The Nation Newspaper

Category: Pension

  • Consumer Protection Framework: Simplifies consumer complaints resolution (4)

    Consumer Protection Framework: Simplifies consumer complaints resolution (4)

    The Consumer Protection Framework newly issued by the National Pension Commission (PenCom) will boost consumer confidence and ensure the effective resolution of complaints within the pension industry.

    According to the commission, the framework is designed to provide a robust, transparent, and accessible mechanism for addressing consumer complaints.

    It said complaints in the sector are expressions of dissatisfaction from consumers on the various aspects of pension products or services, noting that these grievances are vital as they highlight areas needing improvement and ensure that consumers’ voices are heard and addressed effectively.

    PenCom Director-General, Mrs. Aisha Dahir-Umar stated that the handling and redressal of complaints are pivotal to maintaining consumer trust in the pension industry.

    The resolution mechanisms in the framework, she said, are fair, timely, transparent, accessible, and independent, ensuring that every complaint is given due attention and resolved satisfactorily.

    This process not only addresses individual complaints but also enhances the overall consumer confidence in the industry, she noted.

    She further spoke on how they streamline complaints management process, training and standards for complaint resolution; Multiple channels for lodging complaints; and Enforcement and compliance

    Streamlined Complaints Management Process

    The DG said: “The complaints management is designed to be simple, efficient, and, where possible, automated to facilitate swift resolution. PFAs are required to establish transparent processes in line with PenCom’s minimum standards for receiving and resolving complaints. Consumers are provided with status updates and tracking numbers for their complaints, ensuring they are kept informed throughout the resolution.

    “If a complaint remains unresolved or the consumer is dissatisfied with the resolution, they can escalate the issue to PenCom for reviews of the steps taken by the PFA in addressing the complaint. The purpose is to ensure that the resolution process was effective, transparent, and adequate to engender consumer confidence.”

    Training and Standards for Complaint Resolution

    She explained that to ensure a high standard of complaint resolution, the commission mandates that all employees involved in consumer interaction and complaints handling receive appropriate training.

    “This training ensures they possess the necessary skills and knowledge to address consumer concerns effectively while maintaining high customer service standards. PenCom also sets minimum standards for PFAs regarding the operation of complaints handling channels. These standards are periodically assessed to ensure their effectiveness and adequacy, with comprehensive evaluations conducted to ensure compliance across the industry,” she added.

    Read Also: Consumer Protection Framework: Pension assets, data and privacy protected (Part 3)

    Multiple Channels for Lodging Complaints

    Mrs. Dahir-Umar continued: “PenCom and PFAs have made multiple avenues available for consumers to lodge their complaints. These channels include dedicated email addresses, telephone numbers, helpdesks, web chat options, and walk-in centres. These channels are designed for easy access, ensuring consumers can lodge complaints without any hindrances. The personnel manning these channels are trained to handle consumer issues with courtesy and professionalism. Additionally, supervisors overseeing these processes are equipped with the authority and expertise to resolve complaints effectively.

    “Pension consumers can visit the offices of their PFAs or use channels available on the PFAs’ websites and social media platforms. However, unresolved complaints by PFAs can be escalated to PenCom through electronic channels, including emails and telephone for review. Email complaints are accepted at complaints@pencom.gov.ng or info@pencom.gov.ng. In addition, such unsettled complaints can be submitted through its head office in Abuja or zonal offices in Lagos, Kano, Awka, Calabar, Ilorin, and Gombe.”

    Enforcement and Compliance

    She also said that PenCom is committed to enforcing strict compliance with the Consumer Protection Framework. “This involves comprehensive examinations of complaints, performance audits, and imposing administrative penalties on PFAs found to be in breach of consumer rights. These enforcement measures are carried out promptly and impartially, reflecting PenCom’s dedication to safeguarding consumer interests.”

    She assured that complaint handling and resolution mechanisms in the pension industry are a testament to PenCom’s commitment to consumer protection and by providing multiple accessible channels, ensuring effective training, and enforcing compliance, PenCom and Pension Fund Operators strive to create a pension industry that is responsive to consumer needs and built on trust and transparency.

  • Atilade joins Almond Insurance Awards panel

    Atilade joins Almond Insurance Awards panel

    • As nominations opens

    The 15th Chief Judge of Lagos State, Justice Olufunmilayo Atilade, has been admitted into the panel of judges of the Annual Almond Insurance Industry Awards.

    Nominations opened last Friday. They would last four weeks.

    Chairman, award Panel of Judges, who is the past Secretary-General, African Insurance Organisation (AIO), Ms Prisca Soares, at a press conference in Lagos, said the awards are aimed at rewarding the “Can Do Spirit” of the men and women in the various arms of the industry who push boundaries to sell insurance despite the low acceptability and purchasing power of many Nigerians.

    According to her, the awards would be held on November 1, this year at the Queens Park Events Centre, Water Corporation Drive, Victoria Island Lagos. She said this edition, tagged ‘#Reinvent Edition’, would once again bring together policy makers, insurance practitioners, top rated entertainers in music and comedy, para military and the insuring public in an atmosphere of fun and relaxation. Chief Executive Officer of Almond Productions Limited Ms. Faith Ughwode, said innovations have been introduced in the entire process of the awards this year so as to put the Nigerian Insurance Industry on a new pedestal come November 1st 2024. She noted that while insurance awareness and penetration is still low, the practitioners were making steady gains through gross premium income which has hit N1 trillion as at last year.

    Read Also: ‘Re-pricing insurance necessary to retain value’

    Given the support and participation from the Industry last year, the awards categories have been streamlined to meet with international standards, she added. She said  some categories had been dropped and others introduced to engender inclusivity.

    According to her, the shortlisted categories this year are:Insurance CEO of the year; Insurance Woman of the year (Insurer or Broker); Life Insurance Company of the year; General Insurance Company of the year; Insurance Broker of the year; Insurance Broking Company of the year; Takaful Company of the year; Micro Insurance Company of the year and the Most valuable Insurance Customer of the year.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    CHUWUEKE: Good day, I write on behalf of Mr. Chuwueke. He retired during the staff ratification of NSITF in April 2005. Since then, he has not received his pension arrears. Please, help me to resolve the issue.

    JIMAH: Good day, my name is Imoudu. I retired from the University of Benin, Benin City on September 1, 1996 on salary EUSS G.L. 7, September 9. As at January 2015, my monthly pension was N32,914.65 and rose to N49,586.57 2018, due to the minimum wage increase. But, surprisingly, by October 2023, my pension was reduced to N32,728.08, less than that of 2015 or N32,914.65, from N49,586.57 without explanation.

    I appeal to PTAD to pay me the difference from October 2023 to date. Thank you.

    MRS NWOBU:  Hello, I am Mrs. Nwobu, a former Senior Nursing officer in the Nursing Department. I am a 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 I must 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.

    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 presence, my gratuity has not been paid.

    I did physical verification with PTAD at their Lagos Office in 2019. On request, I have sent my verification certificate and bank details from 2008 till date to PTAD. Yet, with the conditions met since 2019, my gratuity of 11 years and pension arrears of six months (January to July 1993) has not been paid. I call on The Nation to help me. Thank you.

    AYODELE: RE: Underpayment of Monthly Pensions. I wish to put up a reminder that I am yet to get any 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. 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.

    Read Also: NOA, PTAD collaborate to enhance grassroots’ sensitisation

    But surprisingly, from October, 2023, I observed with surprise 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.

    Quite surprising and alarming that it is the middle of the first quarter of the year almost gone and the committee is yet to submit its findings, when a broader and more cumbersome Minimum Wage Committee, set up by the government, is almost ready with its submissions.

    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.

    THE NATION: The newspaper will intervene by sending your complaint to PENCOM. Therefore, Chuwueke, Jimah, Mrs Nwobu, Mabawonku and Ayodele should watch out for the pension page on Wednesdays for their response and subsequently every Wednesday for pension news.

  • ‘Prove your genuiness to be restored to pension payroll’

    ‘Prove your genuiness to be restored to pension payroll’

    • All skipped payments to be paid in one week

    The Pension Transitional Arrangement Directorate (PTAD) has asked pensioners under the Old Pension Scheme (DBS) that were suspended from the payroll due to their inability to confirm their aliveness not to panic.

    The Executive Secretary, PTAD, Mrs Chioma Ejikeme, made this known yesterday.

    She said the Directorate has put a system in place to restore such pensioners to the payroll once the “I Am Alive” Confirmation (IAAC) Solution is done by the pensioners.

    She assured that the payment of the monthly pension would be made within a week of receiving IAAC and arrears paid if any.

    She, however, appealed to affected pensioners to endeavour to confirm their aliveness through the IAAC.

    Ejikeme recalled that that on October 12, 2021, PTAD launched the Pilot Phase of the “I Am Alive” Solution, an online application designed to enable pensioners under the Defined Benefits Scheme confirm their aliveness from the comfort of their homes or neighbourhood, using either a smartphone or a computer system.

    She said: “You may also recall that at inception, PTAD embarked on massive verification exercises which took place between 2014 and 2019 across all the geopolitical zones of Nigeria. The field verification exercises cut across all the operational departments of the Directorate, namely the Civil Service Pension Department, The Police Pension Department, The Customs, Immigration and Prisons Pension Department, and finally, The Parastatals Pension Department.

    Read Also: Senate recalls Ningi from three-month suspension

    “The aim of the verification was to ascertain eligible pensioners under the Defined Benefit Scheme, enroll eligible pensioners who were hitherto not on the Directorate’s Payroll, while promptly removing the unqualified. The field verification was immensely successful and beneficial to the operations of PTAD resulting in a comprehensive and reliable database, which facilitates the process of budget preparation, accurate pension payments and the determination of outstanding pension liabilities. “However, continuing with periodic field verifications to ascertain the aliveness of our pensioners is not only expensive both for the pensioners and government but is also a stressful exercise for our senior citizens. Looking for a solution that would eliminate field verifications became imperative and gave birth to the I Am Alive Confirmation (IAAC) Solution,” she added.

  • Pension complaints and solutions

    Pension complaints and solutions

    CHRISTIAN: Good day, my name is Christian. I retired on August 31, 2016. My state bond from Asaba is N9,575,884. My RSA is 3,247,548. Added together, it amounts to N12,823,432. And if the above total amount is divided by two, it will take one to the 50 per cent, of which I was to be paid as my lump sum and the balance to be sent to my annuity insurance company which is Salam Insurance. But it was a shock to me when Oak Pension paid me N5,872,848, which fell below the 50 per cent for me as my lump sum and they sent the correct 50 per cent ( N6,411,716 ) to my annuity programme. In all, my lump sum is short paid with a total of N538,868. PenCom should help see to this abnormality in the payment and help correct it so that I can get my correct entitlement. Thank you.

    PENCOM: Please provide your PIN

    OKPOSO:  I retired on September 22, 2022 from Cfao Nigeria Plc. Please, assist me on the non-payment of my pension from July 2023 to March 2024. Best regards.    

    PENCOM: Please, provide RSA PIN

    MOHAMMED: I am Bawa. Dear sir, we are the administrator of our late father Mohammed. He worked with the Nigeria Immigration Service (NIS) from 1987 and was kicked out during 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 number to enable the Commission to investigate your complaint.

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

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

    ANNONYMOUS: 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 by moving from one office to another but my efforts proved abortive. Kindly help me.

    PENCOM: Kindly provide your name and PIN.

    ANNONYMOUS: Good day, I am Omobulejo. I retired on August 15, 2020 at the Vintage Press Limited in Lagos. I regularised my documents with my PFA, Stanbic IBTC confirmed it in November 2021. Since then, they send me messages to be patient. For how long will I be patient? I have no job at hand. Thank you.

    PENCOM: Please, visit your PFA to resubmit your application.

    ANNONYMOUS: l recently retired 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.

    OLOWOYEYE: Good day, I wish to inform you that the Access PFA have responded to my calls. I am grateful for your intervention. Thanks a lot.

    THE NATION: The newspaper is excited that your complaint has been resolved.

    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.

    Read Also: Senate recalls Ningi from three-month suspension

    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.

    ASP. RTD. BOLARINWA: Dear Omobola, my name Is Bolarinwa, a retired ASP. I quit service in September 2023. I was unable to get my discharge certificate due to my inability to offset my bank loan because I have to present a non-indebted letter to process it. I don’t know if I can withdraw out of my savings to offset It.

    PENCOM: Dear Mr. Bolarinwa, you are advised to approach your Pension Fund Administrator for further directives.

    ANNONYMOUS: Good day, I am from Maritime Academy of Nigeria, Oron. I can’t enrol and verify 2024 retirees on PenCom Porter. What do I do?

    PENCOM: Please, send the complaint to info@pencom.gov.ng

  • Pension complaints and solutions

    Pension complaints and solutions

    OLAYINKA: Hello, my name is Olayinka and my employer is NDA, Kaduna. My PFA is Leadway Pensure. I have completed my benefits enrolment with my PFA since July 12, 2023. l want to know the status of the reconciliation of my account. I completed my verification about two months ago and it was forwarded by my PFA to PenCom for reconciliation. Thank you.

    ANNONYMOUS: Good day, l started work in the then Cross River State. My appointment letter was issued to me on October 31, 1975 and I retired in November 2010 from Internal Revenue, Akwa lbom State. I have been collecting state pensions. But please can you enlighten me on how I can get the federal pension. God bless you.

    CHRISTIAN: Good day, my name is Christian, I retired on August 31, 2016. My state bond from Asaba is N9,575,884. My RSA is N3,247,548. When added, it amounts to N12,823,432. And if the above total amount is divided by two, it will take one to the 50 per cent of which I was to be paid as my lump sum and the balance to be sent to my annuity insurance company which is Salam Insurance.  But I was shocked when Oak Pension paid me N5,872,848, which fell below the 50 per cent for me as my lump sum and they sent the correct 50 per cent ( N6,411,716 ) to my annuity programme. In all, my lump sum is short paid with a total of N538,868. PenCom should help see to this abnormality in the payment and help correct it so that I can get my correct entitlement. Thank you.

    EBENEZER: Good day, I am Ebenezer. I am a retiree with Crusader Sterling Pension as my PFA. My PFA refused to pay my April pension just because I gave them notification this month that I want to move to annuity for personal reasons. They decided to frustrate me. I depend solely on this. Please, urgently intervene and deliver us from this misconduct.This is happening in Abeokuta branch. Thank you.

    JACOB: Dear Omobola, my name is Jacob. I write to complain about the prevention and delay in the processing of my provisional agreement which I submitted to FCMB Pensions in November 2023, to purchase an Annuity plan. I am aware of my right to choose between Programme Withdrawal and Annuity for life and I have decided to use the balance in my RSA to purchase Annuity for life. I, therefore, appeal to you to prevail on FCMB Pensions to process and transfer my RSA balance to Leadway Assurance without further delay. Thank you

    Read Also: Retired police officers protest over unpaid pensions

    MUSTAPHA:  My name Mustapha, I am a Police Officer. My PFA is Crusader Sterling Pension. I worked on my transfer to the Police Pension in 2017. In 2018 they sent me a text message that my transfer is successful but there is an issue with the certificate. I was told to go back to Crusader to do my DRE, which I did. But, since 2023, they kept tossing me up and down, directing me to come back tomorrow or next tomorrow. They will tell me the problem is from PenCom today, another day it is from the zonal office. The lady handling my case, Eve, is said to be on maternity leave. On April 2, 2024, they told me there was a fire outbreak at the PenCom office in Abuja. Crusader also told me that most of my fund had not been remitted or the Police are holding most of my fund. PenCom, you are my last hope. Please help me.

    IKECHI: Good day, I am Ikechi, who worked with Aero Contractors Company, Port Harcourt, and receiving my pension from Trustfund Pension here in Port Harcourt. I later made up my mind to move to Annuity Life with Sanlam Nigeria on March 24, 2024. I went to the manager’s office to submit their copy of the agreement but the manager refused to collect their copy. Kindly intervene and call the manager to order since it is my right to join any insurance company of my choice.

    ERIC: My name is Eric. I write to complain about the prevention and delay in the processing of my provisional agreement which I submitted to Premium Pension on January 18, 2024 to purchase Annuity for life but was not treated without feedback. I submitted it again on March 5, 2024, yet no feedback. I am very much aware of my right to choose between Programme Withdrawal and Annuity for life and I have decided to go for Annuity for life. I therefore appeal to you to use the power in your office to compel Premium Pension to process and transfer my RSA balance to Leadway Assurance without further delay because I don’t want to restart the process of the transfer again.

    THE NATION: The newspaper will intervene by sending your complaint to PenCom. Watch out for the pension page on Wednesdays for your response and subsequently every Wednesday for pension news.

    OKPOSO:  I retired on September 22, 2022, from CFAO Nig. Plc. Please, assist me on the non-payment of my pension from July 2023 to March 2024. Best regards.     

    PENCOM: Dear Pastor Okposo, kindly forward your RSA PIN as well as other necessary information to enable the Commission to investigate further.

  • NOA, PTAD collaborate to enhance grassroots’ sensitisation

    NOA, PTAD collaborate to enhance grassroots’ sensitisation

    The National Orientation Agency (NOA) and Pension Transitional Arrangement Directorate (PTAD) have agreed to work together to embark on grassroots sensitisation on pension.

    NOA Director-General, Mallam Lanre Issa-Onilu and a team, led by the Executive Secretary PTAD, Dr. Chioma Ejikeme, met at the agency’s headquarters in Abuja to leverage the NOA’s proven platforms to promote pension.

    The DG of NOA, Mallam Issa-Onilu, expressed happiness that the Directorate had approached the right agency with the mandate, competence, structure and capabilities to conduct grassroots sensitization across the country.

    Read Also: FG to introduce ‘Citizenship Studies’ as core subject in schools – NOA

    He emphasised the importance of supporting pensioners, highlighting their significant contributions to the nation. Retirement, he noted, is a privilege, and those who enjoy it must receive the necessary support.

    He also shared the new platforms the agency has introduced for MDAs to communicate their activities effectively to Nigerians, including the Explainer, the Mobiliser, the agency’s robust database with diverse demographic data, and the upcoming television and radio stations. He further stated the imminent launch of the National Value Charter.

    The PTAD chief appreciated the DG for providing valuable platforms and making them available for their use to serve Nigerians better.

  • Consumer Protection Framework: Pension assets, data and privacy protected (Part 3)

    Consumer Protection Framework: Pension assets, data and privacy protected (Part 3)

    The National Pension Commission (PenCom)’s new Consumer Protection Framework for the pension industry has specified the business conduct of Pension Fund Operators (PFOs), as well as dispute resolution and enforcement mechanisms.

    Outlining pension consumer rights and responsibilities, the commission said part of its focus would be on the protection of consumer pension assets, data, and privacy.

    According to PenCom, the framework mandates robust data protection measures, promotes healthy competition, and enforces ethical advertising practices within the pension industry.

    The Director-General, PenCom, Mrs. Aisha Dahir-Umar stated that this comprehensive approach aims to foster a transparent, secure, and consumer-friendly environment, empowering consumers to make informed decisions about their retirement savings.

    She said the Framework plays a crucial role in safeguarding consumer pension assets, data, and privacy.

    She maintained that by enforcing strict regulations on PFOs on the management, investment, and confidentiality of pension funds and personal data, PenCom ensures that consumers’ interests are prioritised and protected.

    Read Also: Retired police officers protest over unpaid pensions

    Protection of Consumer Pension Assets, Data, and Privacy

    in a report stated that the separation of management and custody of pension funds between Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) ensures that consumers’ pension funds are safeguarded. All PFAs must comply with the regulation on Investment of Pension Fund Assets issued by PenCom, which is updated periodically to minimise investment risk exposure.

    She said: “Consumers’ pension and personal information are protected by PFOs. This is not released to third parties without the consumer’s consent, except as required by relevant laws. In terms of data usage consent, PFOs are obligated to maintain the confidentiality of consumers’ personal information and ensure data privacy and security. They must obtain prior consent from Retirement Savings Account (RSA) holders before using their information for promotional offers via email, SMS, phone calls, and other channels. Furthermore, PFOs must ensure the privacy and security of consumers’ data when requests are made by third parties, including government agencies.

    “Appropriate data protection safeguards and security measures, including employee training, must be in place to prevent unauthorised access, alteration, disclosure, accidental loss, or destruction of consumers’ data. To ensure data security and access control, PFOs must implement policies and controls to protect consumers against fraud. These policies include the use of robust software and transaction monitoring systems. For example, segregation of duties ensures that no single individual can both initiate and complete a transaction. PFAs have established access control systems to restrict and monitor access to consumer databases, ensuring that consumers’ data are securely stored and accessed only by authorised personnel. Periodic audits of control systems are required to ensure their adequacy and effectiveness in preventing breaches. When engaging with third-party agents, PFOs prioritise the safety and security of consumers’ data, allowing the use of consumer data solely for the specific requested purpose.”

    Competition and Free Market

    Mrs.  Dahir-Umar further said promoting competitive markets is essential to providing consumers with a wide range of choices among PFAs and encouraging the offering of diverse pension-related products within the boundaries set by the Pension Reform Act (PRA) 2014, noting that this approach fosters innovation and helps drive high service quality within the pension industry.

    “Consequently, consumers should be able to search, compare, and switch between products and service providers to make informed decisions that best suit their needs. Pension consumers have the option to move their RSAs from one PFA to another, choose a mode of withdrawing retirement benefits, and select their preferred investment fund within the scope of the PRA 2014. Encouraging a free-market environment is vital for effective service delivery. Therefore, PFOs are required to promote healthy competition while refraining from unethical and de-marketing practices, ensuring fair and beneficial outcomes for all consumers. Engaging in practices that tarnish the image or services of competitors is strictly prohibited.

    “For fair play, PenCom ensures that PFO advertisements align with approved product features. Advertisements must not mislead, misrepresent, or exaggerate the benefits of products and services. All advertisements should disclose full information about the products and services being advertised in clear and explicit language. When promotional materials refer to rates of return, PFOs must indicate applicable charges and state the features of the products/service,” she added.

  • NAICOM moves to embed insurancein National Credit scheme

    NAICOM moves to embed insurancein National Credit scheme

    The National Insurance Commission (NAICOM) has taken steps to embed insurance within the national credit scheme, the Commissioner for Insurance, Olusegun Omosehin, has said.

    He made this known when his management team welcomed members of the Constitutional Committee on “Mobilisation and Diversification” of the Revenue Mobilisation Allocation and Fiscal Commission, led by Mr. Sani Mohammed Baba, during their visit to NAICOM in Abuja.

    The commissioner stated that the main objective of the visit was to explore collaborative opportunities to advance the diversification of the economy.

    Omosehin reaffirmed the critical role of the sector regulator in supervising, regulating, and safeguarding the interests of insurance policyholders.

    Acknowledging President Bola Tinubu’s ambitious goal of growing the economy to a $1 trillion by 2026, he highlighted insurance’s pivotal role in mobilising savings for long-term developmental projects and enabling businesses to thrive while managing risks effectively.

    Read Also: NAICOM’s newly appointed Deputy Commissioner, Technical redeployed

    He also stressed the commission’s commitment to ensuring insurance companies meet their obligations, thus contributing to the sustainability of the economy.

    He expressed the insurance sector’s intent to significantly contribute to this objective, highlighting the need for continuous advocacy and sensitisation of government institutions about the vital role of insurance in national economic development.

    Baba emphasised the importance of revenue generation, institutional expansion, and employment creation for Nigerians through collaboration.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    DMBIEM: Good day, I am DMBiem. I did my last PTAD internet pensioner verifiication ‘I am Alive’ on March 11, 2024.

     A valid PTAD certificate bearing confirmation number was given to me on the spot. PTAD also sent me a confirmation text via SMS by 2:40pm of the same day and date.  

     But I was flabbergasted by what followed thereafter. PTAD wrote and posted a warning SMS to my phone stating: “Your due date for ‘I Am Alive’ confirmation has elapsed”. Complete the process to avoid suspension. I challenge PTAD not to suspend my payment.

    OLUJAFADE: Dear Omobola, my name is Olujafade. I retired in 1986 on grade level 9, promoted to 10, and advanced to 12 because of my grade 1 academic and diploma university which I did successfully. Promotion from nine to 12 was not implemented before retirement. I would like that my arrears in gratuity and pensions to be corrected and paid.

    IRIOGBE: Dear Omobola, my articles refers as it is clear that PTAD has not made good the promise it made as at January 2024, to the effect that “Any pensioner from any sector yet to be reviewed by the end of march 2024, will be returned to the September 2023 pension payroll etc.”

    I am not aware the Executive Secretary of PTAD has denied the report on page 7 of The Nation of January 24, 2024. Incidentally, the report was put together by your humble self and I have no reason to doubt what was reported hence I once refer to you as the mouthpiece of PenCom and PTAD.

    Alert for my April 2024 pension was received today. Could it be that the committee set up to review petitions emanating from the back end computation is done with its assignment hence pensioners in my sector, NIPOST, were not returned to the salary they were collecting as at September 2023 as promised?

    There are a lot of arrears that PTAD is yet to pay us. We are expecting much from PTAD. It should do the needful.

    ARASIYU: Dear Omobola, I write to Dr Ejikeme, the Executive Secretary of PTAD through The Nation.

    Please, pay my pension and retirement refund since 2019. Look into this matter as fast as you can. I need help because I am very sick and have no money to take care of myself. God bless you.

    Read Also: PTAD: Resolving pensioners’ issues

    MRS EMILIA: Dear Omobola, I am Mrs Emilia. My complaint is the deduction of N15,000 from my monthly pension since October 2023. I retired from Centre for Management Development (CMD). I have my ‘I Am Alive’ confirmation number. Please, assist with refunds and stop further deductions.

    MOHAMMED: My name is Mohammed. I submitted my Annuity transfer letter to ARM Pension but till now, they have not done the transfer.

    Please, help me so that ARM will do the transfer and also pay me my monthly pension.

    SOWEMIMO:  Hello, my name is Sowemimo. My date of retirement is June 2021, my PFA is First Guarantee and my employer is Nigeria Customs Service (NCS). I was paid six months’ pension arrears instead of 15 months while my colleagues who processed their pension after me were paid their arrears till date. The outstanding balance is N868,736.07.

    OLUWOLE: Hello, my name is Oluwole. My PFA is NLPC. I retired from NITEL/Transcorp Telecoms Limited in 2007 and later joined Obat Oil and Gas in 2013 and now retired 2023. I am waiting for PenCom’s approval.

    AJALA:  Dear Omobola, My complaint is that my father, a former staff member of FirstBank, died barely a year to his retirement.

    His PFA is First Guarantee and all efforts to get his pension benefit have proved abortive. After submitting the necessary documents even with a letter from FirstBank that his pension has been remitted to the PFA, we have not received anything.  The PFA is now Access Pension as they bought over First Guarantee.

    I used my hubby’s Facebook page to reach you but I am the administrator to his estate as the first daughter. How can you assist us in this?