said PTAD had since July 29, commenced verification of pensioners of the Federal Mortgage Finance Limited and Federal Mortgage Bank of Nigeria under the Defined Benefit Scheme across the country.

    She stressed that pensioners should note that they do not have to travel to the state they retired from to be verified.

    Read Also: PTAD cancels 847 death benefits, gratuity claims

    She said they could be verified at any of the centres in the geo-political zones that they reside.

    She also said mobile verification would be conducted for the sick and infirm pensioners.

    She added: “The original documents of the pensioners must be brought to the verification venue with proof of infirmity for authentication, before mobile verification can be scheduled.

    “Pensioners are advised to be wary of fraudsters as Pension payment is free. PTAD will never request for cash to process your pension. Email: monitoring@ptad.gov.ng to report suspicious phone calls or messages.’’

  • N50m for grabs in Stanbic IBTC Pension’s FUZE talent show

    N50m for grabs in Stanbic IBTC Pension’s FUZE talent show

    Stanbic IBTC Pension Managers has announced the third season of the FUZE Talent Show with the theme, ‘Light it up.’

    The FUZE Talent Show 3.0 has a N50 million prize andis aimed at promoting creativity and innovation among youths. The show invites young talents aged between18 and 35 to display their abilities across various artistic fields, including music, dance, fashion, and technology. It offers emerging talents a golden opportunity to dazzle a live audience and a panel of esteemed judges.

    This year’s winners will each get a slice of N50 million, setting the stakes higher than ever. The last season of FUZE captivated over 10,000 participants and drew the attention of millions of viewers from across the globe.

    Chief Executive, Stanbic IBTC Pension Managers, Mr. Olumide Oyetan in a statement said FUZE 3.0 promises to be more enthralling for contestants.

     He stated that FUZE has evolved into a leading platform for young creatives.

    He added that the initiative showcases Nigerian culture through its diverse artistic expressions.

    Read Also:  Stanbic IBTC reiterates support for women

    He said: “The primary aim of the FUZE Talent Show is to provide a supportive platform for talented Nigerian youths, allowing them to connect, access essential resources, and receive the necessary guidance necessary for developing their skills. This initiative is aimed at motivating and helping the aspirations of the next generation become a reality.

    “Prospective contestants are invited to join by signing up for FUZE Talent Show 3.0. The audition, which is digital and interactive, involves downloading the Stanbic IBTC Events App, completing a registration form, and submitting a one-minute video that best showcases one’s talent.’’

    Highlighting the platform’s accessibility, Olumide noted that there are no fees to participate in the audition, making it a genuinely inclusive event.

    “A highlight of the show is set for December, when the winners of the FUZE will be announced. With a grand prize of N50 million, the winners will gain significant industry exposure and receive crucial mentorship for further exposure and commercialisation of their talents,” Olumide added.

  • CPS: Soaring higher

    CPS: Soaring higher

    The Contributory Pension Scheme (CPS) continues to demonstrate impressive growth, with pension fund assets soaring by N2.13 trillion during the first half of the year, The Nation has learnt.

    This substantial increase as shown in a report obtained from the National Pension Commission (PenCom) raises the total Pension Fund Assets from N18.36 trillion at the end of last year to N20.48 trillion by June 30, this year.

    According to PenCom, the performance surpasses the N1.77 trillion increases recorded during the same period last year.

    In addition to the surge in assets, CPS’ membership has also expanded significantly.

    The report further showed that Pension Fund Administrators (PFAs) welcomed 189,619 new contributors from January to June, a worthy raise from the 146,920 onboarded during the first half of 2023.

    By the end of June of the year, total CPS membership stood at 10,381,019.

    PenCom stated: “These robust figures underscore the effectiveness of the PenCom’s regulatory and supervisory framework, which continues to enhance the performance and reliability of Nigeria’s pension industry.

    “The significant growth in assets and membership reflects a strengthening of the financial security for workers, ensuring a more secure accumulation of funds for retirement and terminal benefits. As the CPS evolves and expands, it not only provides greater financial stability for contributors but also highlights the successful implementation of PenCom’s strategies in driving the pension sector forward”.

    Understanding how pension fund grows

    The commission also stated that a key feature of the CPS is the periodic growth in the pension contributions of Retirement Savings Account (RSAs) holders.

    “This means that workers who participate in the CPS are assured of their pension contributions at retirement as well as returns accrued over time from the investment of their contributions. The CPS, which was introduced in June 2004 as an offshoot of the Pension Reform of 2004, is an arrangement where both the employer and the employee contribute a portion of an employee’s monthly salary towards the payment of pension at retirement. The PRA 2014 provides a minimum rate of contribution of 18 percent of the employee’s monthly emoluments, comprising 10 percent by the employer and eight per cent is contributed by the employee.

    “However, the contributions accumulated in the RSAs of CPS participants grow over the years as the funds are invested by PFAs in safe financial instruments for fair returns. Section 85(1) of the PRA 2014 states: “All Contributions made under this Act shall be invested by the Pension Fund Administrator with the objectives of safety and maintenance of fair-returns on the amount invested. Also, section 85(2) states that Pension funds and assets shall only be invested in accordance with regulations and guidelines issued by the Commission, from time to time.

    Read Also: CPS: Private Sector Compliance surges in first half

    “The Regulation on Investment of Pension Fund Assets provides that pension funds and assets shall be invested in bonds, bills and other securities issued by the Federal Government through the Central Bank of Nigeria, as well as state and local governments; bonds, debentures, redeemable shares and other debt instruments issued by corporate entities and listed on a Stock Exchange under the Investment and Securities Act; ordinary shares of public limited companies listed on a Stock Exchange under the Investment and Securities Act; bank deposits and securities; real estate development investments; specialist investment funds and such other financial instruments as approved by PenCom from time to time.

    “The returns on these investments are seamlessly apportioned into the RSAs of employees. Consequently, PFAs are required to clearly state in the RSA Statements given to employees the breakdown of principal contributions and returns on pension assets. To ensure greater transparency, PenCom also requires PFAs to make public the unit prices of their pension investments on a daily basis and also disclose the three-year rolling average rates of returns on their pension fund investments.”

    Meanwhile, PenCom stated that a key benefit of the CPS is that the interests generated from principal contributions are compounded over the years, leading to increased net pension savings for the contributor’s financial security during retirements.

    “Since pension contributions are long term savings, compound interest builds returns on pension fund investments, which often outpaces the actual contributions. For instance, there are many RSA holders whose investment returns are higher than their actual contributions since they joined the CPS largely due to the significant returns from prudent investments.

    “It is, therefore, incumbent upon employees to ensure timely remittance by employers in order to earn fair returns on their pension savings. This explains why the PRA 2014 provides that employers are obliged by law to deduct and remit pension contributions into their employees’ RSAs not later than seven working days from the date salaries are paid.

    “PenCom requires employers who delay remitting pension contributions to pay the delayed contribution plus penalties.  This is to ensure that the employees are not denied the returns that their contributions would have generated if the remittance was timely. PenCom remains committed to the effective and efficient regulation and supervision of the pension industry to ensure that pension and retirement benefits are paid as and when due”, the commission added.  

  • Pension complaints and solutions

    Pension complaints and solutions

    FATAI: Good day, I am Fatai. I am yet to receive my benefits from Stanbic IBTC Pension. I keep receiving messages from Stanbic IBTC, stating that my Data Recapture details have been successfully processed and that they are awaiting payment approval from PenCom. Please advise accordingly.       

    PENCOM: Dear Mr. Fatai, please be advised that your request is yet to be forwarded to the Commission. Kindly liaise with your PFA.

     EBITARI: Good morning, Madam. I am one of those who complained to the PenCom office in Abuja about my benefits. Premium refused to pay me my contributions. I worked at the Nipost for 16 years before I transferred to THE Bayelsa State Civil Service were I retired in 2020 and since then I have been on Premium Pension’s neck to pay me my balance in my RSA but they refused.           

    PENCOM: Dear madam, please be advised that your benefits are being processed and you will be contacted by your Pension Fund Administrator once it has been paid.

    ONIPEDE: Dear Omobola, after my series of letters to Sigma Pensions and PenCom for refund of my contribution, the last letter received from PenCom with reference PenCom/Tech/ of August 27, 2021 stated that I would be contacted soon.

    When I eventually got the letter, it was my hope that I would be paid in a short time which my colleagues received as far back as 2012. I want to know why I was abandoned, not communicated till today and this was contrary to what was written in the letter. What caused the delay and how will I be paid?         

    PENCOM: Dear Mr. Onipede, you are advised to kindly write to the Commission stating the background of your complaint as well as submitting the necessary information for your issue to be resolved.

    ELDER DAVID: Dear Omobola, IBTC Pension has been my PFA since I retired in 2012. However, at the initial stage there was this new PFA that also sought my patronage but which I neglected. This company has been merged with a bank with a pension account.

    For some years, this bank has been pestering me with what they assumed to be my RSA balance. I cannot have two PFA accounts. Please advise. Thank you. Message received: Dear Ladipo, Your RSA balance stood at N3,693,063.06 as at 2024-04-02. For enquiries: 08059580002, 08032752888 or info@fcmbpensions.com.

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    PENCOM: Dear Elder David, you are advised to kindly write to the Commission. In addition, please state the necessary information that may aid the resolution of your complaint.

    SALMANU: My name is Salmanu. I write from Zaria. I would like to congratulate the new Director-General of PenCom, Ms.Omolola Oloworaran. We hope she will use her new position and years of work experience to wipe away tears from retiree’s faces. Many of us have been having sleepless nights with lots and lots of problems as a result of nonpayment of our retirement benefits. We look forward to seeing her wiping away our tears. Thank you.

    BOLAJI: Hello Omobola, My name is Bolaji. I am soliciting PENCOM’s intervention to enable me access an additional 25 per cent of my pension contribution. I worked with GTBank between 2006 and 2017 and accessed 25 per cent of my contribution in 2017 which was paid into my salary account that was in debit position owing to outstanding car loan (I can present my account statement if need be), I know how passionate you are about, we pensioners, the times are really tough and this lifeline is all I need to get back on my feet again. Kindly help me.

    ANNONYMOUS: Save a Soul: Dear Omobola, kindly help find out what is happening to annuity at African Alliance Insurance. No remittance has been made since May 2024. They should please consider the pensioners in this hard time. We believe in them and that is why we chose them.

    JAURO: Good day, my name is Jauro from Bauchi State. I am writing to seek your assistance on an urgent matter. Despite submitting my request to transfer my pension to an insurance company for life annuity over a month ago, I am yet to receive a response from Premium Pension. I have sent multiple follow-up emails and made several calls, but unfortunately, my efforts have been met with silence. I am feeling exhausted and frustrated by the lack of attention from Premium Pension. Please help me resolve this issue.

    MICHAEL: Good day, my complaint is on the non-payment of my monthly pension by African Alliance. The last time I was paid was in April 2024 only for the staff members to be promising to pay all the time. There are many more officers affected and are waiting to hear a good response from your office. I am on a monthly pension of N36,599.

    THE NATION: The newspaper will intervene by sending your complaint to PENCOM. Therefore, SALMANU, BOLAJI, JAURO, MICHAEL and co should watch out for the pension page on Wednesdays for response from PTAD and subsequently every Wednesday for pension news.

  • PTAD: Resolving Pensioners’ Issues

    PTAD: Resolving Pensioners’ Issues

    ABDULLAHI: I am Abdullahi from Jos Plateau State. My father was a staff member at the Ministry of Defence, Civilian Unit for 16 years before he died in 1995. I have attended various screenings and verifications. The last one was in Jos in 2017. I have submitted the required documents for the payment of gratuity and pension benefits as a Next of Kin (NoK), but to no avail. In 2020 I was called from PTAD to submit some documents, including bank accounts, which I did.

    From your publication of my case, PTAD is asking for my verification number which I scanned and sent since then. I hope Omobola will assist me.

    PTAD: NoK should provide deceased name and bank statement.

    JOHN:  I have been receiving a low pension. They still pay me the same pension salary as they have been short paying me. I have just gotten the alert. Please help me.

    PTAD: The pensioner is on his correct monthly pension.

    ADAMU: Dear Omobola, my name is Adamu, a police pensioner from C. R. S. I have not been paid since last October.  Please help me.

    PTAD: Adamu is back on the payroll since December 2023. His arrears will be paid.

    IRIOGBE: Dear Omobola, 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 date. I have in the recent past, written to PTAD that many of us are still shocked and devastated over the deductions as well as not reverting us on what we were earning as at September 2023 earlier promised when the panel was set up on January 19, 2024. It is important to bring in the NIPOST union and other sectoral unions that have vital documents to submit to the panel to enable it to make informed decisions on this issue. We cannot afford to be disappointed again. Thanks for your good job. From, Iriogbe, NIPOST retiree.

    MABAWONKU: My name is Mabawonku, a federal and 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, my gratuity has not been paid. I did physical verification with PTAD in Lagos in 2019.

    Read Also: PTAD: Resolving pensioners’ issues

    On request, I have sent my verification certificate and bank details from 2008 till date to PTAD. With all 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 through you (Omobola) should please help me. Thank you.

    OKUNOLA: Good day, I am Okunola, a retiree of Nitel. Some and I have done our verification since January 2018 and till now, we are yet to get our pension due from PTAD. Do we need to come to the Abuja office for our problem to be solved because we have been to the PTAD Lagos office six times with no positive result? I was paid a five-year pension by the Bureau of Public Enterprise (BPE) in 2007, 2009 and 2010.

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