The Nation Newspaper

Category: Pension

  • NCRIB promotes insurance in Lagos secondary schools

    NCRIB promotes insurance in Lagos secondary schools

    By Demilade Adebesin

    The Nigerian Council of Registered Insurance Brokers (NCRIB) Lagos Area Committee has advanced plans for the promotion of insurance as a subject among secondary school students in Lagos State.

    To this end, the NCRIB rewarded outstanding students from its recently held secondary schools quiz with one year School Care Insurance Policy, laptops, text books and phones.

    The Chairman, NCRIB Lagos Area Committee, Ademola Olutusin, made this known during the NCRIB-LAC 20th Anniversary, Annual General Meeting and End of Year Lecture in Lagos.

     He stated that the council is focused on increasing insurance awareness and penetration at the grassroots, especially in secondary schools.

    He said in line with this goal, they had donated insurance books, publications, and materials to some public secondary schools, and organised inter-school contest where the winners were awarded.

    He added that students in Lagos State Government schools would soon be required to take insurance as a subject in their West African  School Certificate Examination (WASC).

    He further said there were discussions between the area committee, various secondary schools, and the state government on provisions for insurance teachers.

    He stressed that this was due to the challenge posed by the shortage of professional insurance teachers.

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    Also, Olutusin mentioned that the  state government approved the establishment of insurance clubs in state secondary schools following a request by the brokers to it.

    On the quiz for students, he said: “The insurance awareness campaign and award for outstanding students will continue on a yearly basis and shall be extended to institutions of higher learning.

    “NCRIB Lagos Area Committee partnered with Insurfeel Initiative promoters of donation of free insurance policies to outstanding students and individuals in the society. The partnership would enables deserving students enjoy free insurance protection on personal accident while in school, on vacation and anywhere within Nigeria and also provides payment of school fees to the named beneficiaries of the insured parent/ guardian in event of the following occuring: Permanent disability resulting from an accident and death – whether by accident or natural means

    “The Area Committee is committed to enhancing education and safety of students. The partnership would impact lives of students, the insurance industry and by extension the nation. It would also enable the students understand and feel the touch and benefits of insurance which remains the best tools to mitigate risks. The Area Committee has adopted quiz competitions amongst schools as a means to introduce students to Insurance early in their life”, he added.

    The Promoter Insurfeel Initiative Chuks Udo Okonta, said the partnership was part of the advocacy strategy of the initiative, stressing that it entails partnering organisations, associations and groups to adopt donation of free insurance policies to the uninsured.

    He noted that Insurfeel Initiative presently donates two unique insurance policies – School Care Cover and Uni Personal Accident Cover to individuals who have never had much experience on insurance for them to feel how insurance works.

  • PenOps pay 1.27m retirees N2.72t benefits

    PenOps pay 1.27m retirees N2.72t benefits

    Pension Fund Operators Association of Nigeria (PenOp) has paid 1.27 million retirees N2.72 trillion benefits since the inception of the Contributory Pension Scheme (CPS), the Head of Surveillance Department PenCom, National Pension Commission (PenCom), Ehimeme Ohioma, has said.

    Ohioma, who spoke at the  PenOp media parley in Lagos, stated that the pension fund hit N17.66 trillion as at October, this year.

    So far, he continued, 1,183 Retirement Savings Account (RSA) holders have accessed N13 billion as pension mortgage finance and that 17,376 retirement savings account holders have transferred N356 billion from one Pension Fund Administrator (PFA) to another under the RSA transfer system.

    Ehimeme maintained that PenCom is putting finishing touches to foreign currency denominated investments guidelines that would enable PFAs earn real return on investment.

    Read Also: Three kidnapped while performing sacrifice at Enugu river

    PenOp President, Olumide Oyetan said the CPS remains one of the greatest national policy from democracy, stating that before the commencement of the CPS, retirees were subjected to old age poverty as they were unable to get their pension at retirement.

    He said: “The CPS is unique. Due to the safe valves, checks and balances, it ensured by the tripod structure which are the regulator, PFAs and Pension Fund Custodians (PFCs). We call on the government and public to sustain their faith on the CPS, which for the past 19 years, has continued to thrive without any incident of fraud.

    “On our side, we would continue to innovate and comply with stipulated rules in offering quality services to contributors and retirees.’’

    Chief Executive Officer Pension Fund Operators Association of Nigeria, Oguche Agudah, said next year the industry would experience great transformations going by innovations being worked on by PenCom and operators.

    He noted that the event was organised to keep reporters abreast of strides recorded in the pension industry and to also interact with them on how to improve service delivery.

  • Pension coverage: Micro pension’s impact on informal sector (Part 3)

    Pension coverage: Micro pension’s impact on informal sector (Part 3)

    The Micro Pension Plan (MPP) is aimed at low-income earners who are often not financially literate and usually have limited or no access to financial services. 

      This innovative pension solution not only caters to the needs of low-income earners but also extends its benefits to self-employed professionals such as architects, lawyers, accountants, artists, and artisans.

      Recognised as a remedy for combating old-age poverty, similar solutions such as the MPP, have made giant strides in countries like India, Kenya, and Ghana.

    Unlike the Contributory Pension Scheme (CPS), which is mandatory, the MPP is a voluntary scheme  funded by the contributor. Participants in the MPP, however, retain the option to participate in the mandatory contributory pension in the future, should they secure formal employment.

    The flexibility and dynamism of the MPP empower Micro Pension Contributors (MPCs) to seamlessly transition into the Mandatory CPS if they secure formal sector employment, as stipulated by Section 2(1) of the Pension Reform Act, 2014. Upon employment, MPCs can easily continue their contributions by providing their Personal Identification Numbers (PINs) and Pension Fund Administrator (PFA) details to the new employer, eliminating the need for opening a new Retirement Savings Account (RSA).

    Read Also: No noise, please

    Before conversion, MPP contributors have the option to withdraw the total balance of the contingent portion of their RSA. Alternatively, they can choose to leave the contingent portion, which will be merged with the retirement benefits portion of the RSA upon conversion to the mandatory CPS.

    It is essential to note that failure to request conversion within one month of receiving remittances from a new employer may result in automatic status change by the PFA, with notifications sent to the employer and monthly returns forwarded to the Commission.

    Participation in the MPP is exclusive, with no provision for conversion from the Mandatory CPS to the MPP. In addition, once an individual retires from a formal sector employment, participation in the MPP is not allowed. However, the retiree may continue to make voluntary contributions if he secures another employment through his existing RSA.

    The MPP has garnered substantial momentum, evident in the notable increase in enrolments. In the third quarter of the year, the MPP welcomed 6,263 new contributors, propelling the total number of MPCs to 105,455.

    During this period, the cumulative pension contributions from new MPCs amounted to N60.29 million, contributing to a total of N529.32 million received from 105,455 MPCs as at September 30, this year.

    Furthermore, PenCom approved contingent withdrawals totalling N42.7 million for 178 MPCs from the inception of the MPP to the end of the third quarter of the year. Another noteworthy development is the transition of 732 MPCs from the MPP to the mandatory CPS, underscoring the MPP’s impact in expanding pension coverage in Nigeria.

    In conclusion, it should be noted that the MPP undergoes rigorous monitoring and supervision by PenCom to ensure compliance with guidelines and regulations. This has resulted in safety and consistent accumulation of pension assets. PenCom remains steadfast in its commitment to effectively regulate and supervise the pension industry, ensuring timely payment of retirement benefits.

  • Pension complaints and solutions

    Pension complaints and solutions

    ANNONYMOUS: Good day. My complaint has been made by one of my pension account officer, but I am yet to get an update. It has been over three months. How long does it take for merging?

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

    SANI: My name is Sani. I worked at the 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) have been fully remitted to the Leadway. Ditto my legacy.

    I retired since March 31, 2023 and have submitted the necessary documents for my RSA and legacy to be paid since May.

    Leadway told me that my documents were rejected because I did not add my pay slip. I sent it to them immediately.

    Since then, no payment has been made. Leadway’s response is that PenCom has not approved my documents for payment.

    Please, I want you to intervene so that my benefit can be paid. It is six months that I have been at home without earning salary. Thank you.           

    PENCOM: Dear Sir, please carry out the Enrolment, and submit the 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 and we need money for our upkeep. We are banking on my 25 per cent pension savings. PenCom is yet to approve it. Kindly help us.

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

    MOHAMMED: Dear sir, we are the administrators of our late father Mohammed’s estate.

    He worked at the Nigeria Immigration Service (NIS) from 1987 but was sacked by the Presidential Taskforce in 2006.

    Read Also: Three kidnapped while performing sacrifice at Enugu river

    Since then, we have not collected one kobo from the National Pension Commission or the NIS. We don’t know where to go or what to do. Help us out – Bawa.

    PENCOM: Please provide the PFA and PIN 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 the staff member of the company refused to attend to me. He said my date of birth is different from the one in PenCom record.

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

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

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

    PENCOM: Kindly provide your name and PIN.

    GHAZALI: Good day, a gentle reminder of my earlier submission last week. I applied for the transfer of account from Access Pension to Leadway Assurance. I submitted a request five weeks ago. Thank you.

    PENCOM: The Commission is yet to receive the request. Please visit your Pension Fund Administrator to submit the application.

    INSPECTOR OSEZUA: Hello, my complaint is that I don’t know which pension agency I belong to. I was enlisted into the Nigeria Police Force (NPF) on November 1, 2008. I was told by Fidelity Pensions and Trustfund Pensions that my money has been transferred to PenCom.

    Till date I don’t know which PFA I belong to – whether my benefit is with Pencom or the Nigeria Police Pension (NPF).

    Kindly assist me to know where I belong. Thank you.     

    PENCOM: Dear Sir, please visit your preferred Pension Fund Administrator (PFA) among the two and undergo the Data Recapture.

    SALIU: My name is Saliu. If it takes five working days for an approval by you to a PFA’s application, why is your response to Leadway Pension’s application on my behalf taking so long?

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

  • Chevron’s pension fallout: Retirees’ struggle for justice

    Chevron’s pension fallout: Retirees’ struggle for justice

    Retirees of Chevron Nigeria under the umbrella of Pensioners of Chevron of Nigeria, PenCoN, have charged the multinational company to respect the laws regulating pension in Nigeria by involving them in the administration of their pension fund.

    Furthermore, they have called for an instant halt to all CNCPFA outsourcing activities by Chevron until fund owners are consulted and agreement is reached.

    At a press conference in Lagos, the executives and members of the association decried Chevron’s continued refusal to recognise their over 1000- member association in the management of their pension fund, adding the action of the company constitutes a deliberate disregard of their rights of association and choice to determine how their pension fund is administered.

    Omare Jonathan, President of PenCoN in his address, said for almost three decades, Chevron forced- fitted its retirees into a union, Chevron Retiree Association of Nigeria, CRAN, registered as a limited liability company and not as a trade union or pressure group and had since been determining how their pension fund is managed without their input.

    “Having tried unsuccessfully to convince our former employer to respect our rights, Nigerian laws and Chevron tenets, principles and values they preach,  it has become incumbent on us to cry out to let the world know of our fate over the past two decades in the hands of this company we served with our youth.

    When in 2007 the Pension Reform Act came into being, along the line of this commitment, rather than allow us go for contributory pension scheme where our money could generate income for us, they deployed subtle fear mongering of the safety of our funds to convince us to remain with defined benefits where our money remained with them for reinvestment into their business.

    This arrangement was alright because PENGASSAN negotiated a 60 per cent annual cushion package for retirees. But they unilaterally yanked off this cushion that ameliorated the impact of rapidly crashing Naira. It became so bad that persons who left service when Naira was N90 to a dollar kept receiving the same thing even when naira crashed to N1000.

    Read Also: Deadline to Chevron for PIA implementation ends tomorrow   

    In all of these, the Chevron Retiree Association of Nigeria (CRAN) which they force-fitted all Chevron retirees was silent while retirees were dying in droves in penury. This quickly raised our suspicion.

    To strengthen retiree representation, many retirees no longer comfortable with the fraudulent conspiracy decided to form another association. They wrote Chevron withdrawing from CRAN and directed that their dues be deducted at source and paid to their new association – PenCoN

    Lastly, having heard of the birth of a legally qualified and vibrant association, they quickly tracked their decision to outsource our in-house defined benefit pension they convinced us to remain in 16 years ago and clandestinely handed us over to external pension managers they once condemned.

    This way, they  successfully reaped the full benefits of using our funds for their business without any reward to us and are now prepared to dump us with a third party PFA we have no agreement with or owe us anything now they are planning to sell off their holdings and leave Nigeria”, he narrated.

    Jonathan demanded that Chevron withdraws its steps, give proper recognition and audience to PenCoN, immediately stop everything concerning CNCPFA outsourcing until funds owners are engaged and alignment reached.

    He said: “Chevron as a matter of urgency and importance must comply with the constitution of the Federal Republic of Nigeria and Chevron’s Operational tenets # 7 & 10 by engaging the Pensioners of Chevron Nigeria Limited immediately to recognise PenCoN immediately and start implementation of dues deduction at source immediately”, he stated.

    Legal representative of the association, Evans Ufeli said the actions of Chevron Nigeria not recognising PenCoN and mismanagement of its retirees fund clearly violate the Pension Act and the Nigerian constitution.

    According to Ufeli, “PenCoN has sent letters of introduction and invitation for meetings. Letters were received but not even an acknowledgment came from the leadership of CNCPFA. This non-recognition is an infraction of the law of the Land.

    CNL  is mandated by Chevron Corporation, to always comply with all applicable local (Country) laws and regulations where she operates. The Nigerian Constitution is unambiguous on the subject of freedom of association. It is not the place of CNL to choose which association retirees are to belong to. CNL does not have any right to force-fit them into CRAN. PenCoN, is their choice and CNCPFA and CNL must respect their right to freedom of Association”.

    The legal representative warned if the demands of PenCoN is not complied with by Chevron, his clients would proceed to court to seek redress.

  • Pension complaints and solutions

    Pension complaints and solutions

    RINGIM: My name is Ringim, 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.

    YUSUF: Good day, my name 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 outstanding car loan. (I can present my acct statement if need be). I contacted my PFA, Stanbic IBTC, but they said such request doesn’t normally get approved. Kindly assist me.

    ANONYMOUS: Good day, I retired from FMC Markudi in 2020. But my monthly pension has not been paid. Kindly help me.

    LORA: Good day, I requested for 25 per cent for months now and I have been waiting. Last month, I was told to wait for Pencom approval but I have not gotten response  from Pencom. I have a huge debt to pay and this money is my only hope.

    IBANI: Greetings dear Omobola, my name is Ibani. I lost my wife in active service in March, 2021. She left behind two kids for me to cater for. After a year, she was laid to rest and I started processing her death benefit with PREMIUM PENSION where every documents including letter of administration requested by the said PFA were submitted since August 30, 2022  but up till date, nothing has been done and it’s almost a year. My children have stopped schooling as a result of fund. How long does it take for Premium Pension to respond. Kindly help me.

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

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    BAHAGO: Good day, I want to know if I can collect the remaining balance of my pension. My monthly pension is N8500 and my total balance is below N1million.

    ANONYMOUS: Dear Omobola, Re:Current palliative.Thanks for your efforts. Are some pensioners not vulnerable and thus not qualified for fuel-subsidy removal relief?

    AKINBAYO: Good morning, My name is Akinbayo. I retired from active service in Ogun State under 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, but I haven’t gotten my refund yet. 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.

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

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

    CHRISTIAN: I retired from Federal Ministry of Works HQ Mabushi Abuja Nigeria 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 revisit it if they have not taken any action but no response and no payment. One of the staff 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 happy if you would use your good office to help me out. I have health challenges and l need money to treat myself. My name is Christian.

    The Nation Newspaper will send your complaint to PENCOM. Watch out for the newspaper every Wednesday until you get your response. Subsequently look out for Pension news on Wednesdays.

  • Lasaco Assurance contributes to capacity building in education

    Lasaco Assurance contributes to capacity building in education

    Concerned about the standard of education in Nigeria, Lasaco Assurance Plc, has contributed to capacity building in the sector.

    The company said the contribution which it has been making over time is in line with its corporate social responsibility drive, to invest in the enhancement of skills and make students better equipped for the challenges in the sector.

    The latest of its intervention in educational development is its support for the rollout of “The Compass” a magazine published by Airforce Secondary School, Shasha, Lagos. The magazine, which is dedicated to sharing remarkable achievements and inspiring stories within the school community,  mirrors the potential of digital technology in present-day educational development.

    Commandant of the school, Wing Commander B. N. Adamu was full of praise to the management and staff of Lasaco Assurance plc for the support and interest in uplifting education in the country

    He thanked the company for investing in the future of the country through its intervention in education and the development of the youth on whose laps the fortunes of the country would rest in the future.

    Commander Adamu, who led a team of management of the school on a “Thank You” visit to Lasaco’s Corporate House in Lagos, used the opportunity to share his vision for the school and sought the continuous support of the company.

    Read Also: UBEC digitalises quality assurance evaluation in schools

    He called on other corporate giants to emulate the initiative of Lasaco Assurance Plc to be able to guarantee a better future for the country.

    Responding, the Managing Director of Lasaco Assurance plc, Razzaq Abiodun, thanked the commandant for deeming it fit to visit the company and pledged Lasaco’s continued support for the school and other educational institutions.

    Razzaq believed that all corporate organisations must come together to support the government in its quest to take the country out of its doldrums, saying the government alone could not do it without the support and cooperation of the corporate community.

    He explained that his company chose to intervene in the education of children because of its central role in getting the children well-equipped for leadership roles in the future, adding that education would help them fight ignorance and poverty and setting the country on the path to prosperity and growth.

  • NSIA Insurance celebrates men’s contributions to society

    NSIA Insurance celebrates men’s contributions to society

    NSIA Insurance Limited as part of events to mark the International Men’s Day 2023, held a special outreach initiative titled “Heroes without Capes.” which aimed to express gratitude and care to male artisans, traffic wardens and LAWMA workers, recognising their invaluable contributions to society.

    On the bright and early morning of November 23, NSIA Insurance staff gathered on Victoria Island to celebrate, honour and give back to these everyday heroes without capes. The theme for this year’s celebration focused on appreciating the unsung male contributors to various fields.

    The company in a statement stated that celebration extended throughout the week, featuring a series of engaging activities for staff members.

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    The activities included Appreciation Corner, a designated space where female colleagues left heartfelt notes expressing their appreciation for the male staff, acknowledging their dedication and hard work.

    The statement read: “It was filled with free prostate cancer checks. As part of their commitment to health and well-being, NSIA Insurance provided free prostate cancer checks, emphasising the importance of early detection and preventive healthcare for men.

    “There was also let’s talk: A safe and supportive space created to encourage men to open up about their challenges, triumphs, and experiences. The initiative aimed to foster a sense of camaraderie among like-minded individuals, emphasising the power of shared stories.

    Odogwu Friday was also in display, as a specialised man cave set up as a space for men to unwind, relax, and enjoy camaraderie with their colleagues, recognising the need for a designated area to promote a healthy work-life balance”, it stated.

  • Pension Coverage: Micro pension’s impact on informal sector (Part 2)

    Pension Coverage: Micro pension’s impact on informal sector (Part 2)

    The Micro Pension Plan (MPP) is a beacon of financial stability for informal sectors at retirement. It offers a reliable income stream during retirement and effectively combats old-age poverty. The MPP distinguishes itself through its straightforward, accessible, and flexible process.

    An essential appeal of the MPP is the flexibility it affords contributors regarding contributions and accessing a portion of their savings before retirement. This flexibility, designed by the National Pension Commission (PenCom), aims to alleviate the constraints of the mandatory Contributory Pension Scheme (CPS) and encourage broader participation in the MPP.

    The MPP’s design considers the diverse income patterns within the informal sector, hence the flexibility in allowing participants to determine the frequency of making contributions. Accordingly, individuals determine their contributions and frequency based on their financial capacity and pension aspirations. Whether daily, weekly, monthly, or at any convenient time, contributions must occur at least once a year and adhere to reporting requirements under the Money Laundering (Prohibition) Act.

    Contributions can be made through various channels, including cash deposits or electronic transfers via approved payment platforms and financial service agents sanctioned by the Central Bank of Nigeria (CBN).

    The MPP’s flexibility extends to accessing pension contributions, with a 40-60 split between contingent withdrawal and pension allocation, respectively. The contingent portion permits contributors to withdraw funds for immediate financial needs, easing pressures before retirement. The retirement/fixed portion, constituting 60 per cent, becomes accessible only upon retirement, with eligibility set at 50 years or due to health reasons.

    Read Also: Labour flays minister’s proposal on N17tr pension  fund

    The MPP also offers contributors the option to convert the contingent portion annually and transfer their Retirement Savings Account (RSA) from one Pension Fund Administrator (PFA) to another. Upon retirement, contributors can transfer part or all of their outstanding contingent balance to their retirement benefits portion.

    Notably, the Revised Regulation on the Administration of Retirement and Terminal Benefits ensures clarity in benefit payments to Micro Pension Contributors (MPCs). Those unable to procure monthly pension/annuity up to one-third of the prevailing minimum wage receive en-bloc payments. It is crucial to note that the MPP differs significantly from a savings account in a commercial bank. MPP savings can only be withdrawn as a monthly pension or contingent withdrawal, approved by PenCom. On the other hand, commercial bank savings allow withdrawals anytime. Additionally, MPP accounts cannot serve as loan collateral, and transactions exceeding the account balance are prohibited by the Pension Reform Act 2014 (PRA 2014).

    In case of the demise of an active or retired MPC, the RSA balance is disbursed to legal heirs, as stipulated by a Will, Letter of Administration, or court directive. The forgoing underscores the MPP’s role in providing financial security to the families of deceased informal sector workers.

    It is worthy of note that the MPP registration is open to individuals aged 18 and above. The registration process is easy and seamless. Informal sector workers are encouraged to register for the MPP to safeguard their financial future. The concluding part of our series on MPP will focus on other features that distinguish the plan from the mandatory CPS and make it fit for informal sector workers.

    PenCom remains committed to effectively regulating and supervising the pension industry to ensure that retirement benefits are paid as and when due.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    DUNTAN: Good day, I am sending this on behalf of my father. His pension monthly is N51,000 and he was paid N37,000 for the month of October. We want to know what went wrong.

    SGT BASSEY: I am Sgt Bassey, I have not received my pension for the month of October. Kindly help me.

    ANONYMOUS: Good day, I am one of the pensioners that did verification six months ago. I am surprised some people have done the second time. Please I am alive but up till now no message has been sent to me for the second verification as others have done. Please advise me on what to do.

    OWEI: Hello, I am a pensioner, NIPOST retiree precisely. I have been getting my stipend all the time but to my utmost surprise in October, 2023, I was short paid by N4000.

    GODWIN: Good day, my name is Godwin. I withdrew from the force on June 1 , 1995 and I started enjoying pension from February26,2002 till September 2023. I have not been paid October and November 2023. I learned that I missed verification. Please I’m alive. Thanks for your prompt consideration.

    ROSEMARIE: I am ROSEMARIE, my NTA pension from November till date has not been paid. The network has been inconsistent in my locality for months. Kindly help me.

    OLAWALE: Hello Omobola, I am one of the federal pensioners living in ljebu Ode. l have been taking our pensioners who could not confirm l am Alive to go for finger print verification at a business centre in Ibadan. Mr Adesiyan of PTAD should kindly trace the address.

    Read Also: PTAD begins NOK, Gratuity Expanded Project

    EMMANUEL: Good afternoon, my name is Emmanuel. My elder brother died in 2006 as a Sergeant of Police. The wife was captured and given pension number in 2019 but till now she has not been paid. PTAD is now asking for letter of administration. What should I do, Thanks.

    TIMOTHY: My name is Timothy from Oyo State. I want to know what was used to compute my monthly pension since October 1993. I have been on federal share since 1993. Kindly save my poor situation.

    CHUKWUDUBRM: Hello, my father Chukwudubem, a retired police man did not receive his money for October 2023 . Please we need assistance from your good office.

    Thank you

    MEKA: Good day,.I am Meka. It has been two months that I have not received my pension payment from Premium Pension LTD. I filled a form with a bank statement submitted. Kindly help me.

    The Nation Newspaper will send your complaint to PTAD. Watch out for the newspaper every Wednesdays until you get your response. Subsequently look out for Pension news on Wednesdays.