The Nation Newspaper

Category: Pension

  • Pension complaints and solutions

    Pension complaints and solutions

    FADARE: Dear PenCom, we are a group of journalists and former staff members of National Mirror Newspapers. We worked for the organisation from 2010 to 2013.

    Unfortunately, our pensions were never remitted to our pension account despite having the Retirement Saving Account (RSA) opened with different Pension Fund Administrators (PFAs) at different time.

    We are calling on the Director-General of PenCom, Mrs. Aisha Dahir-Umar to come to our aid by compelling the organisation to remit our pension. The organisation, which is moribund was owned by Dr. Jimoh Ibrahim, the Senator representing Ondo South Senatorial District in the National Assembly.

    The workers involved are Fadare, Isioma, Gambari, Olesin; Ojo, Adeniran, Nwaneri, Frank, Akinlabi, Olomojomoloju, Esan, Ogundare, Kayode, Eferaro, Kusimo, Igbintade, Ebhuomhan, Okwara, Okanlawon; and Salako.

    PENCOM: Dear Mr. Fadare,  the concerned staff members are to write individually attaching the following: PIN, Name and Address of Employer, Period of non-remittances, and a copy of their RSA statement to their letters to enable the Commission further process the complaints.

    ROLUYO: Dear Omobola, I am Roluyo. I retired from the Ministry of Petroleum Resources since February 15, 2023. Stanbic IBTC Pension is my PFA.

    I have, however, not heard any message about my payment. Do please help find out the problem. Thank you.

    PENCOM: Dear Mr Adeleke, please note that January 2023 retirees’ payment is being processed. The payment for February will commence shortly.

    MWALIMA: My name is Mwalima, I am serving with the Nigeria Police Force. I transferred from Premium Pension to NPF Pension since September 2023. But, up till now, my funds have not been transferred to NPF Pension. My ETD is December 31, 2023 but NPF has not alerted me on any development neither do I have any information on how to get my certificate. Kindly help facilitate my transfer.

    PENCOM: Dear Mr. Mwalima, please contact the NPF Pension. Your RSA was moved to the PFA in December 2023.

    OLABISI: Hello, my name is Olabisi.You requested for my PEN and name (Annonymous). PFA: Trust fund. My application has already been submitted. I am yet to be paid 25 per cent for job loss. Thank you.

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

    ANIEMA: Hello, my late mum’s pension has not been paid since she passed on in 2019. Her name is Aniema. She worked at Federal Science and Technical College (FSTC), Uyo, Akwa Ibom State.

    Her daughter, who is the next of kin, is Favour. I have submitted  the  necessary documents to Stanbic IBTC Pension. We also sent document via SMS to PenCom. Kindly assist us so that Favour can attend university. Ditto her younger siblings too.

    Loking forward to your quick response.

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

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

    PENCOM: Provide PIN and PFA.

    EGWAKHIDE: My name is Egwakhide. I served from 1981to 2016 (that is, 35 years). My complaint is: the short payment of my lumpsum and monthly pension. Thank you.   

    PENCOM: Provide PFA.

    BAKARE: Dear PenCom, I am Bakare Raufu Tunde, a retiree. We were directed to fill in a form last year for palliatives but up till now, we have not recieved anything.

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    PENCOM: It does not apply to CPS retiree.

    HARUNA: Greetings to PenCom and The Nation. My name is Harun. I retired from the Nigeria Custom Service (NCS) in 2014.The 2.5 per cent shortfall approved by former President Muhammadu Buhari has not been credited to my RSA account.

    My PFA is Sigma Pension. Kindly help push it, so that I can get my payment.

    PENCOM: Provide PIN.

    ANNONYMOUS: Hello, I am having problems with my PFA, Access Pension. I was told that I have the right to change my PFA. I also know that I have a right to change to an insurance company for life annuity. However, my PFA is making it seem like it is a crime to do so. I called their office today but they told me vehemently that it is PENCOM that does not want to give approval to my case. Kindly help me.

    PENCOM: Provide PIN

    OPEOLUWA: Hello, my dad’s name is Olabode. He retired since July 13, 2021 but he has not received his pension up till now. He retired from NIPOST. His PFA is Stanbic Ibtc Pension. Please help us. We really want to know why the money has not being paid. The suffering is too                                                                                                                                                                                                                                                                                                                                                                                                                                                           much.

    PENCOM: Provide PIN  

  • Pension complaints and solutions

    Pension complaints and solutions

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

    On joining Tribune, Stanbic IBTC Pension opened a new RSA account for me, same Stanbic with Vanguard. Now I have double PEN registration and I am having difficulties in accessing my funds. For over a year, I have been writing Stanbic and the DG of PenCom but to no avail.

    After much pressure, Stanbic claimed to have harmonised the two PEN account numbers and it is left for PenCom in Abuja to approve for me access to my funds. My findings show that it will take another one year to get PenCom’s approval.

    Please, what can I do to get the urgent attention of the Pen Com DG to resolve my pension issue?

    PENCOM: Send the PIN numbers

    ANNONYMOUS: Good day,  I would like to know document to be submitted to claim my pension. I also want to know the percentage of my total RSA due to be paid to me. I am 60 years old. My PFA is Access Pension.

    EFE: My name is Efe. Sequel to your advice to send my PIN, which I did to enable the commission investigate my complaint in The Nation of Wednesday March 22, 2023, nothing has been forthcoming. I want to know my RSA credit, bond and eligibility status to access the 25 per cent.

    PENCOM: The Nation should forward the PIN number to PenCom

    ODUWAN: I retired in September 2022 and after one year. I did not receive any thing from PenCom. Please, help me to know my plight by finding out my status. My PFA is Access Pension

    PENCOM: Please, note that the complainant’s request is being processed. The PFA will contact the complainant once it is concluded.

    ADESAKIN: My name is Adesakin, my employer has not remitted my pension deducted for about 70 months. What can I do?

    PENCOM: NO PFA

    ADJOGRI: Hello, my name is Adjogri. I retired on July 31, 2016 from SUBEB, Delta State, and got my accrued right to process my lump sum and pension. I went to Oak Pension Limited on the November 8, 2023 to process it after eight years. But, I have not heard from them for over two months. l am yet to receive my lump sum neither has my annuity sum been released.

    Meanwhile, my contemporaries who chose Programme Withdrawal with the same Oak Pension have  received their payments. Is it a crime to choose annuity which is what warrant this unholy treatment from Oak Pension?

    The Pension Act provides us the freedom to choose any payment and I have opted for Annuity but Oak Pension is punishing me because I didn’t choose their Programme Withdrawal. I plead with PenCom to intervene and not allow the situation degenerate into litigation. Thanks in anticipation.

    PENCOM: Please, note the evidence of Annuity Request is yet to reach the Commission.The RSA holder should contact the PFA to submit the request.

    AWASE: Good day, I am Awase. I wrote to complain about the delay in the processing of my agreement  which I submitted to Access Pension on December 12, 2023 to purchase Annuity for Life.

    They have refused to treat my request. I am much aware of my rights to choose between Programme Withdrawal and Annuity for Life. I, therefore, appeal to you to use your offices to compel Access Pension to process and transfer my RSA balance to Leadway Assurance without further delay.

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    Please, help me to solve this problem between Access Pension and I. The frustration is too much. Since I retired on October 20, 2015, I have not been captured on their system and they are not paying me.

    PENCOM: Please, note the evidence of Annuity Request is yet to reach the Commission.

    The RSA holder should contact the PFA to submit the request.

    ABUBAKAR: Dear Nation, my name is Abubakar from Ilorin. I worked at the Nigerian branch of the Danish Yoghout Company, FANMILK PLC, for 31 years.

    It was the illness brought on by my workplace accident that made them lay me off without compensation. I beg to use this forum to appeal to the CSR conscience of FANMILK PLC and the embassy of Denmark. Thank you.

    PENCOM: Not under our Purview, NSITF

    EYIMOGA: Dear Omobola, my name is Eyimoga. I write to complain about the prevention and delay in the processing of my provisional agreement which I submitted to Premium Pension on November 24, 2023 to purchase annuity for life. I am much aware of my right to choose between program 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.

    PENCOM: Please, note that the RSA holder was paid via Programmed Withdrawal Approval on 7-dec-2023

  • CPS provides gratuity payments, says PenCom

    CPS provides gratuity payments, says PenCom

    The National Pension Commission (PenCom) has cleared the misconception that the Contributory Pension Scheme (CPS) has abolished gratuity payments.

    Describing it as unfounded, the commission said the Scheme accommodates gratuity and enhanced retirement benefits through the Additional Benefits Schemes (ABS) for employers.

    While urging employers to embrace the ABS, PenCom said it has several benefits for employers and employees such as attracting and retaining talents, enhancement of employees’ morale and loyalty and improvement of an organisation’s reputation.

    The commission, in a statement, said with the Pension Reform Act (PRA) 2014 and the CPS, retirees and workers could navigate their retirement planning with greater clarity and confidence.

    The Director-General of PenCom, Mrs. Aisha Dahir-Umar, stated that  the CPS position on gratuity payments had been a subject of misunderstanding.

    She, however, said a closer examination of the Act alongside initiatives by PenCom shows a clearer picture that aims to fortify retirement benefits across the nation.

    Gratuity under the CPS

    Mrs. Dahir-Umar said: “With the introduction of the CPS as a reform to the old Defined Benefits Scheme (DBS), apprehensions arose regarding the fate of gratuity payments. Contrary to fears, the CPS framework, guided by the PRA 2014, has accommodated the payment of lump sums and other additional retirement and terminal benefits.

    “The PRA 2014 allows employers to establish Additional Benefits Schemes (ABS), through which they can provide enhanced retirement benefits, including gratuity payments, to their employees. This means that employers have the flexibility to offer additional severance benefits beyond the mandatory retirement benefits stipulated by the CPS, depending on the terms of employment, affordability and collective bargaining.

    “Under the CPS, an employee has the option to select from two modes of withdrawing retirement benefits, namely, programmed withdrawal from a Pension Fund Administrator (PFA) or retiree life annuity from a life assurance company. In both options, a lump sum payment is allowed to be accessed by the retiree.”

    Buttressing the commission’s commitment to the well-being of retirees, she said they allow the payment of a lumpsum at retirement as provided by the Regulations.

    “Similarly, gratuity under the DBS was also given as a lump sum payment to an employee upon retirement. One significant advantage of the CPS over the DBS is the security and transparency it offers regarding retirement benefits. Unlike in the DBS, where the promise of gratuity did not guarantee payment, the CPS ensures that funds are diligently managed by PFAs, making it impossible for employers to divert these funds for other purposes.

    “This safeguards retirees’ interests and provides them with greater assurance regarding the receipt of their terminal benefits. PenCom’s unveiling of the Framework for the Establishment of ABS under the CPS further solidifies this stance. This framework provides a structured approach for employers to enhance retirement benefits while ensuring the proper management and utilisation of pension funds.”

    Custody and Management of ABS

    She continued: “The PRA 2014 permits only institutions licensed by PenCom to hold and manage pension funds and assets. Consequently, only licensed PFAs can manage pension assets.

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      “Similarly, the custody of pension assets can only be done by licensed Pension Fund Custodians (PFCs).

    “Employers seeking to establish an ABS for their employees must demonstrate compliance with the PRA 2014. This includes up-to-date pension contribution remittances, Group Life Insurance cover, and execution of a Portfolio Management Agreement (PMA) with a chosen PFA. Employers may appoint one or more PFAs to manage the ABS, with a lead PFA designated in cases of multiple appointments.

    Documentation requirements

    “Employers must submit various documents to PenCom for review and approval to establish an ABS. These include the draft Portfolio Management Agreement, Trust Deed, Rules of the Scheme, evidence of pension contribution remittance and Group Life Insurance policy, and evidence of employees’ Retirement Savings Accounts (RSAs).

    “They also need to provide information to indicate if the scheme is a Defined Benefit or Defined Contribution and give an undertaking to comply with regulatory provisions and to fund the scheme continuously. The appointed PFA is responsible for annual actuarial valuations and audits, ensuring compliance with regulatory guidelines.’’

    Impact of ABS

    “Stakeholders have adjudged the implementation of the CPS in Nigeria a success. However, there are some issues regarding low pensions, especially for public sector retirees. This could be attributed to several factors, including the relatively low pay when compared to the private sector and insufficient accumulation of funds for long periods under the CPS, among others.  It is vital to state that the CPS provides a comprehensive framework that allows employers and employees to plan and save towards retirement benefits.

    “Accordingly, employers can use the Framework for the Establishment of Additional Benefits Schemes recognised by the PRA 2014 to increase the pensions of their employees.

    “It is also imperative to state that various options are available to employers and employees to improve the adequacy of pensions for employees. Providing additional retirement benefits can have several benefits for employers and employees. It can attract and retain talent, enhance employee morale and loyalty and improve an organisation’s reputation,” she added

  • Reform pensions triple lock by OECD, UK told

    Reform pensions triple lock by OECD, UK told

    A major global economic body has urged the UK government to reform the pensions triple lock to improve the public finances.

    The Organisation for Economic Co-operation and Development (OECD) said a shake-up would help give ministers more “fiscal headroom” – as it warned the country was vulnerable to shocks, including further increases in energy prices amid the wars in Ukraine and the Middle East.

    The policy was introduced by the coalition government in 2010 and was designed to ensure people’s pensions were not impacted by rises in the cost of living over time.

    Under its terms, the state pension must rise every April by whichever is highest out of average earnings, inflation or 2.5 per cent.

    But critics say the policy has become too expensive for the Treasury and is unfair on people of working age who may also be struggling.

    A recent report by the Institute for Fiscal Studies (IFS) said the triple lock added an extra £11bn a year to public spending.

    Paris-based OECD, a club of 38 rich countries, on Wednesday added its voice to calls for reform in its latest Economic Outlook report.

    It said: “Maintaining and strengthening current fiscal efforts is essential against the challenging backdrop of high borrowing and debt, and as higher debt interest payments have eroded fiscal headroom.

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    “Reforming the costly triple lock uprating of state pensions would help, by indexing pensions to an average of CPI [consumer price index of inflation] and wage inflation, and by providing direct transfers to poor pensioners to mitigate poverty risks.”

    It said reforms to tackle labour market inactivity and reducing “policy uncertainty for business investment” would also help improve the UK’s finances by encouraging growth.

    Chancellor Jeremy Hunt confirmed in his recent autumn statement that the state pension will rise by 8.5% in April 2024 as part of the policy.

    It will increase to £221.20 a week, in line with an increase in wages – the highest of the three triple lock measures this time around.

    The Conservatives and Liberal Democrats have both insisted they are committed to maintaining the lock, although some senior Tories have called for it to be scrapped.

    Culled from Sky news

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    ADESIYAN: My name is Adesiyan. I did my verification in December 2023 and the outcome was successful. I was issued a number.

      But to my surprise I got another message instructing me to process my’ I’M ALIVE’ again, which I did immediately. The verification outcome on January 31, 2024 was successful. Thank you.

    ABUH: Good day, I am still being underpaid. Please, help me.

    OLUJAFADE: 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 university diploma, which I did successfully.

    But my promotion from 9 to 12 was not implemented before retirement.

    Kindly correct and pay my arrears in gratuity and pensions.

    IRIOGBE: I retired from NIPOST on February 28, 2007 as Chief Investigation Officer on  grade level 14, step 11.

    I was on monthly salary of N77,202 and after enjoying salary increases in 2010, 2011, 2007. But  due to alledged overpayments in my pension, there was a deduction of N23,543.52 from my October 2023 pension.

     At the moment, my monthly pension is N72,203.07. This is  notfunny. I read in your report that PTAD has  set up a committee to look into the matter.  Hope to see a good report soon.

    ONIPEDE: Hello, I am Onipede, a NIPOST retiree. I was surprised to see the deduction by PTAD on my October 2023 pension instead of putting the NIPOST retiree on the correct payment schedule for parastatal.

    In 2019, we attended a verification, which had no effect on our monthly pension.

    Also, in 2019, the Federal Government’s made a consequential adjustment in pension arising from the implementation of national minimum wage from April 18, 2019. But it has not been effected.

    Meanwhile, NIPOST retirees are having a peculiar issue which affects what we received as gratuity and monthly pension – this was grievous on us.

    In conclusion, I want to know, first of all, what PTAD has done on the short payment arising from our gratuity and monthly pension payment, since it was confirmed that we retired in February 2007 with payslips as a prove.

    Secondly, why has PTAD refused to implement the correct monthly pension as parastatal retiree?

    Thirdly, what was the cause of the recent deduction from October 2023, which was done indiscriminately because it made my junior receive more than me. There is also disparity on same grade level officers?

    RTD ASSISTANT SUP. ESSIEN: It is pertinent to know the time retired police officers under PTAD are required to carry out ‘I AM ALIVE’ confirmation. I was among those who received text messages from PTAD to do ‘I am Alive’ confirmation in October 2023. I was mandated to do it on October 20, 2023.

    I received another text message to do my confirmation before  February 10, 2024. When I contacted some of my colleagues to know whether PTAD sent such information to them, they said no.

    Since then, I have become restless. I want to know from PTAD  the time limit for ‘I’AM ALIVE’ confirmation instead of someone or a member of the staff calling or sending SMS indiscriminately.

    ANIMASAUN: This is to thank The Nation management for the good job you have been doing in solving pensioners’ complaints.

    My name is Animasaun. I retired from the Centre for Management Development (CMD) in December 1996 on a grade level 14 (USS13).

    Since then, CMD has been paying my pension until 2017 when PTAD took over along with other  retirees.

    In October 2023, PTAD reduced my pension by almost 40 per cent without any explanation. I complained to my former organisation about this. Its Pension Desk Officer contacted PTAD about this.

     She was told to tell the affected pensioners to contact Mr Yusuf of PTAD on telephone number 08025011634 for assistance.

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    I contacted Mr Yusuf. He asked me to wait for a letter that explains the reasons and the computation leading to pension reduction before I make any complaints. I waited till almost the end of November, there was no letter from PTAD.

    Later, I learnt that PTAD has asked the affected pensioners to visit any o their office in their state to collect the letter. I went to PTAD office at Tafawa Balewa  Square, Lagos for my letter.

     Unfortunately, the officer in-charge told me that he was not aware of such a letter.

    However, he put a call to Mr Kabiru in PTAD Abuja about the letter. To my surprise, Mr Yusuf replied that PTAD had not written any letter to the affected pensioners on the matter. This is contrary to what the Executive Secretary of PTAD  told members of one pension union that most of the letters dispatched to the affected pensioners were returned.

    My request is: I want The Nation to help me so that PTAD can send the letter that gives a breakdown of the computation that led to my  pension being reduced by almost 40 per cent.

    The letter can be sent to PTAD’s office in Lagos for me to collect or to my address.

    AKINMUSAYO: I am complaining on behalf of my father who retired 19 years ago from the Ministry of Defense but is yet to get gratuity.

    MABAWONKU: My name is Mabawonku, a Federal/State pensioner. I worked at the Nigeria Educational Research and Development council (NERDC),from September 14,1982 to July 6,1993. Thereafter, I joined the Lagos State Government on July 15, 1993 and retired on January 28, 2008 as a Director. Despite several demands in writing, calls and physical presence the gratuity has not been paid. I did physical verification with PTAD at Lagos in 2019. On request, I have sent my verification certificate and bank details from 2008 till date to PTAD . With all the conditions met since 2019, still my gratuity of 11 years and pension arrears of 6 months ( January to July 1993 ) has not been paid. I call on The Nation newspaper through you ( Omobola) to please help me. Thank you.

    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.

  • PTAD, Interior Ministry to collaborate on data integration

    PTAD, Interior Ministry to collaborate on data integration

    • Minister hails on DBS’ pension administration

    The Ministry of Interior and Pension Transitional Arrangement Directorate (PTAD) are  to collaborate on data integration to  ensure seamless operations with the Nigeria Immigration Service (NIS).

    PTAD Executive Secretary, Dr Chioma Ejikeme, made this known after a visit by the management staff members to the Ministry.

    Minister of Interior, Dr. Olubunmi Tunji-Ojo assured that the ministry would collaborate with the Directorate, especially in data integration.

    He stated that integration would enable a seamless digital handshake between PTAD and the NIS to make sure that pensioners in the diaspora who could not come back to Nigeria due to age can be verified.

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    Commending PTAD for the administration of Defined Benefit Scheme (DBS), Tunji-Ojo acknowledged that the Ministry and Directorate are partners with a big role in actualising the Renewed Hope Agenda of President Bola Ahmed Tinubu.

    He said they needed to work together to make services easy for pensioners.

    Earlier, the Executive Secretary gave an overview of the categories of pensioners under PTAD mandate; challenges and successes of the Directorate, as well as the “I Am Alive” confirmation (IAAC).

    She further explained that when PTAD was established, it inherited invalidated pension payrolls which led to the start of pensioner verifications in 2015 to validate and build a credible database of former Federal Government workers.

    She said pensioners, who are in the diaspora and are unable to return to Nigeria due to age or ill-health, were yet to be validated and their biometrics captured by PTAD.

    She appealed for collaboration with the Minister and his team on verification of DBS pensioners in the diaspora to ensure they could confirm that they are aliveness and continue to receive their pension entitlements.

  • Linkage Assurance records 26% growth

    Linkage Assurance records 26% growth

    • Gross premium hits N16.3b

    Linkage Assurance Plc recorded growth in the financial year ended December 31, 2023, with gross premium written (GPW) rising to N16.33 billion, from N12.98 billion the previous year, indicating a 26 per cent growth.

    This was contained in the company’s Unaudited Financial Statements for 2023 filed with Nigeria’s NGX Limited.

    A breakdown of the result shows that Linkage Assurance posted a Profit before Tax (PBT) of N4.51 billion, a 67 per cent increase from N2.70 billion in 2022. PAT rose to N4.22 billion, from N2.57 billion, an increase of 64 per cent.

    Also, the company recorded underwriting profit of N705.71 million from N506.12 million in 2022, indicating a 39 per cent growth. But it paid claims for losses worth N4.49 billion, from N3.09 billion in 2022.

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    The company also witnessed  growth in investment income, which rose from N4.87 billion in 2022 to N9.02 billion last year.

    The investment and other operating income, according to the company, was buoyed by dividend income received from investment in pension business, sundry income from share subscription and foreign exchange gains.

    The balance sheet was further strengthened with total assets rising to N50.52 billion, a 26 per cent increase from N39.99 billion in 2022.

    The company’s Managing Director/Chief Executive Officer, Mr. Daniel Braie, expressed satisfaction with the result. He said they have continued to deploy strategies in line with its growth plans, remaining tops in its core areas from stronger market share, expanding market size, enhancing customer experience, and ensuring there is value creation for its investors and other stakeholders.

  • Africa Re honours late GMD

    Africa Re honours late GMD

    Africa Re has celebrated its immediate past Group Managing Director, Mr Bakary Kamara at an ‘Evening of Tributes’, themed “The Colossus”.

    Born in 1949, Mr. Kamara died last month, aged 75. His journey in the insurance sector was marked by dedication, vision, and transformative leadership. His tenure at Africa Re saw tremendous growth in premium income, profit and shareholders fund.

    A video on Kamara’s life and times was played at the event.

    The evening delved beyond professional accolades, showing the multifaceted dimensions of  Kamara. His children, former colleagues and mentees shared stories that highlighted his compassion, generosity, and commitment to empowering others.

    Group Managing Director/Chief Executive Officer (GMD/CEO), Africa Re, Mr Corneille Karekezi, said: “When giants leave this world, they leave behind giants; they leave behind strong institutions, they leave behind strong families, they leave behind good culture. Africa Re is not a normal institution, it’s a very complex institution because we are not in one country. We have the cultures of the African continent in one institution.”

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    Deputy Managing Director/COO of Africa Re, Mr. Ken Aghoghovbia, spoke of the impact Kamara had on the institution.

    “Mr Kamara demonstrated the rare combination of tough love and genuine care. Recognising the potential within each individual, he pushed us beyond our comfort zones, challenging us to dig deeper, strive harder and never settle for less. Thus, the collective goal of staff members under his leadership was to be nothing but the best, and as a result Africa Re became a respectable global brand.”

  • Chile’s Boric announces plan to end private pension system

    Chile’s Boric announces plan to end private pension system

    Chile’s President, Gabriel Boric has announced his long-awaited plan to reform the country’s controversial private pension system.

    In a televised address, Boric said he was planning to end Chile’s Pension Fund Administrators (AFP) system in lieu of a new private-public social security system that would see new contributions from employers and the state.

    “The AFPs, in this reform, are finished,” Boric said, adding that new private entities would still be allowed to invest pension funds, but there will also be a public alternative.

    “We’re creating a mixed pension system based on the principles of social security in which the state, employers and workers contribute,” Boric said.

    The current pension system dates back to the Augusto Pinochet dictatorship and is financed solely by workers, who have a monthly 10 per cent contribution managed exclusively by privately-owned AFPs. Pension reform was a key demand of the 2019 protests that rocked the nation for months.

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    Pension withdrawals also became a key means for the government to mitigate the economic impact of the COVID-19 pandemic, draining billions of dollars from the system.

    Boric’s proposed plan would keep individual contributions and gradually increase employer contributions until they reach 6%. The state would also contribute a certain amount based on its recently created Guaranteed Universal Pension (PGU) program.

    “In Chile, 72 per cent of the pensions are below the minimum wage and 1 in 4 retirees receive a pension that’s below the poverty line,” Boric said. “This happens while AFPs have great profits, even if results and profitability of funds are negative.”

    Boric said the proposed reform would increase pensions, recognize domestic labor and consider the amount of years workers have contributed as a bigger factor.

    There have been several failed attempts to reform Chile’s AFP system over the years. Boric’s proposal must now make its way through both houses of congress, where the ruling coalition has a minority in both chambers.

    • Culled from Reuters

  • Kwara settles N1 billion teachers, others arrears

    Kwara settles N1 billion teachers, others arrears

    Kwara State Government has settled outstanding salaries and gratuities owed to local government workers, basic school teachers, and pensioners by committing another N1.03 billion.

    Governor AbdulRahman AbdulRazaq made this known while emphasizing the government’s commitment to clearing these debts as resources become available.

    He stated that the latest payment marks the government’s continued efforts to settle inherited arrears from the previous administration.

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    In January, the administration commenced paying 100 per cent CONHESS (Consolidated Health Salary Structure) to local government health workers, alongside monthly palliatives of N10,000 each for health workers and pensioners.

    Since January 2020, the Kwara government has disbursed at least N5.5 billion to settle salary and gratuity arrears owed to SUBEB teachers, local government workers, and pensioners.

    This figure excludes the state’s regular monthly salary obligations to these categories, along with numerous others, since taking office in 2019.