The Nation Newspaper

Category: Pension

  • Q2: 17 PFAs register 5,967 micro pension contributors

    Q2: 17 PFAs register 5,967 micro pension contributors

     By Tuedon Iyomere

    No fewer than 5,967 Micro Pension Contributors (MPCs) have been registered by 17 Pension Fund Administrators (PFAs), a report by the National Pension Commission (PenCom) has shown.

    According to the report, this brings the number of registered MPCs to 99,192 as at June 30, this year.

    The report  shows that within the period, Stanbic IBTC Pension Managers Limited, Access Pensions Limited and ARM Pension Managers (PFA) Limited registered the largest number of MPCs with 3,155, 1,836 and 443.

    Guaranty Trust Company (GTCO) is one of the PFAs that had the least RSA numbers with only six MPC in the same period.

    From inception of the MPP, ARM Pension Managers (PFA) Limited, Stanbic IBTC Pension Managers Limited and Tangerine APT Pensions Limited registered the largest number of MPCs with 23,433, 20,493 and 7,540.

    The report stated that the total pension contributions received from MPCs in Q2 was N52,911,995.07. This brought the contributions to N469,028,731.63.

    Read Also: NMDPRA grants firm approval for 500MT LPG depot in Gwagwalada

    A breakdown of the contributions received in Quarter Two showed that Stanbic IBTC Pension Managers Limited, ARM Pension Managers (PFA) Limited, and Fidelity Pension Managers Limited had the highest contributions with N23,649,238.59, N10,119,379.83 and N6,260,20.

    Crusader Sterling Pensions Limited stood had the lowest contributions with N65,000.

    Radix Pension Managers Limited did not receive any contribution.

    Stanbic IBTC Pension Managers Limited, ARM Pension Managers (PFA) Limited and Fidelity Pension Managers Limited accounted for the largest amount with N208,058,754.26, N68,097,754.47 and N47,010,387.14 representing 44.36 per cent, 14.52 per cent and 10.02 per cent.

  • What you should know about Defined Benefits Scheme: Part 4

    What you should know about Defined Benefits Scheme: Part 4

    • By Iyomere Tuedon

    What are the likely reasons for  a pensioner to be taken off the payroll?

    The reasons a pensioner will be removed from the payroll are  inconsistent or incomplete employment records; inconsistent or incomplete bank details; consistent failure of person’s payment for three months; an over payment of Monthly Pension is discovered; non-verification because the pensioner is not eligible; lack of BVN number; receipt of death notification; NOK attaining 18 years (Death in active Service in line with Section 6 of Pension Decree 102 of 1979)

    When will I receive my monthly  arrears?

    The Directorate is treasury funded. We wait for releases from the government and the arrears are paid in batches subject to availability of fund. Once a pensioner is sure that he has submitted therelevant documents, arrears will be paid on completion of the processes and fund is available.

    When am I hoping to be paid my gratuity?

    PTAD must first establish that the pensioner is eligible to receive gratuity. Payment is subsequently batched and made based on the availability of funds for this purpose.

    When are we going to be paid our balance of 33 per cent?

    Read Also: U.S. ‘ll invest in Nigeria’s SMEs, large corporations, says Wally Adeyemo

    The balance of 33 per cent has been paid to pensioners in PTAD except those that were not on the payroll then.

    I was informed that my pension was stopped because I am operating a Joint Account. Please explain.

    It is because the payment of pension should only be made to individual pensioners.  A second or third party is not allowed to have access to your pension. Secondly, in the event that a pensioner dies, the pension should be stopped and having a joint account will mean continuous payment and withdrawal of the pension.

    I am a downsized pensioner and my gratuity was short paid. Where can I lay my complaint?

    Downsized pensioners who were short paid should direct their complaint to the Bureau of Public Service Reform (BPSR) or the Accountant-General’s Office.

  • Coronation Insurance suffers setback

    Coronation Insurance suffers setback

    • Posts N2.6b loss in 2021, N935m in 2022

    This is coming after the Group’s loss of N2.6 billion in 2021 despite witnessing 40 per cent growth in gross premium written (gpw).

    This is contained in the Management’s commentary and analyses of Coronation Insurance Plc Annual Report for the year ended December 31, 2022 obtained by The Nation, which also reviewed the Group’s 2021 and 2020 reports.

    Stating its operating results and financials, the Group made an underwriting profit of N5.3 billion compared to the N1.2 billion reported the previous year.

    Costs rose by 13 per cent as its operating expenses hit N7.3 billion, from N6.4 billion in 2021.

    The Group said it has, howevver,  continued to put structures in place to ensure costs incurred are optimised and value created.

    According to the company’s auditor, Ernst & Young, represented by Abiodun Akinnusi, the company incurred penalties on contraventions of the requirement of the National Insurance Commission (NAICOM) Operational Guidelines.

    The Group has material insurance contract liability from Life and non-life business of 12.8 billion (2021: N13.6 billion) representing 71 per cent (2021: 75 per cent) of total liabilities of the Group and 8.7 billion (2021: N9.2 billion), representing 73 per cent (2021: 74 per cent) of total liabilities of the company.

    Ernst & Young stated that this is an area that involves significant judgment over uncertain future outcomes and, therefore, they considered it a key audit matter for its audit.

    Findings showed that in 2021, the Group’s performance experienced a major setback across business and financial performance metrics.

    Read Also: Okonjo-Iweala lauds Nigeria’s Silicon Valley project

    The Chairman, Mutiu Sunmonu, in the 2021 annual report, said: “The group recorded a loss before tax of N2.1 billion for the year, representing a major decline from the profit recorded in 2020 of N1.1 billion. Total Gross Written Premium was N14.1 billion for the in 2021 representing a 13 per cent decline over the 2020 figure of N16.1 billion.

    “During the same period, total assets remain relatively stable at N39.8 billion. The revenue decline was due to major policies that were not renewed based on the risk assessment of the policy.

    “Profitability was affected by the adverse claims experience; we incurred additional losses from the hijacked #EndSARS protest that were not fully provided for in 2020.’’

    The Managing Director, Coronation Insurance Plc, Olamide Olajolo, added that the Group’s Gross Written Premium declined by 24 per cent from N11.6 billion in 2020 to N8.8 billion in 2021.

    Olajolo said their underwriting profit declined by 61 per cent from N1.7 billion in 2020 to N660 million in 2021.

    “Net claims incurred increased from N1.9 billion in 2020 to N2.9 billion in 2021. Consequently, the company closed the year with an operating loss of N1.5 billion.

    “Throughout the year, we maintained a solvency margin ratio of 253 per cent, which is above the minimum regulatory solvency margin requirement of 100 per cent,” he pointed out.

    Sunmonu stated that their performance in 2020, however, reflected the continued success of their business strategies and models.

    He said the Group recorded a profit before tax of N1.1 billion, representing a major improvement from 2019 of N23 million.

    “Total Gross written Premium were N16.1 billion for the year ended December 31, 2020, representing a 6.48 per cent increase over the previous year’s figure of N15.2 billion.

    “During the same period, total assets of the Group grew by 29.2 per cent from N30.7 billion to N39.7 billion, while shareholders’ funds rose by 34.82 per cent, from N18.5 billion to N24.9 billion.

    “The increase in shareholders fund was driven by the Board and shareholders’ approval to raise additional capital through a rights issue.

    A total of 10,609,165,744 units of Ordinary Shares of 50k each were sold at 38k to the existing shareholders in February 2020,” the chairman added.

    The Group has given notice that it would to hold its 65th Annual General Meeting on October 5 as cited on the Nigerian Exchange Group (NGX).

    Coronation Insurance Group operates three Companies namely: Coronation Insurance Plc (the parent company), Coronation Life Assurance Limited and Coronation Insurance (Ghana) Limited.

  • Marine surveyors vital to insurance, says NIA chief

    Marine surveyors vital to insurance, says NIA chief

    There is the need to accommodate marine surveyors in marine underwriting, the Director-General, Nigerian Insurers Association (NIA) Mrs. Yetunde Ilori, has said.

      This is because of the major role they play in the marine insurance.

    She stated this at the Second Monday Ogadina  yearly memorial lecture organised by the Guild of Marine Surveyors in Lagos.

    He spoke on theme: ‘Championing professionalism and competence in effective service delivery’

    She said the NIA would continue to support the Guild to ensure that insurance potential in the marine sector were fully harnessed.

    She charged the members of the Guild to be good ambassadors by living above board, esteem professionalism and good competence while offering their services.

    The President, Guild of Marine Surveyors, Wale Adetoro, said the lecture series is aimed at upholding the legacy of Ogadina’s contributions to the Guild, adding that Ogadina stood for excellence.

    Read AlsoUkrainian don seeks stronger education ties with Nigeria

    Adetoro said the Guild is made up of 63 corporate and 12 individual members and implore the public to patronise registered members to guarantee quality and effective service delivery.

    He said: “We still have accommodation for more members. All you need to do is to visit our website, download our membership form, complete it and submit it to our secretariat or return by mail.

    “The membership committee will invite you for an interview and if admitted, you will pay the required joining fee and subscription. The Guild is known for professionalism, integrity, knowledge, efficiency and trust.

    “We are working hard to equip and train members, especially as regards quality and effective service delivery. The list of the Guild’s  members are on our website,” he added.

  • Africa’s fund managers form association to boost pension

    Africa’s fund managers form association to boost pension

    A new group has emerged in the pension subsector known as the African Fund Managers’ Association (PAFMA), it was launched on Monday in Nairobi, Kenya during the Africa Climate Summit.

    The members are the Pension Fund Operators Association of Nigeria (PENOP), the Fund Managers Association (FMA) in Kenya, Botswana Investment Professionals Society (BIPS), Ghana Securities Industry Association (GSIA) and the Investment Management Association of Uganda (IMAU).

    These associations are collaborating with FSD Africa, a specialist development agency working to build and strengthen financial markets across Sub-Saharan Africa.

    The founding members have signed an Memorandum of Association (MoU) to tackle the challenges in the sub-sector.

    They include low savings rates, which as of 2021 stood at just 24 percent of Gross Domestic Product (GDP) in Sub-Saharan Africa – along with a scarcity of viable investment opportunities and the escalating environmental risks confronting the continent.

     PAFMA said their primary objective is to foster the adoption of alternative investments.

    This includes a focus on green finance, a pivotal driver for bolstering sectors.

    By championing these alternative investment avenues, PAFMA seeks to not only stimulate job creation but also enhance income generation.

    Among its activities, PAFMA aims to spearhead research to enhance knowledge and capacity building, enabling fund managers to evaluate and make investments in regions and countries where they did not have a presence.

    Read Also: Eight African countries that changed names after independence

    PAFMA will offer policy insights and champion the interests of its members in regional and international arenas as well as facilitating regular gatherings of fund managers from across Africa.

    CEO, PENOP Nigeria, Oguche Agudah said: “I have always believed that the solutions to Africa’s challenges lie within us. We need to come together, commit to collaborate, and speak with one voice. The managers of capital on the continent have a unique opportunity to individually and collectively determine to a large extent the trajectory of the continent. Working together, we can achieve so much more. The time is now.”

    Chairman, FMA and Managing Director, Gen Africa Managers Limited, Patrick Kariuki said: “The Fund Managers Association is very excited to partner other like-minded Pan-African Fund Manager Associations. Our industry and its future growth depend on vibrant collaboration among fund managers across Africa.

    “With PAFMA, fund managers will be able to evaluate and make investments in regions and countries where we did not have sufficient local context. The Fund Managers Association is honoured to be invited to this exciting and very important initiative.”

    CEO, FSD Africa, Mark Napier added: “We are excited about the establishment of the Pan-African Fund Managers’ Association which comes at a timely juncture. This association will be integral for African Fund Management organisations to ensure that they share industry knowledge, manage risks with a continental and international view and drive needed investment in critical sectors such as climate mitigation and adaptation.”

    “This African-led initiative is a powerful demonstration of our shared vision to transform Africa’s financial and investments sector landscape.’’

  • What you should know about Defined Benefits Scheme: Part 3

    What you should know about Defined Benefits Scheme: Part 3

    • By Iyomere Tuedon

    I am not in Nigeria at the moment, the reason I missed the verification that was previously conducted. As a result, my monthly pension has been stopped. What should I do?

    You can go to the nearest Nigerian Embassy or High Commission to obtain an “I am alive” certificate, attach your resident permit and data page of your international passport.  Also, attach the relevant career progression documents and forward to the Directorate through a third party or email to info@ptad.gov.ng or complaints@ptad.gov.ng. Consequent upon a successful validation, your monthly pension will be restored pending when you make an effort to come into the country for verification.

    Do I have to submit my documents when I have a complaint even after I have been verified?

    Once a pensioner is verified, the submission of documents is no longer a requirement for the forwarding of complaints. It is only the verification slip and statement of account (six months) before the period of complaint that will be required.

    I worked in one of the defunct parastatals. When is PTAD verifying us?

    Verification for pensioners under the Defined Benefit Scheme has been concluded by PTAD. Any pensioner who has not been verified will have to follow the guidance specified in Question 13 to do so and subsequently enrolled for Mobile Verification.

    I am not living close to any of your zonal offices. I am frail and do not have the means to travel. How do I get verified? Is there any other medium that I can use to send in my complaints?

    The pensioner can still be verified. He/she should send in the required documents with a full sized photograph, contact details, career documents and a medical report ascertaining conditions which are against travels to confirm inability to travel to any of our zonal offices that is close to him/her through a third party, with a request for Mobile Verification. Once the documents are reviewed and found acceptable, a team of mobile verification officers will be sent to verify him/her.

    Read Also: PTAD Resolving pensioners’ issues

    My spouse is bedridden and cannot attend the verification. How can he/she be verified?

    You shall be required to follow the above-named guide specified, towards being verified and subsequent enrolment for Monthly Pension (MP). You should arrange the documents as stated above and go to the nearest zonal office close to you and inform the Team Lead. He will make arrangements for your husband or wife to be verified at home.

    My husband is your pensioner, and he has just passed away. The bank has refused to allow me withdraw money from his account. How can I access his pension and outstanding benefits, if any?

    The Next of Kin is to write and forward notification of death to the office addressed to the Executive Secretary and to the attention the Director of the Department. The notification should be accompanied by the relevant documents listed. The Directorate will write the bank if need be, to release any money accrued to the deceased pensioner(if he is statutorily entitled to the same) and outstanding benefit to the deceased Next of Kin will be computed and paid.

    When are you going to start the ‘In-House’ verification in the zonal offices?

    Plans are under way to extend the in-house verification to other zonal offices but you can be verified in our Abuja and Lagos offices at the moment.

    What is the period of bank statements needed for verification?

    Duly-stamped and signed NUBAN Bank statements on the bank’s  letterhead from period of retirement or date from which complaint was made till date.Where there is no complaint, bank statement for the last six months should be provided.

    Can a sick or bedridden pensioner be verified?

    Yes. PTAD undertakes mobile verification to homes and hospitals for sick and bedridden pensioners who are unable to physically come to our verification centres. To qualify for mobile verification, the pensioner should send proof of incapacity either through a medical report from a recognised government hospital or a picture showing the state or condition of the pensioner. The following categories of pensioners qualify for mobile verification – technically ill pensioners; very old and weak pensioners; infirmed pensioners.

    When will your agency organise another verification? Some of us were last verified in 2015.

    The Directorate has completed field verification for pension Departments, which is a one-off exercise. The plan is to conduct an “I AM ALIVE” verification in the nearest future. Pensioners will be communicated when this will be conducted and the procedure that it will take.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    ADEDZWA: My name is Adedzwa, a retired Professor from Ahmadu Bello University (ABU), Zaria. I did verification in Jos and was given a pension number.

    Last week I received an SMS to validate “I Am Alive ” with the same pension number. When I logged in, I was directed to use my fingerprint which I did. But each time, a message is displayed that my pension number should not be more than 15 characters. But then, I was given 28 characters. Please help me.

    PTAD: Pensioner not responding to our call.

    GABRIEL: Our dear Omobola, thank you and The Nation for the help. I am appealing to you to help me solve my problem: It is a lingering mistake on the payment of my monthly pension since July 30, 2021. My pension was increased from N25,817.54 to N36,722,37. The increase was paid for only two months – May and June 2021 – after which the increase of N10,904.85 was reduced by N5,237.250 from N36,722.37 to N31,485. 14. The N31,485.14 was paid from August 2021 to date. The deduction is 17 months. Total amount is N89,033.25. Please, help me.

    PTAD: Pensioner is being paid correctly, his monthly pension was recomputed using the approved salary structure.

    OLAWUNMI: I am Olawunmi. My complaint is about the stoppage of my pension payments since August 2020. I retired from NAN as Assistant Editor-in-Chief, Grade L 14, Step 10 on January 1, 1997. I did verification in Lagos on July 26, this year. Please, when can I expect my pension payment to be reinstated? Thank you.

    PTAD: Pension department is working to resolve the complaint

    Read Also: PTAD: Resolving Pensioners’ Issues

    OLORUNMAIYE: Hello, my name is Olorunmaiye and my complaint is on the ‘I AM ALIVE’ programme of PTAD. The problem is that my verification failed because they said my account number is different. I have attached a checkleaf and credit alert of my July salary to my account number. Please expedite action and ensure my verification is successful soonest.

    PTAD: Pensioner to provide his verification slip for further investigation.

    EMMANUEL: My name is Adeniyi, a Federal Radio Corporation of Nigeria (FRCN) pensioner. Kindly let me know why the July 2023 pension has not been paid. Thank you in advance for prompt attention. I need money to buy food and pay electricity bills.

    PTAD: Pension payment was delayed for some pensioners but has been paid now.

    MRS JULIANAH: I am Mrs Julianah. I retired from Neuro Psychiatric Hospital, Abeokuta on September 1, 1999. While filling in the ‘I’m Alive’ form and getting the Name of Bank and Account number, what shows is ‘VALUE CANNOT BE NULL, PARAMETER NAME IN ARRAY’. This has been happening since last Wednesday. Kindly help me.

    PTAD: Pensioner contacted and advised to go to the nearest PTAD office for recapturing.

    OMONIYI: My name is Omoniyi. I retired from the Neuro Psychiatric Hospital in 2000. My pension was stopped in October 2019. I was verified by PTAD on April 5, 2022 and issued a pension number. But up till now, I have not been restored to the pension payroll. I will be grateful to hear from you.

    PTAD: Pensioner complaint being resolved.

    OGBEIDE: My name is Ogbeide. l noticed that I have not been receiving my monthly payment as of July 2023 and I have done my ‘I Am Alive Confirmation’.

    PTAD: Pension payment was delayed for some pensioners but has been paid now.

    USMAN: My name is Usman from Kano State. I was among the Federal Share beneficiaries for six years (1970 to 1976). I am among the beneficiaries of pension arrears paid for the increment made in 2019, 2020, and a part of 2021. My first batch and a third of the amount deducted from the second batch arrears paid in June 2021. I was made to understand that the non-payment of my arrears was due to an over payment of monthly pension share made to me in November 2020 of N162,808:74 instead of my November monthly amount of N10,287:22.

    I have sent my request for the release of my arrears of about N95,000 through your PTAD Coordinator Office, Kano on September 28, 2021 and I attached a photo copy of UBA draft cheque as refund of overpayment to me, which amounted to N152,521:52. Kindly help me.

    PTAD: Working on complaints.

    IDOWU: Good day, my name is Idowu. This is a reminder to the newspaper that I have sent my scanned verification details to PTAD as directed since July 22, 2021 but I have not received any response from them. I retired statutorily from the Lagos State Post-primary Teaching Service Commission on the 30th April 2004.

     The date of my first appointment at Epe Division Grammar School, Lagos State is 1st June,1969. I spent all my service years in Lagos State (35 years). My complaints are that I have not been paid the Federal Share of my Gratuity (1969-1976). Secondly, my pension from May 1, 2004 to February 2008 was not paid. Instead, I was paid from March 1, 2008 to date. I thank you for the effort of your organization to help us. God bless you.

    PTAD: The Directorate would require your bank statement from retirement to date.

  • PenCom kicks off online enrolment

    PenCom kicks off online enrolment

    The National Pension Commission (PenCom) is set to start the online verification and enrolment for prospective retirees of Federal Government Treasury-Funded Ministries, Departments and Agencies (MDAs) who are due to retire next year, the Director-General, Mrs. Aisha Dahir-Umar, has said.

    The PenCom boss, who made this known in a statement, said the exercise would be held from October 2 to December 31.

    To adapt to pension fund administration, she stated that the commission embarked took a proactive step to simplify the process for the retirees.

    She said the commission had issued a revised guidance note to Pension Fund Administrators (PFAs) on online enrolment to ensure a smooth transition into retirement for the government employees.

    She further stated that central to this exercise is the Online Enrolment Application on the PenCom website www.pencom.gov.ng.

    She said: “This web-based application empowers prospective retirees with the tools to complete their enrolment conveniently from the comfort of their homes.The application comprises four distinct modules that contribute to the comprehensive pension enrolment process. They include Retiree Registration, PFA Module, MDA Module, and PenCom Module.

    Read Also: PenCom worried over uncredited pension contributions

    “Under the Retiree Registration Module, prospective retirees can register, scan, and upload all the necessary documents, ensuring the accuracy and completeness of their pension information. This innovation drastically reduces the reliance on manual paperwork and minimises the risk of multiple RSA PINs. PFAs are vital in this process. Therefore, they use the PFA Module for their part.The PFAs are responsible for verifying and enrolling prospective retirees, ensuring the submitted information is accurate and consistent. PFAs also guide individuals through the online registration when required.

     “Similarly, the MDA Module enables Pension Desk Officers of MDAs to upload relevant information about prospective retirees, fostering transparency and collaboration between government entities and the pension administration system.

    “The PenCom Module serves as the final step, validating the records submitted by all parties to ensure the accuracy and integrity of the pension data, thereby adding an extra layer of scrutiny to prevent errors or fraudulent activities.

    “It is imperative to note that adopting a digital approach brings numerous benefits, with efficiency and transparency paramount among them. By streamlining the process, prospective retirees can complete their registration and document submission at their convenience, significantly reducing the need for physical visits and bureaucratic bottlenecks. The outcome is timely budgetary provisions by the Federal Government for accrued pension liabilities and a smoother transition into retirement for workers.”

    The revised guidance note, according to the DG, adheres to the legal framework provided by the Pension Reform Act (PRA) of 2014. Specifically, Section 15 of the PRA 2014 mandates the recognition of accrued pension entitlements.

    She noted that Section 39 establishes the Federal Government Retirement Bond Redemption Fund (RBBRF) and outlines PenCom’s role in assessing its adequacy against projected pension liabilities.The online enrolment system aligns with these provisions, ensuring compliance and enhancing accountability within the pension administration landscape.

    “The online enrolment for 2023 consists of three distinct stages: Registration, Verification, and Enrolment. Prospective retirees can opt for the self-assisted registration or seek assistance from PFAs. Self-assisted registration involves visiting the PenCom website, creating an account, and providing required information such as RSA PIN, NIN, personal details, and employment history. Scanned copies of documents are uploaded to the system to ensure data accuracy.

    “During the verification stage, PFAs play a pivotal role.They meticulously crosscheck the information provided, ensuring alignment with the original or certified true copies of the required documents. PFAs also guarantee the completeness and accuracy of employment records, salary details, and relevant supporting documents. In addition, PFAs ensure that the scanned documents match the hard copies submitted to them. The PFA takes a live photograph of the retiree and prints two copies of the enrolment slip for the signature of the retiree. The retiree retains one copy, while the PFA has the second copy.

    “The online enrolment considers the challenges faced by sick or incapacitated prospective retirees. In such cases, a Next-of-Kin (NoK) can register on their behalf, uploading the required documents and medical reports. PFAs conduct remote verification and enrolment, ensuring that the enrolment process remains accessible to all, regardless of their physical condition”.

    Mrs. Dahir-Umar added that online verification and enrolment is a leap in pension administration.

    “By embracing technology, streamlining processes, and ensuring transparency, PenCom is simplifying the transition into retirement for government employees and setting a precedent for modern and efficient pension fund management. As the digital era continues to reshape various sectors, Nigeria’s pension administration stands at the forefront of innovation, poised to deliver better services to workers and retirees.

    “Prospective retirees of the Federal Government Treasury Funded MDAs retiring next year could look forward to a more streamlined and accessible process during the period,” she added.

  • Pension complaints and solutions

    Pension complaints and solutions

    FAITH:  I have been trying to get my data captured with Leadway Pension since June 19 without success.  Help me. Thank you.

    PENCOM:The complainant has been recaptured.

    MOJISOLA: My late wife, Mojisola, worked at the Ministry of Defence.

    Her PFA, Access Pension Limited, formerly Guarantee Pension Limited, asked me to give them a  certified copy of my Letter of Administration from the court. Then I would wait for 18 months for their reply.

    Please, I am suffering. I have exhausted my savings. Also, I take care of my aged mother- inlaw.

    PENCOM: The complainant wife’s death benefit has been paid. He should liaise with the wife’s PFA.

    EYEREGBA: I am Eyeregba. I  work at Cappa & D’Alberto Lagos.

    My PFA is Stanbic IBTC Pension. earlier, I was with FCMB Pension.

    I sent a complaint via email to info@pencom.com.gov.ng on August 1 on my pension contributions for December 2021 and February 2022 that have not been remitted to my account.

    I attached an evidence of non-remittance to the mail. Please, I have not received any feedback on my complaint after two weeks and my pension is not yet recovered.

    PENCOM: The complainant did not attach the relevant documents that would enable the Commission to process his request.

    Read Also: Oyo pays 92 pensioners N206m gratuities

    He should forward the following to the Commission: Complainant’s name, Personal Identification  Number (PIN), Pension Fund Administrator (PFA) name and that of the employer, name (if applicable).

    By providing these details will help us expedite the resolution.

    DR OLOSE: My name is Dr. Olose.

    About N11million was withdrawn from my RSA account with Leadway Pensure and returned to PenCom at your office request.

    At present, no remittances are made to my RSA account from PenCom.

    Kindly help me.

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

    LAWAN: I have applied for my father’s pension benefit for more than a year but even now I didn’t hear anything from PenCom.

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

    ABBAS: Good day, my name is Abbas. I am under the PFA Premium Pension. I retired on May 3, 2022 at the Federal Polytechnic, Kaduna. I have been processing my documentation for the payment of my retirement benefits.

    But there is a problem with my NIMC, which is the date of birth correction, which hindered me from doing my data recapturing with my PFA.

    I have corrected it at the NIMC headquarters in Kaduna. Three months after I did that, I went back to my PFA to proceed with my data capturing but it was still showing my old date of birth, whereas it showed corrected at NIMC office.

    I returned to my PFA with a validation slip, showing my new date of birth. They said the problem was with  PenCom.

    Please help me.

    PENCOM: The complainant has been recaptured.

    SAMUEL: Good day, I am Samuel. I am a staff of Michael Okpara University of Agriculture, Umudike and my colleague Amogu were employed in December 2019. We have not been getting the deductions from our salaries remitted into our RSAs until December, 2022. Although I once received my remittance before IPPIS took over salary payment. How do we get those backlogs remitted into our various account.

    PENCOM: The Complainants are to visit the IPPIS office to resolve your complaint.

    MGBOH: The applicant, my wife, passed away in the year 2019 on active service. We applied for her pension benefits and await PENCOM approval.

    PENCOM: The complainant wife’s death benefit has been paid, therefore he should liase with the wife’s PFA.

    EJIOGU: Good day, my monthly stipend of August 2023 has not been paid by PAL Pension. My name is Ejiogu. Kindly help me. Thank you.

    PENCOM: The complainant monthly pension has been paid, he is to liase with his bank.

  • Sanlam expands operations

    Sanlam expands operations

    Sanlam General Insurance, a subsidiary of Sanlam Life Insurance and member of the Sanlam Pan African group, has opened a new sales outlet in Ikeja, Lagos.

    The company expects the new branch to provide access to her motor insurance plans.

    In a statement, the Marketing and Corporate Communications Manager, Sanlam General Insurance Nigeria Limited, Ajibola Liyide, said at the branch the firm’s products could be purchased without stress.

    Managing DirectorD/CEO, Sanlam General Insurance, Bode Opadokun, expressed excitement about the sales outlet.

    Read Also; FIRS rakes in N309b from stamp duty

    He said: ”Our goal is to continually seek out ways to get our range of insurance to our target market. By opening this sales outlet, we have, once again, demonstrated our commitment to delivering unparallelled convenience, efficiency, and reliability to all those seeking comprehensive and third-party motor insurance coverage.

    “With a team of highly skilled and dedicated professionals, we are confident in our ability to provide personalised solutions tailored to your unique requirements.’’