The Nation Newspaper

Category: Pension

  • What you should know about Defined Benefits Scheme: Part 6

    What you should know about Defined Benefits Scheme: Part 6

    What are the cut-off dates for pure Federal pensioners and state with Federal Share pensioners?

    The cut-off date for the pure federal pensioners under the Defined Benefit Scheme is June 30, 2007 while the cut-off date for the state pensioners with Federal share is  March 31, 2011.

    Also, the state pensioners with Federal Share must have started work on or before March 31, 1976.  

    How do I correct an error in my  slip after I have been verified?

    Send a notification to PTAD attaching a photocopy of the verification print out and the supporting document(s) for the change to be effected.

    Why are monthly pension sometimes delayed?

    A number of reasons may cause delay in receiving Monthly Pension, such as non-availability of funds; change in bank records or account numbering system; failed payments due to technical glitches on the government’s e-payment platform; operational delays by banks (PTAD ensures follow up)

    Is the change of date of birth possible?

    Yes. Only the date of birth recorded at the time of entry into the service is acceptable for processing pension.There is no room for change of information on date of birth as such change does not translate to any possible pension benefit. Requests for change of name should be done in line with the answers under Question Number 47 below.

    How do I correct an error on my verification slip after verification?

    Send a notification to PTAD attaching a photocopy of the verification print out and the supporting documents for the change. See the answer to Question Number 42 above.

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    What are the procedures for change of account or bank by a pensioner?

    The pensioner should forward a formal application letter addressed to the Executive Secretary explaining the reason for the change of account. He should attach the following documents to the application- Statement of account of the old account, statement of account of the new account; BVN slip; and Letter of non-indebtedness from the old bank. Thereafter, he will be required to complete a certificate of indemnity in a prescribed form to indemnify the directorate from any form of liability that may arise from the change of account or bank.

    What are the procedures for change of name?

    The pensioner should forward a formal application letter addressed to the Executive Secretary explaining the reason for the change of name. The application should be accompanied with the following documents-Birth certificate or affidavit of declaration of age, National Identity Card issued by National Identity Management Commission (NIMC), Identity card, newspaper publication, BVN slip,   statement of account; marriage certificate for married women;  certificate of indemnity in a prescribed form to indemnify the Directorate from any liability arising from the change of name.

    What are the likely reasons for change of name by a pensioner?

    The main reasons people change their name are reflect change in- marital status such as marriage, divorce, etc; change of family name.

    What is the relevance of BVN in processing retirement and death benefits?

    The BVN is relevant because it serves as- A direct link between a person and his/her account; the best form of identification. A guide to ensure the right beneficiary is being paid.

    Can a pensioner occupy government house and pay rent or the purchase price with his pension?

    No. Not at the moment. The government does not provide accommodation for its pensioners. Once a public servant occupying government house exits from service, he will be given certain period to relocate so that the accommodation will be transferred to those in service.

  • Heirs Insurance Group gets awards

    Heirs Insurance Group gets awards

    Heirs Insurance Group has bagged the Most Outstanding Insurance Group Award at the  Marketing Edge Brands and Advertising Excellence Awards in Lagos.

    According to the company, the recognition was a testament to the Group’s growth in the last two years,  acceptance in the marketplace and commitment to excellence, innovation, reliable and accessible insurance for Nigerians.

    Read Also: Heirs Insurance Group grosses N20 billion

    The Publisher/Chief Executive Officer (CEO), Marketing Edge, John Tolulope Ajayi, said the award was in recognition of Heirs Insurance Group’s growth, the offerings of its subsidiaries – Heirs Life and Heirs General – the sterling performance of each subsidiary, the equity ratings, and the  rising profiles, over the last one year, in particular, and the traction it has gained across Nigeria and beyond.

  • Veritas Kapital records N2.7b net premium

    Veritas Kapital records N2.7b net premium

    Veritas Kapital Assurance has announced a net premium Income of N2.699 billion for the 2022 financial year, one per cent growth compared to the N2.675 billion it made in 2021.

    Chairman, Veritas Kapital, Mr Nahim Ibraheem, made this known in Abuja at the company’s 46th Annual General Meeting (AGM), stated that the company recorded a 28 per cent reduction in Gross Premium Written (GPW) to N4.37 billion compared to N6.055 billion the previous year.

    This, he said, was a result of the strain on operations attributable to the adverse economic environment in the year under review.

    He said: “According to the company’s annual report for the year under review, Profit before Tax (PBT) grew to N219.77 million in 2022 from N36.31 million in 2021, which signifies a growth of 505 per cent.

    “The report, however, shows a decline in Profit after Tax (PAT) from N331.24 million in the prior year to N170.13 million in 2022.

    “Shareholders’ equity grew organically by three per cent from N9.320 billion to N9.625 billion in 2022 as total assets declined by per cent from N14.551 billion in 2021 to N13.996 billion in 2022.”

    He noted that although the  economic challenges the country were facing the company, it was working hard to ensure that shareholders got dividends in the next business year. Ibraheem added that the company was strengthening its business relations with key players in the upstream and downstream sectors of the oil and gas industry to attract profitable business from the sector.

    “The Board and management remain confident and committed as it continues to leverage several key fundamentals in its activities to provide reasonable returns to shareholders.

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    “Efforts are in high gear to enhance the perception and awareness of the Veritas Kapital Assurance brand geared towards further penetrating the market.

    “Your company has re-strategised and has taken deliberate steps to compete favourably while retaining more premiums from the highly lucrative energy sector,” he said.

    He said that in the same connection, the strategy to strike a balance between over exposure to capital and total risk aversion in making business decisions remained germane. “We are well-positioned to take full advantage of the prospects while maintaining excellence and affordable cover for our customers and the public,” he said.

    Earlier, shareholders commended the board and management of the company for remaining steadfast in steering the affairs of the company amid the prevailing economic challenges facing the sector.

    They expressed delight that although no dividend was paid during the period, the company was able to pay its clients all their claims during the period under review.

  • PTAD, NHIA to provide pensioners health insurance

    PTAD, NHIA to provide pensioners health insurance

    The Pension Transitional Arrangement Directorate (PTAD) is fine-tuning the modalities for the kick-off of the health insurance cover for pensioners under the Defined Benefit Scheme (DBS) with the National Health Insurance Authority (NHIA)

    The Acting Executive Secretary, PTAD, Mr Sulayman Shelleng, told reporters this after holding a follow-up meeting with the NHIA.

    The NHIA team collaborating with PTAD on the rollout of the health palliative, according to him, was led by the Acting Director, N. C. Makwe, and Dr. K. Eteng.

    He stated that the deal would be leveraging the ongoing “I Am Alive” confirmation  for verified and pay-rolled pensioners to enrol pensioners.

    Read Also: PTAD: Resolving pensioners’ issues

    He said the Directorate will commence the pilot programme with those DBS pensioners who are verified on the payroll, and have successfully confirmed their status.

    Shelleng said the beneficiaries of the pilot phase will have access to basic health services through selected hospitals closest to the pensioners’ community of abode.

    He said: “The NHIA team among other things presented the modalities and timelines to actualise the enrolment of PTAD pensioners drawn from across the four operational departments.

    “Plans were further discussed around organising pensioner sensitisation in the pilot states of Kaduna and Oyo to make it ease the onboarding process for pensioners,” he added.

    They assured the PTAD team that they will work with the HMO to ensure that the Primary Health Care providers in the local communities deliver services empathetically to the DBS pensioners.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    OYIBO: Good day, I am Oyibo. I retired from the National Youth Service Corps (NYSC).

      I received the PTAD’s response in The Nation dated July 30, 2022, which states that my pension arrears are being computed.

      Please, I am still waiting for the payment of the eight year’s arrears and to be enrolled on the monthly payroll.

      Thank you.

    PTAD: Pensioner to provide a letter of introduction signed by a Director from his former MDA.

    TAUHID: My name is Tauhid. I am a state pensioner with a Federal share.

    I retired as a Director on Grade Level 16 step 9 in May 2009 and was verified in Niger State in December 2017.

    I have made attempts to visit PTAD office at Maitama, Abuja.

    I have sent many people to facilitate the payment of my federal share of gratuity.

    I complained in The Nation of October 19, 2016, but all to no avail. I have exercised patience.

     I suffer from two serious diseases. Please help me so that PTAD can pay me.

    Thank you.

    PTAD: Pensioner to provide details of the MDA, verification slip and bank statement since December 2022 and has agreed to submit.

    FASHAKIN: Dear Omobola, after reading your column in The Nation, I decided to contact you.

    My name is Fashakin, I retired from the Nigerian Railway Corporation (NRC).

    Seventeen years after our retirement, the NRC management only paid part of our entitlement.

    Several letters had been written and efforts made to get our legitimate right but they were rebuffed by the management.

    Read Also: PTAD: Resolving pensioners’ issues

    Then, we engaged a lawyer who wrote to ask for our money.

    The management replied our lawyer to forward the names and other information of his clients that they are owing. The names were sent to them, still the management refused paying.

    All these happened last year. The case was referred to Economic and Financial Crimes Commission (EFCC) On January 11, this year.

    We waited for EFCC to call us for investigation, according to our lawyer, but none came.

    And when we did not hear from them, I went to their office on May 20, 2022 with a letter of reminder.

    The letter was refused, to my greatest surprise. I was told that EFCC declined to investigate the case of fraud brought against the Railway management.

    Madam, I have the proof of all I have said.

    I would be glad if you could step in.

    Thank you.

    PTAD: Pensioner did not state nature of complaint. He did not respond to phone calls. He could contact PTAD.

    OWOEYE: Dear Omobola, I am Owoeye. I complained about the backlog of pension arrears to PTAD and I sent documents through Gmail.com to your office on December 31, 2020.

    My complaints are the omission on payroll from January 2000 to February 2005; short-payment from February 1, 2005 till date (N419,315.10).

    The PTAD officer, who handled my file, ignored my bank statement and every complaint I made was underlined and asterisk in the bank statement.

    Also, the harmonisation approved by the Federal Government was not extended to me.

    PTAD: Mr. Owoeye should provide detailed bank statement from retirement till date.

    NKANU: My name is Nkanu. I retired on February 29, 1995 from the University of Jos. I have not received my pension salary for May.

    PTAD: Mr. Nkanu’s pension has been paid.

    RAPAEL: Good day, please I want to know why text message is sent to me every five months to confirm whether I am alive while other people are not bothered like me. The only one other pensioner that gets such messages is in Akwa Ibom. I am not happy over it, the text should be general not to two selected people. Thank you.

    PTAD: The messages are error. Kindly ignore.

  • Sanlam General Insurance settles claim in 40 mins

    Sanlam General Insurance settles claim in 40 mins

    Sanlam General Insurance Limited has continued to amaze its motor insurance policyholders with the claim of clients being paid in 40 minutes.

    One of the client, Okporho Edward Tejiri from Delta State, said he was settled in 40 minutes via Code of Confidence *1056#, USSD enabled device.

    Tejiri said: “The swiftness from dialing the code and the instant response I got, then to the call from your guys inspecting the vehicle, negotiating and the payment for the claim was splendid and amazing, everything put together didn’t take 39 minutes.

    “In fact, while all of this was ongoing, I was wondering if I’m still in Nigeria. Sanlam Insurance help me to recover what I lost.”

    The Managing Director, Sanlam General Insurance Limited, Bode Opadokun, said: “We have successfully settled the second claim using the code of confidence in exactly 40 minutes.”

    He submitted that this positive transformation has come to stay, adding that Sanlam has raised the bar and it can’t go back to the old days of endless waiting for claims to be settled.

    Opadokun, however, noted that depending on extent of the damage, if it is less than N200,000, the claim could be settled within three hours.

  • PenCom enhances workers’ retirement benefits through benefits schemes

    PenCom enhances workers’ retirement benefits through benefits schemes

    To workers get their retirement benefits, the National Pension Commission (PenCom) has unveiled the framework for the establishment of Additional Benefits Schemes (ABS) under the Contributory Pension Scheme (CPS).

    This move, according to  the Director-General of the commission, Mrs. Aisha Dahir-Umar, has said, aligns with Section 4(4)(a) of the Pension Reform Act (PRA), 2014, which allows employers to provide more benefits to their employees upon retirement.

    She recalled that the Act provides that, notwithstanding the pension contributions made by the employers and employees into the employees’ RSA, “an employer may agree on the payment of additional benefits to the employee upon retirement”.

    Accordingly, any employer may wish to provide additional benefits in the form of gratuity to its employees upon retirement. Employers, especially those in the public sector, could take advantage of the law to enhance their employees’ retirement benefits, she noted.

    She said: “The Framework for establishing Additional Benefits Schemes under the CPS ensures adherence to regulatory standards outlined in the PRA 2014. The aim is to promote the proper management and utilisation of pension funds.

    Read Also: PenCom kicks off online enrolment

    “To this end, PenCom issued the Framework to outline the modalities for establishing and managing ABS by employers interested in increasing their employees’ retirement benefits under the CPS.”

    Establishment of Additional Benefits Scheme (ABS)

    She pointed out that the PRA 2014 permits only institutions licensed by PenCom to hold and manage pension funds and assets.

    “Consequently, only licensed Pension Fund Administrators (PFAs) can manage pension assets. Similarly, the custody of pension assets can only be done by approved 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 Pension Fund Administrator (PFA). Employers may appoint one or more PFAs to manage the ABS, with a lead PFA designated in cases of multiple appointments.”

    Documentation requirements

    The DG stated that 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). Employers 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.”

    Reporting and compliance

    She further stated that the appointed PFA is responsible for annual actuarial valuations and audits, ensuring compliance with regulatory guidelines.

    “Reporting requirements stipulate submitting audited financial statements and actuarial valuation reports to PenCom within specific timelines. Additionally, PFAs or Lead PFAs must submit consolidated monthly valuation reports and fee requests to PenCom”.

    Amendments, dispute resolution, and termination

    The employer cannot alter the Trust Deed and Rules of the Scheme without prior written approval from PenCom. The Framework outlines dispute resolution procedures, emphasising arbitration and compliance with termination and winding-up protocols in line with the Trust Deed and Rules of the Scheme.

    Why additional benefits matter to employees

    Mrs. Dahir-Umar noted that the CPS is a sustainable pension system that provides a stable, timely, predictable and adequate source of retirement income for employees in the public and private sectors.

    She also said the CPS was the outcome of reforms in the pension sector initiated by the Federal Government of Nigeria in 2004, culminating in the enactment of the PRA 2004. Ten years later, the PRA 2004 was repealed and replaced with the PRA 2014.

    “Stakeholders have adjudged the implementation of the CPS in Nigeria a success. However, there are complaints about low pensions, especially from retirees in the public sector, because of the relatively low pay relative to the private sector. It is vital to state that the CPS provides a comprehensive framework that allows employers and employees to plan and save towards pensions.

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

    “It is imperative to state that various options are available to employers and employees to improve the adequacy of pensions for retirees, especially those in public service disproportionately affected by low pay. Providing additional retirement benefits can have several benefits for both employers and employees. It can attract and retain talent, enhance employee morale and loyalty and improve an organisation’s reputation.

    “The framework for the establishment of Additional Benefits Schemes is a significant step towards enhancing retirement benefits for workers in Nigeria. By setting clear guidelines and compliance measures, it seeks to ensure a robust and transparent system that supports retirees and contributes to employees’ overall financial well-being in their post-work years. PenCom remains committed to periodically reviewing this framework to meet employees’ evolving pension needs and aspirations,” she stressed.

  • Pension complaints and solutions

    Pension complaints and solutions

    DOGA: Dear Omobola. My name is Adoga from Makurdi, Benue State.

      I retired from the Nigerian Railway Corporation (NRC) in February 2015. My PFA is Premium Pension.

        In 2016, I joined Leadway Pensure for Annuity. Up till now, my 2.5 per cent is yet to be paid.

      When l visited premium office in Makurdi, I was asked to apply for the payment, which I did since July 2022.

      Please I want you to help me.

    PENCOM: Payment has been made into your Retirement Savings Account. Please contact your Pension Fund Administrator

    ANNONYMOUS:  Hello Omobola, I work as a marketing officer at Ovidi Microfinance Bank Okene, Kogi State for four years.

     The bank has liquidated for about three years. I sought to collect  my savings. But I was told that if I did not work up to five years, I could not do so.

     Kindly explain this for me. My PFA is Premium Pension.

    PENCOM: Visit your PFA to get guidance on how to access 25 percent of your RSA balance due to loss of job.

    ANNONYMOUS: Dear Omobola, I have a complaint. I requested for my pension from Stanbic IBTC for almost three months. Anytime I request for an update, they told me that it was awaiting approval from PenCom.

     I need your assistance.

    PENCOM: Please contact your PFA; your application has not been submitted to the Commission.

    ANNONYMOUS: l recently retired from one of the MDAs. How I do to get my benefits?

    PENCOM: Please visit your PFA and ensure that you have the required documents, have undergone the enrolment and done data recapture (if applicable).

    Your PFA will provide more information to you and guide you.

    DAUDA: Good day, my name is Dauda. I applied for payment since  November 22, 2022.

    I have supplied the requirements to Stanbic IBTC Pension office in Abuja. But up till now, there is no information about it.

    I would like the commission to assist me to know the position. Thank you. 

    Read Also: Pension complaints and solutions

    PENCOM: The RSA holder should please visit his PFA for an update as the application has not been submitted to the Commission.

    DOGARA: Good day, my name is Dogara.

    I salute PenCom for attending promptly to complaints from retirees.

    My PFA invited me for recapture information on September 26, 2019. I went to their office and the  exercise was successful.

    Since then, my monthly pension stopped. It’s about four years. l was not given any information for the non-payment.

    Before the exercise, my PFA IEI Anchor Pensions, gave me an Enhancement of Monthly Pension Consent Form to fill, which l  signed on December 18, 201.

    Kindly help me. 

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

    SARAFA: Good day, my name is Sarafa. Can you explain Pension Enhancement?

    PENCOM: Pension Enhancement is periodic pension enhancement for retirees on Programmed Withdrawal under Contribution Pension Scheme by using the surpluses generated from Return on investments. Visit www.pencom.gov.ng for more information.

    POPOOLA: My name is Popoola. I retired from the Federal Ministry of Agriculture in 2016. I have not been paid 2.5 per cent approved by Mr President.

    My PFA is First Gurantee.

    Kindly investigate.

    PENCOM: Work in progress. Please exercise patience.

    MOHAMMED: Dear sir, we are the administrators of our late father Mohammed. He worked at the Immigration Service (NIS) from 1987 and left in 2006.

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

    PENCOM: Please provide the late father’s PFA and PIN to enable the Commission tackle the matter.

    ANNONYMOUS: I am Oforlea. I retired on September 14, 2022.

    My date of birth is November 23, 1964 but it was wrongly captured in my NIN as November 23, 1965, which has been corrected.

    I later went for recapturing at Premium Pension but a staff member refused to attend to me.

    He said my date of birth was different from that of birth 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 since 2017. I have been on this for the past three years. Kindly help me.

    PENCOM: Kindly provide your name and PIN.

    OLOWOYEYE: Good day, I wish to inform you that the Access PFA have responded to my calls. I am grateful.

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

    ANNONYMOUS: Good Day. I am Omobulejo.

    I retired from the Vintage Press Limited in Lagos on August 15, 2020. I regularised my documents with my PFA, Stanbic IBTC, which confirmed in November 2021 and they confirmed it as okay.

    Since then, they send me messages to be patient. For how long will I be patient? I have no job. Thank you.

    PENCOM: Please resubmit your application to your PFA.

  • Pension complaints and solutions

    Pension complaints and solutions

    EJIOGU: Good day, my monthly stipend for August 2023 has not been paid by PAL Pension.

    PENCOM:  The complainant monthly pension has been paid. He should liase with his bank

    QUEENDALINE:  Good day. My wife, Queendaline, died in active service in 2019. We applied for her pension benefits and we are awaiting PenCom’s approval.

    PENCOM: The complainant’s wife’s   death benefit has been paid. Therefore, he should liase with his late wife’s PFA.

    ADABA: Good day. My name is Adaba. I applied for 25 per cent of my pension since June and was informed by my pension managers that my application has been sent to PenCom for approval since Tuesday morning but up till now, it has not been approved by PenCom.

    Please assist me to speed up the approval so that I can receive the fund. I have been out of job since February and my family is really suffering.

    I will be very grateful if you can help me to hasten the approval.

    God bless you.

    PENCOM: The complainant is to provide the name of the Pension Fund Administrator to enable the Commission process the complaint

    LAWAN: My name is Lawan. I have applied for my father’s pension benefit for more than a year, but up till date, I haven’t heard anything from the commission.

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

    MWALIMA: Good day. Please I am Mwalima from NPF Pension. I have a problem in enrolling into the PFA.

    It said my account is domiciled with my former PFA, Premium Pension’s office in Asaba. I visited them but the response I got is that the capturing they did for me was successful. 

    But NPF Pension cannot access my account.

    I am confused about what to do. Kindly help me find out what the problem.

    OLAYINKA: My name is Olayinka. My PFA is Leadway Pensure. Please, l would like to know the status of the reconciliation of my account.

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    I completed my verification about two months ago and it was forwarded to PenCom for reconciliation.

    JOHN: Good morning. I was informed by my PFA that my application has been forwarded to PenCom for approval since August 25 but I am yet to get feedback.

    I understand it takes five working days for one to get approval.

    My PFA is Stanbic IBTC Pensions. Kindly assist.

    I will be ready to provide required information. Thanks.

    ANNONYMOUS: I was given approval to withdraw N200,000 but was surprised to receive only N86,000.

    Please help me look into this.

    BABAJIDE: Good day. My name is Babajide. My PFA is Stanbic IBTC. My complaint is that I have been waiting for approval for my voluntary contributions for weeks. Kindly help me.

    MANJALO: I am Manjalo. I submitted my provisional agreement to Premium Pension on my transfer to annuity pension with Leadway since June 6, 2023 but no action has been taken by Premium.

    I made calls for reminders but no response. On July 1, one Bilkisu called to convince me to remain with them but I insisted on going to annuity.

    Since then, there has been no action taken and she no longer picks my calls. I want you to intervene because I should be entitled to my rights.

    APEH:  I am Apeh. My RSA balance is less than N5million. What would be my lump sum payment to me now that I have retired?

    I would prefer to access the entire money because it is my only source of sustenance.

    Please I need your help. Thank you and God bless.

    ELEZIEANYA:  Good morning. I applied for 25 per cent payment through my PFA Norrenberger Pension on August 11, 2023.

    I was informed that the request is pending at PenCom. Kindly  approve to enable me meet my financial demands.

    LEONARD: My name is Leonard. I worked with Atlas International Engineering Services Limited for 13 years before I retired in June 2022.

    I realised that my former employer short paid my pension contribution for over 10 years by paying only one quarter of what is due as required by PenCom guidelines.

    I reported this matter to PenCom’s Head office in Abuja on February 2023 but uptill date, no  action against Atlas international Engineering Services Limited has been taken.

    I am aware that Pencom sent a letter to Atlas demanding explanation within 21 days of receipt of Pencom’s letter.

    Atlas refused to collect the letter from the despatch rider twice and the Recovery Agent then sent the letter via Atlas email addresses including those of the directors, yet no acknowledgment by Atlas.

    I was informed that the Legal Department of Pencom in Lagos would be handling the matter. Till date, no further attempt has been made and I am left with the option of taking the matter to the National Industrial Court for legal action.

    Please advise me or help follow up with your Legal Department in Lagos. Awaiting your kind advice please.

    PENCOM: The Commission is still engaging Atlas International Engineering Services Limited.

  • Pension assets record N2.08tr half year

    Pension assets record N2.08tr half year

    • Commission sensitises CSOs on developments

    Pension assets have recorded a significant increase of N2.08 trillion.

      The Director-General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, brokethe news during a conference for Civil Society Organisations (CSOs) organised by the commission in Abuja.

      She said the assets hit N17.07 trillion as of last July,  from N14.99 trillion at the end of last year.

    While underscoring the importance of promoting continuous interaction and information flow between PenCom and CSOs on recent developments in the industry, she said there had been a robust growth in the pension industry in the year despite economic challenges.

    She stated that the Contributory Pension Scheme (CPS) has secured over 10 million Retirement Savings Account (RSA) holders.

    Notwithstanding, she noted that the industry still holds growth potential, especially as more Nano, Micro, Small, and Medium Enterprises (NMSMEs) join the CPS through the Micro Pension Plan (MPP).

    She said: “The MPP’s key objective is to curb old-age poverty by enabling participants to contribute during their working years.  The MPP fosters long-term savings to provide financial security during retirement.

    “The Commission actively supports Pension Fund Administrators (PFAs) in devising incentives such as health insurance for MPP participants”.

    Meanwhile, the conference featured three presentations on various aspects of the industry.

    The first presentation, entitled: “Enhancing customer service in the Contributory Pension Scheme: PenCom’s New Strategy Plan,” emphasised the Consumer Protection Department’s (CPD) role in ensuring effective customer service in the pension sector.

    The CPD protects RSA holders’ rights and service delivery.

    The second presentation, entitled: “Enhancing service delivery to Improve the Micro Pension Plan’s Prospects in Nigeria,” underscored the drive to enhance service delivery in micro pensions.

    The objective was to make pension plans more inclusive, accessible, and beneficial for individuals in the informal sector and other underserved populations.

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    This initiative strives to bolster financial security during retirement, promote financial inclusion, and contribute to overall economic development while ensuring efficiency, transparency, and a customer-centric approach in micro pension plans.

    Lastly, the third paper, entitled: “RSA for Mortgage Financing: A Beacon of Hope for the informal sector,” detailed how RSA holders can access up to 25 per cent of their RSA balance as an equity contribution to procure residential houses through a mortgage.

    The DG said this initiative aligned with the Pension Reform Act (PRA) 2014, which stipulates that pension assets can be utilised for residential mortgage equity contributions.

    PenCom has developed and released guidelines to PFAs to facilitate this process. From March to September 2023, 377 RSA holders accessed N4.74 billion to pay equity contributions for their residential mortgages.

    “The sensitisation conference for Civil Society Organisations organised by PenCom proved enlightening, shedding light on the thriving pension industry and showcasing transformative initiatives to secure the financial future of millions in Nigeria.

    “The engagement stressed the importance of collaborative efforts between government agencies and civil society to achieve a prosperous and secure retirement.

    “The conference, which marked the third in its series, is aimed to highlight the critical roles CSOs play as a link between government agencies and the public. PenCom recognises the value of enlightenment and engagement with civil society for a more robust and inclusive future pension industry,’’she said.

    Participants expressed satisfaction with the performance of PenCom, commending the organisation for its supervision and regulation of the industry.

    Their appreciation underlined the pivotal role of PenCom in fostering a trustworthy and sustainable pension system in the country. The positive sentiment shared by participants evidenced the organisation’s steadfast commitment to upholding the highest standards of regulation and supervision, ultimately, advancing the interests of pensioners.