The Nation Newspaper

Category: Pension

  • Pension complaints and solutions

    Pension complaints and solutions

    FADARE: Dear PenCom, we are a group of journalists and ex-staff members of National Mirror Newspapers. We worked for the organisation from 2010 to 2013. But, unfortunately, our pensions were never remitted to our respective 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.

    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.

    ODUWAN: My name is Oduwan. I retired from service in September 2022 and I am yet to receive my pension benefit. Please, help me to find out the status of my payment. I am in additional Batch 62A and my PFA is Access Pension.

    PENCOM: The complainant’s request is being processed; the PFA will contact the complainant once it is concluded.

    VIVIAN: Hello, I am a retiree. I retired on July 31, 2016 from Delta State SUBEB, and got my accrued right to process my lump sum and pension at Oak Pension Limited on November 8, 2023; after eight years.

    Till date, l am yet receive my lump sum nor annuity sum, whereas my contemporaries that choose programme Withdrawal as their mode of payment in Oak have gotten their money. Is it my sin to warrant this unholy treatment because I opted for Annuity? I plead with PenCom to intervene and not allow the situation degenerate into litigation. Thank you.

    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.

    EYIMOGA: Hello, my name is Eyimoga. I write to complain about the delay in the processing of my provisional agreement which I submitted to Premium Pension on the November 24, 2023 to purchase Annuity for life. I am 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 Company without further delay.

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

    AWASE: I am Awase. I wrote to complain about the delay in the processing of my provisional agreement which I submitted to Access Pension on December 13, 2023 to purchase Annuity for life.

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    I am much aware of my rights to choose between Programme withdrawal and Annuity for life. I, therefore, appeal to you to use your good offices to compel Access Pension to process and transfer my RSA balance to Leadway Assurance Company without further delay.

    Please, use your good offices to solve this problem. The frustration is too much.

    I retired since on October 20, 2015. Since then, I have not been capture on their system. Thank you.

    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.

    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 now.

    How long does it take for merging?

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

    SANI: My name is Sani, I worked with West African Postgraduate Medical College, Yaba, Lagos. We chose Leadway Pensure Pfa Limited at Number 121/123 Funsho Williams Avenue, Surulere, Lagos. My pension contributions employer/employee has been fully remitted to the Leadway. Also my Legacy has been fully remitted to the Leadway. I have retired since March 31, 2023 and have submitted all the necessary documents for RSA and Legacy to be paid to me since May, 2023. Leadway told me that my documents were rejected because I did not put my pay slip. I sent the pay slip to them immediately. Since then no payment has been made to me. Leadway’s response is that PENCOM has not approved my documents for to pay me. Please, I want you to intervene so that my money can be paid to me. It is six months that I am at home without earning Salary. Thank you.          

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

    ANNONYMOUS: Ma, I strongly need your help. We are leaving the country today and we need money for upkeep as we go. We are banking on my 25 per cent pension savings. PenCom is yet to approve. Kindly help us.

    PENCOM: Kindly provide the details of your Retirement Savings Account, the PIN and the PFA to enable the Commission process the complaint.

  • Crown Takaful Insurance gets NAICOM’s approval to take off

    Crown Takaful Insurance gets NAICOM’s approval to take off

    A new Takaful Insurance company, Crown Takaful Insurance Limited, has received a licence from the National Insurance Commission (NAICOM) to commence business.

    Speaking on the licence and the launch of the firm’s products and services, the Managing Director/Chief Executive Officer, Nasir Abubakar Song, said they received the licence last December 18.

    He said the licence came barely three months after the issuance of an approval-in-principle by the Commission.

    He stated that the kick off of the company’s operations could not have come at a better time as we live in a world grappling with economic uncertainties and unpredictable risks.

    He said as a modern concept of ethical insurance, Crown TakafulInsurance is entering the risk-underwriting market as a solution provider offering technology-powered and value-laden products and services in creative and modified packages designed to meet the needs of millions of uninsured Nigerians and raise the level of insurance inclusiveness to a new level.

    He said: “The company will be leveraging the professionalism and innovativeness of the management and workforce to change the narrative by providing secured risk underwriting alternatives that can guarantee insurance for all cadres of participants in the Takaful insurance segment.

    “The Technical team of the company has designed a wide range of Takaful Insurance Services, tailored to meet the specifications, and demands of participants. It is an advanced approach to insurance and provides an ethical option for participants or policyholders, who require financial security – offering flexibility and quality that can transform the lives of Nigerians.

     “This Joint Guarantee Cooperative is open to all and focuses on social solidarity, financial protection, and transparency.’’

    Under Takaful, Crown Takaful provides security in areas such as automobiles, real estate, travels, and family/life insurance services, amongst others”, Song added. The insurer expressed optimism that the company would emerge as a leading player in the Takaful subsector of the insurance sector within six months of its operations and urged Nigerians “to analytically assess the values of its products and services to know that they are robustly packaged to deliver superior values to them in terms of assets’/familyprotection come rain or shine”.

  • Pension funds grow by 18% to N18.3tr

    Pension funds grow by 18% to N18.3tr

    Nigeria’s pension fund assets have increased to N18.35 trillion as at December 2023.

    A report obtained yesterday showed that pension funds grew by N3.36 trillion or 18 per cent to cloe 2023 at N18.35 trillion as against N14.99 trillion recorded in December 2022.

    The N3.36 trillion growth last year was one of the highest since the commencement of the Contributory Pension Scheme (CPS) about 20 years ago.

    Further analysis showed that the funds had grown N1.56 trillion or 10 per cent in 2022, rising from N13.42 trillion in 2021.

    Pension funds had risen by N1.1 trillion or 8.3 per cent in 2021 from N12.30 trillion recorded in 2020.

    In 2020, pension assets rose by 16.9 per cent or N2.08 trillion in 2020 from N10.21 trillion posted in 2019.

    A breakdown of how Pension Fund Administrators (PFAs) under the supervision of PenCom invested the fund as at last December, showed that about 70 per cent of the fund was invested in Federal Government’s securities.They invested a total of N11.92trillion in FGN Bonds, Treasury Bills, Agency Bonds, SUKUK Bonds and Green Bonds.

    State Government Securities, on the other hand, got N271.35 billion while corporate debt securities N1.90 trillion.

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    The PFAs invested N1.67 trillion in money market instruments; domestic ordinary shares got N1. 57 trillion; while foreign ordinary shares got N202.18 billion.

    Acting Chief Executive Officer, Nigerian Exchange (NGX), Mr. Jude Chiemeka, has said the launch of the NGX Pension Broad Index enhances opportunities for pension investments in quoted equities as the index provides a broader benchmark for tracking equities investment by the pension industry.

    The NGX Pension Broad Index is designed to track the performance of equity securities that adhere strictly to the profitability and dividend payment criteria, along with other parameters specifically tailored to the pension industry.

    With an all-encompassing approach, the index imposes no limits or caps on the number of stocks it can include as constituents. Currently featuring 84 equities, the NGX Pension Broad Index aligns with the provisions of the Pension Reform Act of 2014 and the Amended Regulation on the Investment of Pension Fund Assets proposed by PenCom.

    Chiemeka said the collaboration between the NGX and National Pension Commission (PenCom) underlined shared commitment to create values for investors.

    According to him, the NGX Pension Broad Index is poised to play a pivotal role in guiding investment decisions and enhancing the overall stability of Nigeria’s pension industry.

    “The collaboration between NGX and PenCom underscores a shared commitment to fostering transparency, compliance, and growth within the Nigerian capital market. I am pleased with the approval granted by the National Pension Commission for the NGX Pension Broad Index to serve as the benchmark index for Nigeria’s Pension industry equity investment portfolios. This further solidifies the credibility of the index as a reliable yardstick for evaluating the equity performance of pension industry investments,” Chiemeka said.

    Chiemeka noted that the NGX Pension Broad Index has exhibited robust performance since its launch last year as the index stands out for its well-diversified composition, encompassing high-quality stocks across key sectors, including banking, insurance, oil and gas, consumer goods and industrial goods.

  • Pension complaints and solutions

    Pension complaints and solutions

    ANONYMOUS: Good day, I retired from Federal Medical Centre (FMC), Markudi in 2020. But my monthly pension has not been paid.

       Kindly help me.

    PENCOM: You are advised to approach your Pension Fund Administrator for further clarifications.

    MEFE: Good day, I have requested for 25 per cent of my pension for months, yet no response. Last month, I was told to wait for Pencom’s approval but I have not got any response from Pencom. I have a huge debt to pay and this money is my only hope.

    Please, help me.

    PENCOM: Dear Mr. Mefe, the Pension Fund Administrator had already submitted 25 per cent request for approval and the Commission has granted approval since  November 24, 2023.

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

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

    ASP. RTD. BOLARINWA: Dear Omobola, my name is ASP Bolarinwa (rtd). I voluntarily retired from service in September, last year. 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 (MAN), Oron.

    I can’t enrol and verify 2024 retirees on PenCom Porter. What do I do?

    PENCOM: Kindly approach the Pension Fund Administrator of your employees for assistance with the Online Enrolment Application.

    CHRISTIAN: My name is Christian. I retired from Federal Ministry of Works HQ, Mabushi Abuja in August 2016 after 35 years. Before then, l was promoted to the rank of Chief Executive Officer GL 14 with effect fromJanuray 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.

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    l would be very much happy if you would use your good offices 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 office’s 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: Your Pension Fund Administrator had submitted your request for Retiree Life Annuity approval and the Commission had granted it on December 6, 2023.

    YUSUF: Good day, my is Yusuf.

    I am soliciting PenCom’s intervention to enable me access additional 25 per cent of my pension contribution.

    I worked with 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 an 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 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.

  • NGX, PenCom unveil Pension Broad Index to transform investments

    NGX, PenCom unveil Pension Broad Index to transform investments

    The Nigerian Exchange Limited (NGX), in collaboration with the National Pension Commission (PenCom), has introduced the NGX Pension Broad Index (NGXPENBRD) to transform the equities investment landscape for pension funds.

    The new index also addresses the limitations of benchmarks, providing a more inclusive and representative measure of the investment of pension funds.

    The Director-General, PenCom, Mrs. Aisha Dahir-Umar, said the NGX Pension Broad Index is expected to play a pivotal role in guiding investment decisions for Pension Fund Administrators (PFAs).

    She stated that its composition and adherence to regulatory criteria contribute to enhancing the stability of the industry.

    Evolving from Constraints

    The PenCom boss said pension funds rely on the NGX All Share Index (ASI) and NGX Pension Index (PI) for assessing the performance of their equities.

    However, she noted that both indices had their limitations, explaining that the ASI encompassed  stocks listed on the Nigerian Stock Exchange, including those ineligible for pension fund investments.

    On the other hand, she said the PI comprised only 40 stocks, leading to a narrow representation dominated by high-value stocks.

    Recognising these constraints, PenCom and NGX sought to develop a more comprehensive benchmark, she added.

    Why we introduced NGX Pension Broad Index

    She stated that the NGXPENBRD was introduced to address the shortcomings of the ASI and PI by expanding the eligible stocks and incorporating criteria in line with the regulation.

    “To qualify for inclusion in the NGX Pension Broad Index, companies are required to satisfy specific eligibility criteria. This includes demonstrating a consistent track record of taxable profits over a minimum of three out of the last five years prior to the investment consideration. Moreover, companies seeking inclusion must exhibit a history of either distributing dividends or issuing bonuses in at least one of the preceding five years.

    “Furthermore, adherence to the NGX’s free float rules is essential. To meet this criterion, companies must maintain a Free Float Factor of no less than five per cent. This ensures that a significant portion of their shares is actively traded in the market, aligning with the Exchange’s commitment to maintaining a robust and representative index. It also aids the pension funds liquidity requirement through easy entry and exit of investments,” the DG said.

    Key features of the NGX Pension Broad Index

    Mrs Dahir-Umar continued: “Expanded Composition is a major feature of the new index the NGX Pension Broad Index. It includes 84 stocks, up from the 40 in the previous NGX Pension Index. This expansion resulted from a meticulous selection process, ensuring adherence to profitability and dividend payment criteria set by the regulatory framework.

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    “Regular rebalancing is a significant feature of the NGX Pension Broad Index. To maintain integrity, the index undergoes semi-annual rebalancing, adjusting sector weights to reflect market dynamics accurately. In addition, the NGX Pension Broad Index has introduced diversification. The broader universe of the NGX Pension Broad Index provides a more diversified representation, catering to Pension Fund Administrators (PFAs) with investments beyond the confines of the NGX Pension Index.”

    Promising performance and regulatory approval

     Since its launch, Mrs. Dahir-Umar said, the Index has demonstrated robust performance.

    Comprising high-quality stocks across key sectors such as banking, insurance, oil and gas, consumer goods, and industrial goods, the index aligns with the PenCom Regulation on the Investment of Pension Fund Assets.

    PenCom has endorsed the Index as the benchmark for the industry equity investment portfolios. This  approval solidifies the index’s credibility as a reliable yardstick for evaluating equity performance within the industry, she stressed.

    Guiding investment decisions and ensuring stability

    Mrs. Dahir-Umar also said the NGX Pension Broad Index is expected to play a pivotal role in guiding investment decisions for PFAs, offering a comprehensive view of the market. Its well-diversified composition and adherence to regulatory criteria contribute to enhancing the stability of the industry.

    She added that the NGX Pension Broad Index marks a significant leap  in the evolution of benchmarks for pension fund investments, ensuring a more inclusive, representative, and stable investment landscape.

  • Facilitating trusteeships, others our priority, says LCT 

    Facilitating trusteeships, others our priority, says LCT 

    Leadway Capital & Trusts (LCT) Limited has reiterated its commitment to a trusteeship model that facilitates more transactions for issuers while securing the interests of investors and lenders.

    Its Managing Director, Mr. Ayo Wuraola, made this known at a  briefing in Lagos.

    Wuraola said to enhance its intermediation in commercial, public, and private transactions as well as value preservation and growth, Leadway Capital & Trusts has positioned for greater impact in the Nigerian economy.

    Wuraola said: “We are dedicated to creating sustained value through innovative financial solutions, including trusteeship and microcredit services. As trustees, the company acts on behalf of clients, ensuring their interests are well represented and their investments as well as final wishes are safeguarded through proper documentation as wills or and trusts such as education trusts and estate trusts.

    “Leadway Capital & Trusts’ related investments services encompass select short term loans, leases, LPO financing, and targeted micro-loans. Recognising the pivotal role of trust in commerce, the company underscores its significance in a global landscape where transactions often involve parties in distant locations who may never have met face-to-face.”

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    He envisions growth in the trust business over the next few years, foreseeing its strategic role in the economy.

    He expressed optimism on the promising future of trust services, driven by the growth in credit in Nigeria, among others, as more institutions provide financial services to individuals and small businesses.

    “In recognition of our potential impact, we outlined strategic initiatives to assume a leadership position in the industry. These include curated product offerings tailored to the needs of technology and venture capital companies, addressing the rising diaspora remittances, and fulfilling domestic project management requirements.

    “These initiatives align with the positive trajectory of increased investment in agriculture.

    Recognising the vital role of trust companies through the value chain, Leadway Capital & Trust aims to be at the forefront of facilitating economic growth and financial inclusivity.The company’s commitment extends to empowering women entrepreneurs, supporting small businesses, leveraging technology, and aligning with government initiatives.”

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    SUNDAY: Good day, my name is Sunday from Cross River State.

      My father died on 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, captured and given a pensioner number. But up till date, I have not been paid.

       Kindly help me.

    PTAD: There was incomplete documentation during verification. NOK is requested to come forward with these 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.

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

    I have attended various screening and verification sessions 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 my verification number which I scanned and sent since then.

    I hope Omobola will follow up for me.

    PTAD: NOK should provide the deceased’s name and bank statement.

    OJEDIRAN: My name is Sergeant Ojediran (rtd). I retired in 1994.

    I learn that PTAD has harmonised the pension allowance of IGPs, DIGs, and AIGs without doing same for CPs and the rank and file.

    Please, what is the correct position on this? Thanks.

    PTAD: The Directorate is yet to receive any directive on the harmonisation from the relevant authority.

    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 efforts to get from the Ministry of Establishment, Ibadan. 

    At the last mop up, I submitted  documents but I was not cleared because of the computation sheet.

    My monthly federal pension of N2,511.57 has been stopped since 2019 or thereabout.

    For God’s sake, pay 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, the Ekiti State capital.

    Many retiree come to my business for ‘I am Alive verification. Many are successful but some were not after about five attempts to take their picture before it locks.

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    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 directly.  

    SAMPSON: Good Day, my name is Sampson. I am one of the  officers of Customs who was retired in 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 directly. He is to send his bank statement 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 60 in 2005.

    I worked at RBNL (UAC Div) 1975-1978 and SCOA Motors (1978-1988).

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

    RTD INSPECTOR RAPHAEL: Good day, I want to know if federal pensioners are included in the N35,000 promised by President Bola Tinubu to Federal Government workers?

    If so, why are the states paying their pensioners? Are we not Nigerians that served this country? Please let me know?

    PTAD: This enquiry should be directed to the Federal Ministry of Humanitarian Affairs and Poverty Alleviation

     ADESIYAN: My name is Adesiyan. I am one of the 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 bounces 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 removed on April 27, 1999.

    PTAD: No name and other details were provided.

  • PTAD to correct anomalies in grade levels, steps, others

    PTAD to correct anomalies in grade levels, steps, others

    Complaints by pensioners over wrong computations of their grade levels and steps, among others, have received the attention as the Executive Secretary, Pension Transitional Arrangement Directorate (PTAD), Dr. Chioma Ejikeme, has ordered a review of such cases.

    This was contained in a communique issued at the end of the executive meeting PTAD held with unions and parastatals branch of Nigeria Union of Pensioners (NUJ) on January 19, this year, at the Directorate’s Headquarters in Abuja.

    The communique read: “Following complaints emanating from the outcome of the Back End Computation by Pension Transitional Arrangement Directorate (PTAD), the Executive Secretary set up a Committee comprising Pension Union Executives, Pension Desk Officers (PDOs) and PTAD staff to review complaints bordering on Misapplication of Grade Level/Step in computation; non-inclusion of sectorial allowances not recognised by PTAD as pensionable emoluments; complaints by severed pensioners by Bureau of Public Service Reform (BPSR) as to the recognised date of retirement affecting pensionable years and relevant salary structures; and Application of circular on Consequential Pension Adjustment of 2019.

    “The Executive Secretary, Dr. Choma Ejikeme, maintains and reiterates that the major concern of the Directorate is for every bonafide and qualified pensioner to receive their rightful pension. The Committee set up discovered some anomalies in the Back End Computation bordering on: Grade Level/ Step misapplication and Non resolution of acceptable pensionable emoluments as proposed by the Pension Union and PDOs, among others.’’

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    It added: “Consequently, the Executive Secretary has ordered for a comprehensive review of the Back End Computation Sector by Sector together with representatives of Bureau of Public Service Reform (BPSR), National Salaries Incomes and Wages Commission (NSIWC), PDOS, Pension Union Executives and PTAD staff.

    “As each sector is reviewed with the outcome unanimously adopted, the pensioners, will be put on the payroll based on the results unanimously agreed upon, Any pensioner from any Sector yet to be reviewed by the end of March 2024 will be returned to the September 2023 pension payroll (last payroll prior to the implementation of BEC pending the final review.

    “After the final review and adopted results, for any overpayment discovered, recovery will be immediately initiated based on PTAD established Recovery Policy.’’

    For contentious issues like the Date of Retirement for severed pensioners, consultation with BPSR to request for extant documents for implementation will be mandatory for complaint resolution.

    “On complaints on the consequential pension adjustment of 2019, an explanatory note on the application of the circular from the National Salaries Incomes and Wages Commission has been requested for and resolutions will be based on the response from them.”

  • Mutual Benefits remains stable amid challenging economy, says Chairman

    Mutual Benefits remains stable amid challenging economy, says Chairman

    Mutual Benefits Assurance Plc has remained stable, strong and prosperous, despite the economic situation of the country, Group Chairman, Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi, has said.

    Ogunbiyi spoke at the 28th  Thanksgiving Service in Lagos.

    He said despite the turbulence they faced in 2023, the organisation was able to scale the formidable obstacles.

    He stated that the company will always make efforts to move it forward.

    He said he was filled with joy in Mutual Benefits’ ability to effectively solve its problems through taking smart decisions.

    He said: “We are change makers and always ready to blast through glass ceilings to inspire, empower and connect with our customers in order to deliver highly beneficial values. Unlike most companies, we always go the extra mile for our customers.

    “We are very mindful of the high inflation in our economy and its effects on the lives and livelihood of our dear customers. It is a fact that consumers are indeed feeling the pinch but Mutual Benefits will always make sure they have value for the purchases of our highly beneficial insurance services and allied products.

    “Customers should know that we provide value options at different premium levels to enable you choose the most appealing and affordable. For instance, for vehicle insurance, we have different premium levels for the third party, the third party-plus and of course, the comprehensive insurance policy. ‘’

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    Ogunbiyi continued: “We have differentiating offerings in each category and, therefore, fix premiums that will resonate with each segment. Our customers are very important partners and so, from time to time, we even absorb some costs on packages with appreciable discounted anchor prices.

    “Mutual Benefits Assurance Plc has remained stable, strong and prosperous despite uncertain and challenging economic situation in the country. However, we have more work to do. We are irrevocably committed to further deepening insurance penetration and we will deliver beneficial wealth-creating values to doorsteps in Nigeria, Liberia, Niger Republic and beyond.

    “Our highly beneficial values to customers will forever remain unequalled. We will sustain our competitive advantage and never relent in differentiating Mutual Benefits with unique attributes. ‘’

    Ogunbiyi sought the commitment and loyalty of the company’s customers in this financial year.

    Managing Director/CEO, Mutual Benefits, Olufemi Asenuga, affirmed that the company had a good outing last year, attributing the success to hard work and the staff support.

  • NIA to vehicle owners: buy insurance

    NIA to vehicle owners: buy insurance

    Motorists should priotise  protecting their vehicles with motor insurance, the Director-General, Nigeria Insurers Association (NIA), Mrs. Yetunde Ilori, has said.

    In a statement, Mrs. Ilori said there was the need for Nigerians to insure despite the increase in motor insurance premium on January 1, last year.

    It would be recalled that the premium of third party vehicles had been incresed from N5,000 to N15,000 and liability from N1 million to N3 million

    Mrs Ilori said the increase has put policyholders in better position for more benefits.

    She said it was becoming difficult to replace lost items due to the hyper inflation. As a result, she urged Nigerians to take advantage of insurance as it gives peace of mind to the insured.

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    She, however, advised Nigerians to be weary of some insurers that are still selling third party motor insurance policies for below the approved N15, 000.

    She said: “The saboteurs commonly found in vehicle licensing offices across the country deceive their victims and reap off their hard earned money and would never be available to pay claims when risks occur.”

    She expressed misgivings over the huge loss the industry had recorded over the years due to fake motor insurance policies. She added that the industry is partnering that the Lagos State Government to implement e-insurance to drive sales of third motor insurance through the Motor Vehicle Administration Agency (MVAA) platform of the state, adding that this would eradicate fake insurance.