The Nation Newspaper

Category: Pension

  • NIA introduces Unified NIIP for third party motor insurance

    NIA introduces Unified NIIP for third party motor insurance

    The Nigerian Insurers Association (NIA) has launched the Unified Nigerian Insurance Industry Portal (NIIP).

    In a statement, NIA DirectorGeneral, Mrs.Yetunde Ilori, said the platform aims to ease the process of purchasing third party motor insurance and address fake insurance certificates issued by unscrupulous elements.

    She stated that the Unified NIIP is an enhanced version of the NIIP. It offers convenience and security to insurers.

    One of the key advantages of the Unified NIIP, he said, is its ability to empower individuals to buy, renew, and report claims on their third party motor insurance policies from the comfort of their homes, offices, or any other location 24/7 using the internet.

    She added: “This user-friendly portal not only enhances accessibility, but also significantly reduces the incidence of fake insurance papers circulating in the country. Among its array of benefits is that the portal is poised to eliminate or substantially reduce complaints from the public across different states of the federation.”

    Read Also: NGE condemns NIA abduction of Olatunji, says it’s an attack on media

    “Individuals can purchase third party motor insurance covers for themselves or on behalf of others. Insurance brokers and agents  registered and licensed by the National Insurance Commission (NAICOM) can also use this portal to sell insurance to their clients.

    “Premium payments on the NIIP platform are seamless, offering multiple payment options, including mobile banking apps, fund transfer platforms, ATM cards, and Quickteller. Once payment is made, users can conveniently print or download their certificates directly from the platform, ensuring hassle-free access to essential documentation.’

    “As the NIA unveils the Unified NIIP to the public, the association and its members are of the opinion that the portal will have a highly transformative impact on the insurance market. With its innovative features, the Unified NIIP is poised to enhance customer experience and usher in a new era of efficiency in the Nigerian insurance landscape,” he added.

  • Pension complaints and solutions

    Pension complaints and solutions

    KWAMI: I am Kwami. I need help to get Access Pension to transfer my benefit to AIICO Insurance Plc.

    I have not been paid my monthly pension. What is going on with Access Pension? I submitted my provisional agreement precisely in January 2024, authorising Access Pension to transfer my money to AIICO. Why is the PFA refusing to transfer to accede to my request to enable me purchase annuity plan?

    Kindly do justice to my request. I want know if Access Pension has submitted my provisional agreement to PenCom for approval. Secondly, I want to know if PenCom has approved it.

    AORNAN:  Good day, I strongly need your help. My dad was a staff member of the Federal Government Girls College, Gboko. His name was Aornan and he died on  July 8, 2015. He was still working before he died. It was even on his way back from work when he had an accident and died. My brother and I are his next of kin but we have not been paid.

    I would be very happy if you help me on this matter.

    ELIZABETH: Hello Omobola. My name is Elizabeth.

    I am one of the complainants about my benefits at the PenCom office, Abuja. I have done everything about clearance with my documents at Premium Pension office in Bayelsa State.

    I finally did my capturing on October 6, 2023. I am still looking forward to hearing from you for the payment of my benefits. Premium Pension has refused to pay me my contribution. I worked with NIPOST Bayelsa for 16 years and transfered my service to Bayelsa State government where I retired in 2020.

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

    AMINU: My name is Saminu, a retiree from NIPOST. I am unable to do verification due to data capture issue. I have NIN.

    Read Also: ‘Enugu APC ready to review suspension of ex-governor, Senate president, others’ 

    PENCOM: Dear Mr.Saminu, you are advised to approach your Pension Fund Administrator for Data Recapturing.                           

    EGBE: I am Egbe, a teacher at FGGC, Keana, Nasarawa State. I want my date of birth to be corrected. Please note that it has been corrected by NIMC but not effected by PenCom.

    PENCOM: Dear Mr. Egbe, you are advised to approach your Pension Fund Administrator for submission of documents to initiate the process of updating your date of birth.        

    EYEREGBA: I am Eyeregba. I am working at Cappa & D’Alberto, Lagos. I sent a complaint via email to info@pencom.com.gov.ng on August 1, 2023 on my pension contribution for December 2021 and February 2022 not remitted to my account. I attached evidence of non-remittance in the mail.

    Please, I have not received any feedback on my complaint after two weeks and my money is not yet recovered.

    My PFA is Stanbic IBTC Pension but I was formerly with FCMB Pension.

    PENCOM: The complainant did not attach relevant document that would enable the Commission to process his request. Therefore, there would be need to forward Complainant’s Name; Personal Identification Number (PIN); Pension Fund Administrator (PFA) Name; and Employer Name (if applicable). By providing these details, it will help us expedite the resolution.

    PRECIOUS: My name is Precious from Schutmann Nigeria Limited. My complaint is: We applied for the Certificate of Compliance for 2019 to 2022. Our Employer Code is PR0000153777.

    I submitted an application since August 4, 2023 and I have not heard anything from PenCom. I need your assistance for speedy process. Thank you.   

    PENCOM:  The documentation  is incomplete. Kindly visit www.pencom.gov.ng to see the required documentation for processing of Pension Clearance Certificate.

    ANNONYMOUS: I am Oforlea. I retired on September 14, 2022. My date of birth is November 23, 1964 but it was wrongly captured in my NIN as November 23, 1965, which has been corrected.

    I later went for recapturing at Premium Pension but the staff member of the company refused to attend to me. He said my date of birth is different from the date of birth in PenCom’s record.

    Meanwhile, I have November 23, 1964 in all my records.

  • Pension complaints and solutions

    Pension complaints and solutions

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

    PENCOM: Dear Sir/Madam, kindly approach the Pension Fund Administrator of your employees for assistance with the Online Enrolment Application.

    CHRISTIAN: My name is Christian. I retired from the Federal Ministry of Works HQ Mabushi Abuja in August 2016 after 35 years in service.

    Before then l was promoted to the rank of Chief Executive Officer GL 14 with effect from January 1, 2015. Variation to reflect this rank was raised accordingly by the IPPIS Section of the FMW. HQ Mabushi Abuja FCT about six years ago but no payment was made to me.

    I made several enquiries about the payment of the promotion arrears but no response from the IPPIS. I even resent the promotion letter and other relevant documents to enable them to revisit it if they have not taken any action but no response and no payment.

    One of the staff members informed me that our names were sent to the Accountant-General of the Federation Office for the payment but till now no payment was made. l would be very much happy if you would use your good office to help me out of this matter. I have health challenges and l need money to treat myself.

    PENCOM: Dear Mr. Igwemezie, kindly go the the office of the Accountant-General of the Federation as the IPPIS falls under the offices purview.

    AMINU: My name is Aminu. I submitted my application of transfer for Annuity to ARM Pension Limited for over two weeks. But they have not attended to me. Kindly assist me.

    PENCOM: Dear Mr. Aminu, your Pension Fund Administrator has already submitted your request for Retiree Life Annuity approval and the Commission has granted approval on December 6, 2023.

    YUSUF: Good day, my is Yusuf. I am soliciting PenCom’s intervention to enable me access the additional 25 per cent of my pension contribution. I worked at GTBank between 2006 and 2017. I 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 contacted my PFA, Stanbic IBTC, but they said such request doesn’t normally get approved. Kindly assist me.

    PENCOM:Dear Mr.Yusuf, please be advised that the 25 per cent temporary access is a one-off payment. However, the RSA holder can access the balance in the year upon attainment of 50 years in line with Section 7 of the Pension Reform Act 2014.

    AKINGBOLA: Good day, my name is Akingbola. I retired from the active service of the Ogun State Universal Basic Education Board on March 16, 2023.

    I have applied for a refund of my pension benefit from Tangerine/Apt Pension since April 25, 2023 and I haven’t got it.

    Meanwhile, those that retired months after my retirement have been paid. Kindly use your good office to look into this matter. Thank you very much.

    PENCOM: Dear Mr. Akingbola, the process is under review by the Benefit and Insurance Department.

    ANNONYMOUS: Hello, I am from Maritime Academy of Nigeria, Oron. I cannot enrol and verify 2024 retirees on PENCOM portal. Kindly help me.

    PENCOM: Dear Sir/Madam, kindly approach the Pension Fund Administrator of your employees for  assistance with the Online Enrolment  Application.               

    ADEYEMI: I am Adeyemi. I retired in December 2022. I was with ARM before I joined Stanbic IBTC. I want to transfer my contribution to Stanbic. I was told to write to PenCom. Kindly guide me

    PENCOM: Dear Mr. Adeyemi,  kindly approach Standbic IBTC for data recapture to facilitate the merging the two PINs. Standbic IBTC would guide him with the process.                             

    ANNONYMOUS: Good day, my complaint has been made by one of my pension account officer on my behalf, but I am yet to get 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 (RSA), you are trying to merge to enable the Commission process the complaint.

    ANNONYMOUS: Ma, I strongly 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, 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 the Nigeria Immigration Service (NIS) from 1987 and was retired 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. – Bawa.

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

    SALIU: My name is Saliu. I understand it takes five working days for approval to come from you when a PFA’s application is forwarded to you. I want to find out why it’s not so with mine.

    This is two weeks, 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.

  • PenCom to workers: report defaulting employers

    PenCom to workers: report defaulting employers

    • Defaulting employers remit N25.45b in 12 years

    The National Pension Commission (PenCom) has charged workers to report employers who fail to remit their deducted pension, The Nation has learnt.

    The Director-General, PenCom, Mrs. Aisha Dahir-Umar, stated this in a report.

    She said the Commission is taking legal steps to recover pension contributions.

    Cumulatively, she said last year PenCom recovered N1.47 billion from defaulting employers, with N864.69 million recovered as principal contributions and N608.90 million as penalty for the non-timely remittance of the contributions.

    She said PenCom prosecutes recalcitrant employers who default in the remittance of pension contributions, adding that from 2013 to 2024, PenCom recorded 1,073 recalcitrant employers.

    She also said legal proceedings had been commenced against 138  employers of which 68 of the cases in court have been concluded while that of 642 defaulting organisations are being resolved since litigation is carried out only when resolution efforts fail to achieve compliance.

    Read Also; Tinubu appoints Garba Laka Counter-terrorism center coordinator

    Mrs. Dahir-Umar urged employees to report employers who are not  remitting the full 10 per cent and eight per cent employee components of the contributions.

    She emphasised that the Pension Reform Act 2014 (PRA 2014) provides that every employee shall maintain a Retirement Savings Account (RSA) with any Pension Fund Administrator (PFA) of choice.

    Once an RSA is opened, she stressed that it is the responsibility of the employee to inform the employer by submitting the RSA Personal Identification Number (PIN) issued by the PFA.

    She said: “Subsequently, the employer is required to remit an amount comprising at least eight per cent employee and 10 per cent employer contribution to the Pension Fund Custodian (PFC) specified by the PFA of the employee. Also, the PRA 2014 mandates employers to remit pension contributions not later than seven working days from the day salaries are paid to employees.

    “Employers failing to or delaying in remitting their employees’ pension contributions are flouting the PRA 2014. We have put in place a mechanism to recover pension liabilities, including penalties, from defaulting employers and so we encourage employees to report their employers, who are not remitting pension contributions into their Retirement Savings Accounts (RSAs) as required by the PRA 2014. We allow employees to anonymously report their defaulting employers. When such complaints are received, the employers are compelled to remit the principal contributions with penalties.

    PRA 2014

    The PenCom DG said: “Section 11(6) of the PRA 2014 states that an employer who fails to deduct or remit the contributions within the stipulated time frame of seven working days from the day salaries are paid shall, in addition to making the remittances already due, be liable to a penalty.

    “This penalty shall not be less than two per cent of the total contributions that remain unpaid for each month or part of each month the default continues. The amount of the penalty shall be recovered as a debt owed and paid into the employee’s RSA. Employers should be mindful that promptly remitting pension contributions is more cost-effective than risking penalties due to non-compliance or delayed remittance, as such penalties can be substantial.

    “In addition, the PRA 2014 empowers PenCom to authorise the examination, inspection, or investigation of an employer relating to pension funds or assets.This provision ensures compliance by employers and mitigates complaints from employees and PFAs on non-remittance of pension contributions by some employers.”

    Reporting non-remittance of pension

    “Employees have a role to play to ensure that they get their pension in line with the PRA 2014. PenCom strongly encourages employees to report instances of pension contribution default. The affected employee is required to provide details of the employer and history of the default, including attaching an RSA statement showing gaps in remittances.This comprehensive information will facilitate a detailed investigation.”

    Recovery agents

    She continued: “PenCom has appointed Recovery Agents to carry out the examination of private sector employers to determine their level of compliance. The recovery of outstanding pension contributions carried out by appointed Recovery Agents (RAs) commenced in July 2012, and there are 28 RAs engaged currently by the Commission as of January 2024. The exercise sets out to achieve, amongst others, the recovery of all unremitted pension contributions of employees with penalties to ensure that affected employees do not lose any income that they would have earned from the investment of the funds, secure full compliance of organisations with the PRA 2014, and also reduce complaints of non-remittance of pension contributions by employees, thereby boosting confidence and acceptability of the Contributory Pension Scheme (CPS). PenCom and PFAs bear the recovery cost due to RAs, as it comes at no cost to RSA holders.

    “The recovery process requires the RA to diligently follow the outlined steps, which commences with obtaining a list of assigned defaulting employers and letters of introduction from PenCom to the employer. The RA is granted access by the employer to conduct a thorough review of pension records to determine the pension liabilities. Thereafter, the RA serves demand notices to the employer to remit the outstanding pension liabilities and penalties.

    “Consequently, the RA follows up with the defaulting employers to ensure remittances of outstanding pension contributions. Evidence of payments is obtained and forwarded to PenCom for onward confirmation by the PFCs.

    “The recovery process is still ongoing, and substantial outstanding contributions and penalties are being recovered from employers. This is an indication of PenCom’s increased enforcement of compliance with the CPS by employers.’’

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    DMBIEM: I am DMBiem. In the PTAD’s history of August 2013, it stated that ghost pensioners inherited were 50,000, those not captured 30,000, those on old nominal roll 268,897 Actual &Current 2022 were 226693 and Variance 2204 DBPS has had past problems thus: there is Corruption, Indiscipline, Incompetence, Fraud, Mismanagement, Neglect, Ghost Pensioners, Disrespect of Retirees, Nonchallant Attitude to Pension Increments, Liabilities, Sub Standard Pensioner Verifications, etc. PTAD paid N754billion between 2015 and 2022 and paid N5billion Pension Increment Arrears.

     This is how PTAD has ended pensioner’s woes, resolved payment and welfare crises. The Federal Government has no business takiing PTAD back to old Ministry of Finance evils.

    ADAMU: Good day. My name is Adamu, a police pensioner. I have not been paid since October 2023. My family is starving. Kindly help me.

    ADAJI: Hello, in response to my several complaints over nonpayment of my gratuity, PTAD informed me through The Nation of June 15, 2022 that my gratuity had been computed for payment. While waiting for alert, the same PTAD informed me through the same newspaper on January 31, 2024 that my complaint was undergoing review. Any hope at all?

    IRIOGBE: My name is Iriogbe and I have this to say to the Executive Secretary of PTAD. My monthly salary of N72,203.07 with effect from October 20223 refers. I retired on salary GL 14/11 on February 28, 2007 and was on N77,202.26 per month.

    I enjoyed salary increases of 2010, 2011, 2007 and 2019 by virtue of section 173 (3) of the Nigerian 1999 constitution (as amended). It is funny that I left the office on N77,202.26 monthly and I am on N72,203.07 monthly as at October 2023 despite the  salary increases as above.

    I make the following demands that (a) I want refund of N23,543.52 from October 2023 to date (b) payment of difference between HAPSS and CONPSS from January 1, 2007.

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

    SAMPSON: Good day, my name is Sampson, I am one of the retired officers of Customs 2007. We were under Customs, Immigration and Prison Pension Office (CIPPO) before PTAD took over. Before the takeover, I had pension arrears from 2007 to 2009 with CIPPO as was paid to my colleagues of equivalent ranks of level 09 step 13. Also my CONPASS arrears of gratuity amounting to N 1,582,182.36 were not paid to me as was paid to my colleagues. The arrears was prepared along with others and sent to AGF office {Deputy Director Special Duties} whose duty it was to pay.

    PTAD: Mr. Sampson has been contacted. He is to send his bank btatement for the period for resolution of the complaint.

    CLIFFORD: My name is Clifford. I have no pension number. I would like to know if I qualify for pension at age 60 in 2005. I worked with RBNL(UAC Div) 1975-1978 and SCOA Motors 1978-1988 thinking I would travel abroad.

    PTAD: UAC, SCOA Motors are private sector organisations. Mr. Fawehinmi should direct his question to the management of the organisations.

    ADESIYAN: My name is Adesiyan, a federal pensioner from Osun State. My problem is that I have tried to confirm my “I’M ALIVE” programme for more 10 times. The message comes back as ‘Verification Failed and Faces do not Match’. What can I do to solve this problem?

    PTAD: Pensioner contacted and advised to locate a cyber café to do fingerprint option.

    ANONYMOUS:  Good day, I will like to know if my father is eligible for pension under Defined Benefit Scheme (DBS). He was appointed on July 3, 1989 and was removed on April 27, 1999.

    PTAD: No Name and Details Provided.

    SUNDAY: Good day. My name is Sunday from Cross River State. My father died since July 10, 2005 while in Police Service. He is the late Inspector Okimba. His last place of service is Akwa Ibom State.

    I went on to process his entitlement as his next of kin in 2015 at the PTAD office, Abuja where I was verified and captured and was given a pensioner number. But up till date, I have not been paid. Kindly help me.

    PTAD: There was incomplete documentation at the time of verification. NoK is requested to come forward with these additional documents: Enlistment form; Emolument form; Letter of administration; Marriage certificate; Introduction Letter from Last Command; Valid means of Identification; NoK’s birth certification; and NoK’s BVN.

    Read Also; Tinubu appoints Garba Laka Counter-terrorism center coordinator

    ABDULLAHI: I am Abdullahi from Jos, the Plateau State capital. My father was a staff member  of the Ministry of Defence, Civilian units for 16 years before he died in 1995.

    I have attended various screening and verifications and 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 up to no avail.

    In 2020, I was called from PTAD to submit some documents including bank account details which I did. From your publication of my case, PTAD is asking for is verification number which I scanned and sent since then. I hope Omobola will assist me.

    PTAD: NoK should provide deceased name and bank statement.

    TIMOTHY: My name is Timothy from Oyo State. I have been on state and federal pension since October 25, 1993. I attended many verifications without asking for computation sheet which I have made all efforts to get from ministry of Establishment, Ibadan.  At the last mop up, I submitted all documents but I was not cleared because of computation sheet. My monthly federal pension of N2,511.57 has been stopped since 2019 or thereabout. Kindly and for God’s sake return my due because ’I am ALIVE’ .

    PTAD: We are unable to verify him as he doesn’t have a computation sheet and it is a requirement for SWFS pensioners; he should provide his computation sheet.

    ADEWALE: Good day, my name is Adewale, a cyber cafe operator in Ado Ekiti. Many retirees come to my business for ‘I am Alive verification. Many are successful but some were not after four to five attempts to take their picture before it lock.

    The finger verification is not working. Kindly help me to know how to go about the finger verification. Thank you

    PTAD: We have contacted Mr. Adewale.   

  • Pensioners laud CPS

    Pensioners laud CPS

    The National Union of Pensioners Contributory Pension Scheme (NUPCPS) has described the Contributory Pension Scheme (CPS) as the best thing that has happened to the pension administration.

    The pensioners spoke during a  visit to the Chief Executive Officer, Pension Fund Operators Association of Nigeria (PenOp) Mr. Oguche Agudah, in Lagos.

    According to the pensioners led by the Chairman of the NUPCPS, Mr Sylva Nwaiwu, the CPS is framed in the best interest of pensioners if well-implemented.

    They said the CPS has eliminated fraud, given them certainty of payments of pensions, and also allowed them to plan.

    Read Also; Tinubu appoints Garba Laka Counter-terrorism center coordinator

    However, the pensioners pointed out that there are aspects of the CPS that can be improved upon, and they called on the PenOp boss to engage with other stakeholders to ensure that these things are looked into. These include engagements with the pensioners by the industry,  enhancement of their pensions and more transparency in terms of how their returns are shown to them.

    Agudah said the pensioners were represented by their executives from various states of the federation.

    Agudah said the industry exists because of pensioners and workers.

    He commended the pensioners for their commitment to the country and their organisations in their twilight years

    He added that the pension industry and the country still needs to tap from wealth of experience that they have gathered over the years, assuring the pensioners of the pension industry’s commitment to pensioners welfare.

  • Heirs Insurance Group unveils new website

    Heirs Insurance Group unveils new website

    Heirs Insurance Group has launched a new website that delivers the user-friendly insurance experience in the insurance industry.

    In a statement, the company stated that in addition to its features that aid simple navigation, the website also personalises the insurance experience taking customers through a short journey that enables them to make decisions quickly on the best insurance plan to support their personal and business success, or access competent insurance advisors to speak with. 

    According to the group’s Chief Marketing Officer, Ifesinachi Okpagu, the website embodies the ethos of the brand: the delivery of simple, quick, and accessible insurance service that delights customers and brings the uninsured much closer to taking up insurance plans.

    Read Also: Power sector worse off 12 years after privatisation – NLC

    She said: “Customers want simplicity and this new website delivers on that request, ensuring that people find the right insurance solutions for their needs in a few minutes. We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.

    “Heirs Insurance Group has been at the forefront of pioneering a new era of insurance solutions since its launch with the roll-out of various initiatives including a seamless mobile app, USSD; Prince, its intuitive chatbot; InConnect, its partnership portal Digital Experience Centre; and more.

    “With the launch of this website, Heirs Insurance Group solidifies its position as the leading digital insurance company in Nigeria, democratising access to insurance for all. Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment group, with investments across 24 countries and four continents, founded and chaired by Tony O. Elumelu,” she added.

  • Pension complaints and solutions

    Pension complaints and solutions

    MRS IGWE: Good day, I am Mrs lgwe. There is a mistake in my gender in my NIN and l have corrected it from male to female. But PenCom is yet to acknowledge same to enable me complete my capturing.

      Kindly help me to complete my retirement process. I am under NUPEMCO, University of Maiduguri.

    PENCOM: Dear Madam, please visit your PFA to conclude the Data Recapture.

    SALAMI: Kindly help me to resolve my contribution withdrawal from Stanbic IBTC Pension. Upon attaining age 50 in 2023, I made an application for withdrawal. After several correspondence and having submitted the necessary documents required, Stanbic IBTC told me that they are unable to proceed with my contribution calculation because my last employer, May & Baker, said I didn’t do clearance following the termination of my appointment in 2013.

    All my explanation to IBTC fell on deaf ears. We have been on the matter since April, last year. My pension contribution was not from May&Baker alone, I see this as a ploy by IBTC to deny me my right to access my fund.

    Kindly assist me to get justice.

    PENCOM: Stanbic IBTC responded stating that the RSA holder did not provide pay slip to enable processing of his request. Kindly visit the PFA and submit the required document.

    SULE: Good morning, ma. My name is Joshua Ojonimi Sule. I have a pension account with FCMB Pension. Just three weeks ago, my company asked us to go and do recapture in our pension companies. All my colleagues have done their recapture successfully except me because FCMB Pension management indirectly refused to do my recapture for over two weeks, stating that their network was down. But I later found out that the network was not down for other services except recapture.

    I am in their office and they are still saying the same things. What do I do, madam?. Thanks

    PENCOM: Dear Mr. Sule, please provide your Retirement Savings Account (RSA) PIN to enable the Commission investigate the complaint.

    BAHAGO: Good day, please I want to know if I can collect my  balance or loan of my pension. My monthly pension is below N8,500 and my total balance is also below N1million.

    I was asked to look for your reply through The Nation every Wednesday. I am in village and I have no access to the newspaper. What do I do? My PFA is ARM Pension. Thank you.

    PENCOM: Dear Mr. Bahago, please visit any branch of ARM Pension close to you to advise you on the options available to you on your request.

    BAWA: Dear Omobola, we are the administrator of our late father Mohammed. He worked at the Immigration Service from 1987 and was retired by the Presidential Taskforce in 2006.

    Since then, we have not collected one Kobo from either the National Pension Commission or the Nigeria Immigration Service. We don’t know where to go or what to do. Kindly help us.

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

    ANNONYMOUS: I am Oforlea. I retired on September 14, 2022. My date of birth is November 23, 1964 but it was wrongly captured in my NIN as November 23, 1965, which has been corrected. I later went for recapturing at Premium Pension but a staff member of the company refused to attend to me. He said my date of birth is different from that  in PenCom’s record.

    Read Also: Senate passes N446bn FIRS 2024 budget

    Meanwhile, I have November 23, 1964 in my records. What should I do?

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

    ANNONYMOUS: Hello, 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 by moving from one office to another but all my effort prove abortive. Kindly help me.

    PENCOM: Kindly provide your name and PIN.

    ANIEMA: Hello, my late mum, Aniema, pension fund has not been paid since she passed on 2019.

    Until her untimely death, she worked at the Federal Science and Technical College (FSTC), Akwa Ibom State.

    Her daughter who is next of kin, is Asuquo. I have submitted the necessary documents to Stanbic IBTC pension and we sent same via SMS to Pencom.

    Kindly assist us so that her daughte, Favour and her younger siblings can attend university. We have been looking out for The Nation every Wednesday. Thank you.

    PENCOM: Dear Sir, the death benefit has been processed and paid since July 2023. The named beneficiary is advised to contact PFA.

    OLABISI: My name is Olabisi.You requested for my PEN PIN. I have sent the information. My PFA is Trustfund. My complaint is that I submitted my application on 25 per cent loss of job yet I have not been paid. Thank you.

    PENCOM: Dear Mr Olabisi, please contact your PFA to direct you on the next steps as the application is incomplete.

  • Non-Interest Fund hits N54.27b in pension assets

    Non-Interest Fund hits N54.27b in pension assets

    • Sustains growth

    The Non-Interest Fund (Fund VI) has demonstrated remarkable growth, soaring to N54.27 billion in pension assets.

      The fund was  launched by the National Pension Commission (PenCom) in September 2021.

    PenCom Director-General, Mrs. Aisha Dahir-Umar, made this known in a document obtained by The Nation.

    She attributed the sustained growth to the robust Operational Framework of the Non-Interest Fund (Fund VI).

    Introduced as part of the Multi-Fund Investment Structure, she said Fund VI empowers pension contributors and retirees to select a fund that aligns with their investment preferences.

    She said since its inception, the Non-Interest Fund has garnered  acceptability by pension contributors and retirees.

     While the Fund’s assets stood at N7.79 billion in September 2021, she said the Fund has grown to N54.27 billion by the end of January, this year, translating to an impressive leap of over 500 per cent or N46.48 billion over the period.

     The PenCom boss further stated that the growth trajectory underscores the effectiveness and appeal of the Non-Interest Fund among pension stakeholders.

    The Fund, according to her, offers RSA holders the choice of how their pension contributions are invested. It is expected that with sustained enlightenment on Fund VI, its assets will continue to grow. 

     Multi-Fund Investment Structure

     She said: “At the commencement of the Contributory Pension Scheme (CPS), active contributors’ funds were being invested solely in the RSA ‘Active’ Fund. PenCom thus conceived the Multi-Fund Investment Structure to align the age and risk profiles of contributors. Introduced in July 2018, the Multi-Fund Investment Structure separated the RSA Fund into six Fund types (Funds l to Vl). As a result, pension contributors and retirees are allowed to make specific choices regarding the investment of their pension funds.

    “The Multi-Fund Structure is consistent with allowing individuals to make their own choices under the Contributory Pension Scheme (CPS). These choices include selecting a Pension Fund Administrator (PFA) to open a Retirement Savings Account (RSA) and choosing a fund under the RSA Multi-Fund Structure, the transfer of an RSA from one PFA to another, among others.”

     Non-Interest Fund

    On Non-Interest Fund, she said Section 7.3 of the Regulation on Investment of Pension Fund Assets issued by PenCom, established the Non-Interest Fund (Fund VI) among the Fund types to be managed by licensed PFAs.

    “It is a Fund which complies with the provisions of Islamic Commercial Jurisprudence and any other established non-interest principles, as approved by the Financial Regulation Advisory Council of Experts (FRACE) or any other body constituted by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission.To boost confidence amongst pension contributors and retirees, the FRACE has certified that the Operational Framework issued by the Commission complies with non-interest finance principles.

     “Some of the objectives of the Operational Framework issued by PenCom include promoting financial inclusion within the Nigerian Financial System, establishing standards and procedures for managing Fund VI by licensed PFAs, and assisting in expanding the coverage of the CPS by attracting employees who are interested in non-interest funds. Sequel to the issuance of the Operational Framework by PenCom, PFAs were required to create and maintain the Non-Interest Fund for interested RSA holders. The Fund shall be separated into two funds, for active RSA holders and retirees.

    Read Also: We will ban issuance of mining licenses to investors without requisite plans – Alake

    “The permissible instruments for the Investment of Fund VI assets include Corporate/Supranational Sukuks, Government Sukuk (including Islamic Treasury Bills and Euro Sukuk) issued by the Federal Government of Nigeria, CBN or FGN agencies and Infrastructure Sukuk backed by FGN/CBN guarantee. Other instruments are compliant Money Market instruments, ordinary shares, private equity funds and real Estate funds.”

    How to transfer your pension savings to the Non-interest Fund

    On how to transfer pension savings to the Non-interest Fund, Mrs. Dahir-Umar said the Non-Interest Fund is optional for pension contributors and retirees.

    “Consequently, RSA holders in Funds I, II, and III and retirees in Fund IV are eligible to transfer their RSA contributions to the Non-Interest Fund (Fund VI) by making a formal request to their PFA in line with the provisions of the RSA Multi-fund Implementation Guidelines and Section 7.6 of the Investment Regulation dealing with Transfers between Fund Types within a PFA.

    “Therefore, eligible RSA holders who are interested must visit their  PFAs to request the transfer of their pension funds from their existing Fund to the Non-Interest Fund by completing and signing a Consent Form to be issued by the PFA. The personal presence of the RSA holder is required due to the need for authentication. Consequently, regardless of the Consent Form’s availability, the process cannot be concluded until the RSA holder visits the PFA and appends his/her signature to the form. After that, the PFA will move the funds from the existing Fund to the Non-Interest Fund and advise the RSA holder accordingly.”

    As the Commission and Pension Fund Administrators (PFAs) intensify enlightenment, it is expected that the growth of the Non-interest Fund will be sustained, she stressed.

  • Obasanjo ‘surprised’ at CPS’ growth

    Obasanjo ‘surprised’ at CPS’ growth

    Former President Olusegun Obasanjo is surprised at the growth of the pension assets over the last 20 years, The Nation has learnt.

      Chief Executive, Pension Fund Operators Association of Nigeria (PenOp), Oguche Agudah, stated this after a visit to Obasanjo.

      The visit was was part of events to mark the 20 years of pension reforms in the country.

      He said when his administration unfolded the reforms and pushed for a bill on how pension administration should be done, he did not know that the assets would grow quickly and have such a huge positive effect.

       Obasanjo, Agudah recalled, said  one of the major reasons for the reform was his pain at seeing so many pensioners queuing up to collect their pensions during his first term in office, especially soldiers.

    Read Also: Senate passes N446bn FIRS 2024 budget

     He said: “With this in mind, he resolved to see how the government could make pension management and administration private sector driven and more in line with global best practices.’’

       When asked about why they chose Contributory Pension Scheme (CPS) for Nigeria, Obasanjo said: “It’s simple, we just see what other countries are doing and if it’s good for us we copy it and adapt. There is no harm in copying if we see what other countries are doing and it’s good for them, we adapt.’’

      Also, Obasanjo said what the industry needed to do was to see how the pension assets that had been saved over the years can help more in national development, especially infrastructure investments in a safe and sustainable manner that does not jeopardise people’s pensions.

     “President Obasanjo was speaking as part of the activities to mark 20