Category: Pension

Norrenberger has received an Award in Excellence in Financial Services Leadership, for its role in advancing the economy and the aspirations of its citizenry.

The award was presented to the group at the Excellence in Corporate Enterprise and Leadership Award Show in Victoria Island, Lagos.

As an initiative of the African Leadership Review and African Institute for Leadership Excellence, the event was established to celebrate corporate organisations that have contributed to the continent’s development.

While the award also acknowledges Norrenberger’s instrumental role in advancing the economy and the aspirations of its citizenry, it also acknowledges its efforts in transforming Nigeria and Africa’s image on a global scale.

The organisers said Norrenberger’s dedication to providing top-notch financial solutions and driving growth fetched them the award.

Group Managing Director/CEO of Norrenberger, Anthony Edeh said the recognition motivates them to deliver more innovative financial solutions.

He stated that Norrenberger is passionate about positively unlocking opportunities in society through cutting-edge financial solutions in Nigeria and Africa as a whole.

He added that they are confident in their ability to provide excellence in service delivery and dominate the financial market.

 “Our component companies are licensed and regulated by the Securities & Exchange Commission (SEC), Central Bank of Nigeria (CBN), Nigerian Exchange Limited (NGX), National Pension Commission (PenCom) or National Insurance Commission (NAICOM),” he further added.  

MELVILLE: My name is Melville. I retired from the Nigerian Immigration Service in February 2022. My PFA is Access (formerly First Guarantee).

  My PFA said my name was omitted and they have sent you a reminder to PenCom. Kindly expedite payment.

PENCOM: Payment has been made. Please visit your Pension Fund Administrator for confirmation.

TASIU: Good day, I am ComradeTasiu. I write on behalf of Osowale. His PFA is Stanbic IBTC Pension Managers Limited. He was captured and registered in October 2021. He was given a retirement benefit enrolment slip. He worked at the Ministry of Defence and retired on August 13, 2021 at the Air Force Comprehensive School, Ibadan of the Ministry of Defence.

PENCOM: Payment has been made, Please visit your Pension Fund Administrator for confirmation.

TANIMU: Good day, my name is Tanimu. I signed the consent form on June 14, 2023 and sent it to Trustfund Pension via email to pay my voluntary contribution amount. I followed up with Trustfund and I was told that they have sent my request to PenCom for approval and payment. However, up till now, I haven’t received any payment. I will like to know what is delaying the payment.

NOJIMU: Dear Sir, my name is Nojimu. I am a RSA holder with OAK Pension.

I applied for my 25 per cent benefits. I filled the forms and sent them to OAK Pension for approval since June 9, 2023.

But up til date, it has not been approved. I will like to know if PenCom has approved my request as I was told by OAK that the process was ongoing.

But I will like to hear from PenCom.

OPEYEMI: Good day, my name is Opeyemi. My pension manager is Access Pension. I have been trying to have access to my pension for over two months now. But the excuse I get from them is that I did a change of name twice.

All documents were forwarded to them for action but they claimed that PenCom had refused to update my information. As a result, payments could not be made.

CHIBOGU: Dear PenCom, my name is Chibogu. My complaint is that I requested for my 25 per cent benefits from Leadway Pensure since  June 3, but up till now, I haven’t got the money in my account.

Whenever I called Leadway Pensure Customer Service, the reply I got was that PenCom hadn’t approved my request.

I want to know what’s going on.

ISRAEL: Greetings Omobola. My name is Israel. I lost my wife in active service in 2021. She left behind two children for me to carter for.

A year after she was laid to rest, I started processing her death benefit at Premium Pension where every document, including a letter of administration requested by the PFA was submitted since August 30, 2022.

But up till now nothing has been done. My children have stopped schooling due to lack of fund. How long does it take for them to respond? Kindly help me.

ANNONYMOUS:  Dear Omobola, with the rising cost of living standard in Nigeria: what plans does PenCom have for pensioners to ameliorate the effects of the inflation?

BASIL: I work at the Federal Road safety Commission (FRSC). I have up to 40 months’unremitted pension. I have written but I have not get any response from PenCom.

Kindly attend to my request as I want my contributions credited to my Retirement Savings Account. My PFA as at the time I had the unremitted contributions was Stanbic IBTC Pensions. My New PFA is FCMB Pensions.

The Nation will intervene. Therefore, Taminu, Nojimu, Opeyemi, Chibogu, Israel, Annonymous, and Okeke should look out for the newspaper next week for responses from PenCom.

Employers have a crucial role in safeguarding the retirement aspirations of the workforce, the National Pension Commission (PenCom) has said.

By fulfilling this obligation, employers contribute to the stability and growth of the pension fund, thereby benefiting the participants.

According to the commission, in a world where financial security during retirement is paramount, the Contributory Pension Scheme (CPS) is a vital pillar for providing a dignified post-work life for employees.

The Pension Reform Act (PRA 2014) defines the roles and responsibilities of the employer and the employee under the CPS.

The CPS is a  scheme under which the employer and the employee contribute to the employee’s retirement benefits.

Obtaining an Employer Code

The Director-General, PenCom, Mrs. Aisha Dahir-Umar, said to ensure seamless integration into the CPS, employers must prioritise the first step, which is to obtain an Code from PenCom.

She said: “The Employer Code is a unique identifier that enables effective tracking and monitoring of an employer’s pension obligations. By acquiring an Employer Code, organisations demonstrate their commitment to transparency and accountability within the pension system. Employers who do not have an Employer Code cannot remit pension contributions for their employees.

“To obtain an Employer Code from PenCom, the employer must provide the following: A company registration certificate issued by the Corporate Affairs Commission (CAC), a Tax Identification Number (TIN), and an application letter on the company’s official letterhead.

Payment of pension contributions for employees

“One of the fundamental obligations of employers under the CPS is the regular payment of pension contributions for their employees. The employer is required to deduct the monthly contributions of the employee, not later than seven working days from the day salary is paid, and remit an amount comprising eight per cent for the employee and 10 per cent employer contribution to the Pension Fund Custodian (PFC) specified by the Pension Fund Administrator (PFA) of the employee.

“To maintain the integrity of the CPS, employers must remit pension contributions promptly. Timely remittance not only ensures the smooth functioning of the pension system but also safeguards employees’ trust in their employers. By fulfilling this obligation diligently, employers contribute to the stability and growth of the pension fund, ultimately, benefiting participants. The Pension Reform Act 2014 (PRA 2014) states that an employer who fails to deduct or remit the contributions within the stipulated time frame of seven working days from the day salaries are paid shall, in addition to making the remittances already due, be liable to a penalty, which shall not be less than two per cent of the total contributions that remain unpaid for each month or part of each month the default continues.’’

The penalty for non-payment

of employee’s RSA

The PenCom boss further stated: “It should be noted, however, that the 18 per cent monthly pension contribution is a prescribed minimum, as the employer may elect to increase the rate or bear the burden for the employee.

“Employers must deduct the specified percentage from employees’ salaries, demonstrating their commitment to fostering a culture of personal financial planning among their workforce.This deduction strengthens employees’ retirement prospects and instils financial discipline when made consistently.

Group Life Insurance Policy

for employees vital

“In line with the CPS, employers must procure a Group Life Insurance Policy (GLP) for their employees. The policy serves as a safety net, providing financial protection to employees’ families in case of their death while in active service.

The policy pays the ‘sum assured’ benefit to the next-of-kin or dependents of an employee who dies in active service.

“Specifically, the provisions of the GLP affect employers in the public and private sectors covered under the CPS. Employers must maintain a GLP in favour of each employee covered by the CPS for at least three times their annual total emolument. The premium for the GLP shall be paid not later than the date of commencement of the cover. Where the employer fails or refuses to make payment as and when due, the employer shall arrange to settle claims arising from the death of any staff during such a period.”

Opening nominal RSAs

She maintained that employees are responsible for initiating the opening of Retirement Savings Accounts (RSAs) for their  contributions, stating that RSAs are personalised accounts that enable individuals to accumulate their pension contributions over their working lives.

“Employers are pivotal in facilitating this process, ensuring that employees have their RSAs registered to commence contributions promptly. However, where an employee has yet to open an RSA six months after employment, the employer must open a Nominal RSA for the employee.This proactive step ensures the employee’s pension contributions are not neglected and paves the way for a smoother transition once the employee establishes his RSAs. Employers’ commitment to inclusivity and comprehensive coverage reflects their dedication to supporting employees in their retirement aspirations,” she added.

She maintained that as the backbone of the nation’s workforce, employers play a pivotal role in upholding the integrity and success of the CPS.

“By obtaining an Employer Code, opening nominal accounts for employees without RSAs, deducting employees’ contributions, remitting pension contributions on time, and procuring Group Life Insurance, employers demonstrate their commitment to their workforce’s financial well-being and future security.

“Robust and responsible employer participation in the CPS ensures a retirement landscape built on trust, transparency and a shared vision for a dignified future for all employees,” she added.

UNITED Kingdom members of Parliament have called on the pensions regulator to require pension funds to regularly report on their liability-driven investing exposures and to engage with them based on results.

In a report following an inquiry into defined benefit funds and their LDI investments, the Work and Pensions Committee saidTPR should have focused earlier on the risks stemming from the use of LDI strategies.

Because there was no system for collecting data on LDI from pension funds, particularly smaller funds, the use of leverage grew in a way that was not visible to the regulators until the LDI crisis in September, the report said.

The MPs also said that the oversight from the TPR was too focused on larger plans and did not pay enough attention to smaller plans, which suffered more from their exposure to LDI during the crisis.

“It was the pooled LDI funds, in which small pension schemes were invested, which came under particular pressure,” the report said.

Prior to the crisis, LDI strategies were considered helpful in terms of improving plan funding levels when interest rates were low and pension deficits were high.

In September, sharp rises in gilt yields resulted in LDI funds being required to post additional collateral at short notice. And to meet collateral calls, and reduce leverage, LDI funds were forced to sell gilts into an illiquid market.

Get the latest coverage of corporate and public defined benefit plans, as well as new developments at foundations, endowments and sovereign wealth funds.

The committee endorsed plans to enhance the regulation of trustees and governance standards following the LDI crisis. But as regulation is being reviewed, it said: “DWP (Department for Work and Pensions) should consider whether the use of LDI could be restricted, for example, based on a test related to a trustee boards’ ability to understand and manage the risks involved.”

The committee also called on halting plans to launch a new funding regime in April next year until TPR’s assessments are complete.

The MPs also recommended that the government put investment consultants under the remit of the Financial Conduct Authority, having concluded that consultants provided standardized rather than plan-specific advice during the crisis in September.

Norrenberger, an integrated financial services Group, has created awareness for individuals nearing retirement and retirees for a financially-secured future.

The Group hosted an a retirement planning seminar for individuals aged 50 and above, providing them with valuable insights and practical strategies for a secure retirement. 

The event held in Abuja featured a financial literacy session covering key segments such as financial planning, insurance, lifestyle adjustment, legal and estate planning.

Participants also had the opportunity to engage Norrenberger’s experts on various themes in retirement planning and also explored other areas with respect to the profitability of their pension savings.

Managing Director, Norrenberger Pensions Limited, Hamisu Bala Idris said: “In line with our mission to unlock opportunities in the society, we established this event to embolden individuals with the knowledge to maximise the profitability of their pension savings and ultimately secure a comfortable retirement.

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“Eighty per cent of retirees depend solely on their monthly pension for survival, many of whom live in constant fear of financial crisis based on delayed payments. This highlights the crucial role pension plays in their livelihoods. Moreso, only 10 per cent of the Nigerian population has access to pension schemes”.

Business Head, Asset Management, Abigail Utomi emphasised the critical role events of this nature play in piloting financial literacy and security for senior citizens in Nigeria and positively impacting the country’s capital market and economy.

“We continue to seek ways to deepen the market, grow our reach and expand our contribution to Nigeria’s Gross Domestic Product (GDP).

“At Norrenberger, we are passionate about guiding individuals throughout their journey to financial freedom, even after they transition from the workforce. Our vision remains to simplify wealth creation, creating practical and easily accessible products and services to achieve this, and we are confident in our ability to deliver on our promise,” she said.

ADEJO: Dear Omobola, my name is Emmanuel Abiodun Adejo. I retired in December 2019 at 65 on CONTESDISS15/9 at the Federal Polytechnic, ldah Kogi State. I was verified and enrolled in September 2022. My PFA is ARM Pensions Managers. 

  My complaint is about the non-payment of my pension benefits.  I was not given any reason.

   Kindly help me.

PENCOM: Payment has been made. Please visit your Pension Fund Administrator for confirmation

AKPAN: The late Akpan was born on April 26, 1970 and died in active service on February 17, 2019. Her PFA is Stanbic IBTC Pension Managers.    

The deceased officer was appointed as a Catering Assistanct on salary Grade Level 04 Step 1 with effect from  November 16, 1992. She was on SGL 06 Step 06 on CONPSS as at June 2004 and SGL 09 step 14 on CONPSS till death. The nominated next-of-kin of the deceased officer is Favour. She is yet to be paid the benefits.

PENCOM: Payment has been made. Please visit your Pension Fund Administrator for confirmation

OSOWALE: Good day, I am Comrade Tasiu. I write on behalf Osowale. His PFA is Stanbic IBTC Pension Managers Limited. He was captured and registered on October 2021. He was given a retirement benefit enrolment slip. He worked at the Ministry of Defence and retired on August 13, 2021 at the Air Force Comprehensive School, Ibadan, a part of the Ministry of Defence.

PENCOM: Payment has been made. Please visit your Pension Fund Administrator (PFA) for confirmation.

MELVILLE: My name is Melville. I retired from the Nigerian Immigration Service on February 2022. My PFA is Access (former First Guarantee). My PFA says my name was omitted and that they had sent  a reminder to PenCom.

Kindly expedite action on payment.

PENCOM: Payment has been made. Please visit your Pension Fund Administrator (PFA) for confirmation.

ABUBAKAR: Hello, my name is Abubakar. I am a next-of-kin.The president had approved the payment of outstanding pension benefit and said something about 2014 retirees.

But my father died in 2013. Will his death benefit also be paid? How long does it take on average? Thank you.

PENCOM: Please note that for your  father’s death benefits to be paid, you must submit some documents to his Pension Fund Administrator (PFA) for processing.

If you have done this, please forward to the commission the following: His RSA PIN, full name, name of PFA as well as other vital information to enable the commission work on the matter. Thank you.

ANNONYMOUS: Good day. I want to remain anonymous. I worked at the Federal Radio Corporation of Nigeria (FRCN) as a Principal Marketing Officer and retired in April 2019.

I was promoted to a Controller Marketing, in January same year. Up till date, my Grade Level 13 arrears and Level 13 promotions have not been implemented with my PFA, Premium Pension.

Kindly help look into my problem.

Thank you.

PENCOM: Please provide your PIN.

JERRY: Good day. I am Jerry from Jos. I am calling to seek your help concerning my late dad’s pension upgrade. He worked at the Federal Ministry of Defence.

PENCOM: Please provide your PIN and PFA.

ADE: I am Adeosun. I retired in February 2018 and my documents were submitted to LASPEC towards the end of 2021 and re-submitted in July, this year.

My PFA is Leadway Pension. My repeated calls to LASPEC are not yielding any result. Could you please help me find out the cause of the delay in payment?

PENCOM: Please provide your PIN.

LAURENCE: I sincerely express my joy to The Nation and the National Pension Commission.

I call on the commission to rescue me from the problem of dual PIN that I have suffered for long. Special thanks for Mr Laurence Ogungbemi of Stanbic IBTC Pension office Abakalike, Ebonyi State.

I travelled to Makurdi, Benue State to process my pension payment. But I was frustrated because they attended to one person daily.

The Makurdi branch of Stanbic IBTC Pension should better close down since they only attend to one person daily.

PENCOM: Go and carry out the Data Recapture Exercise with your preferred PFA to resolve the issue of double PIN.

Some Pension Fund Administrators (PFAs)  have been sanctioned by the National Pension Commission (PenCom) for some infractions. 

  They are Pension Fund Administrators (PFAs) RM Pension Managers Limited, Crusader Sterling Pensions Limited, Tangerine APT Pensions Limited, and  Guaranty Trust Pension Managers Limited.

The regulator stated that the companies who are Pension Fund Administrators (PFAs) were sanctioned during the first quarter of this year for violating regulations and guidelines of the Commission.

Other PFAs sanctioned, according to PenCom, are Access Pensions Limited, Leadway Pensure PFA limited, and Radix Pension Managers Limited.

PenCom made this known in its Quarter 1, 2023 report, which section on operational activities stated that the commission held a PenCom/Operators Consultative Forum during the quarter. The report also said: “The Department also held a virtual meeting with the Chief Compliance Officers (CCO) of Licensed Pension Fund Operators. The meeting deliberated on the functional responsibilities of CCOs and the expectations of the Commission, in carrying out their statutory mandates.

“Status of guidelines and framework being reviewed by the department include Revised Guidelines for Appointment to Board and Top Management Positions was forwarded to EXCO for approval; Draft Framework for the Establishment of Additional Benefits Scheme was forwarded to Exco for approval; and Draft Guidelines on the Operations of Branch Offices and Service Centres by Licensed Pension Fund Administrators was forwarded to Exco for approval.

The imperative of a micro pension plan as a buffer against old age poverty cannot be overemphasised. The National Pension Commission (PenCom) has continued its drive to capture workers in the informal sector. Omobola Tolu-Kusimo writes.

The National Pension Commission (PenCom) has captured 93,225 informal sector workers on the Micro Pension Plan (MPP), with a contribution of N416.12 million from inception of the MPP three years ago.

However, the commission has called on entrepreneurs, artisans, among others, in the informal sector  to enrol in the MPP through any PFA.

According to PenCom, one of the major objectives of the Contributory Pension Scheme (CPS) is to assist  individuals by ensuring that they save  for their old age.

In a statement, the commission said at the inception of the CPS, only the formal sector employees were covered while persons involved in the informal sector  were not.

To address the situation, the commission conceptualised the MPP with the objective of expanding pension coverage to the informal sector in tandem.

The Plan enables workers in private sector organisations with no fewer than three employees as well as the self-employed and people in the informal sector to participate in the CPS.

The MPP is a voluntary financial plan aimed at providing financial stability to these workers in their old age.

The Director-General of PenCom, Mrs. Aish DAhir-Umar, said when an informal sector participant dies, their contributions are not lost. Rather, they are paid to their legal heirs.

She stated that the participant is required to complete the registration forms, and provide a valid means of identification such as the Passport, Driver’s Licence or National ID card.

On the requirements for registration, Mrs. Dahir-Umar,  said: “Such individual should be at least 18 years old and resident in Nigeria. Once the Retirement Savings Account (RSA) is opened, the Micro Pension Contributor (MPC) is issued with a Personal Identification Number (PIN) by the PFA. It is important to note that upon securing employment in the formal sector with any organisation that has three or more employees, the MPC will be eligible to participate under the mandatory CPS.

“However, once the MPC joins the mandatory CPS, they cannot convert back to the MPP.

“The non-homogenous nature of the informal sector participants with respect to regularity of income was considered in the design of the MPP. Under the MPP, contributions have been made easy. There is no stipulated minimum amount of contribution and the MPC can make contributions daily, weekly or monthly, as may be convenient.

“These contributions can be made by cash deposit, or electronically, through any payment platform/agent approved by the Central Bank of Nigeria. Micro Pension contributions are invested by the Pension Fund Administrators (PFAs) in safe investment outlets that are stipulated by the PenCom. The savings are expected to increase over time due to yields from the investments, thereby affording contributors to build up savings from which to draw retirement benefits and pension. MPP contributions are split into 40 per cent for contingent withdrawal and 60 per cent for pensions. The Contingent portion is available for withdrawal to ease financial pressures or needs of the contributor before their retirement.

“The MPC is qualified to access the contingent portion of the contribution three months after making the initial contribution. Subsequently, contingent withdrawals can be made once in a week. The retirement/fixed portion of the RSA balance, on the other hand, can only be accessed by the contributor upon retirement.’’

She continued: “PenCom’s Guidelines on MPP provides that the Micro Pension Contributor (MPC) is eligible to access his RSA for retirement upon attaining 50 years and/or on health grounds. The MPC can choose to convert the contingent portion of the RSA to retirement benefits at the end of every year, and may also transfer their RSA from one PFA to another in line with the RSA transfer regulations.

“Also, upon retirement, the MPC has the option of transferring part or all of his/her outstanding balance in the contingent portion to their retirement benefits portion.

“In the event of the death of an active or retiree MPC, the balance in the RSA shall be paid to the legal heirs of the deceased/contributor as may be appointed by a Will or Letter of Administration granted by a Probate Registry or as may be directed by a court of competent jurisdiction in the state of residence of the deceased contributor, as the case may be.This means that the MPP also offers financial security to relatives of deceased informal sector workers. The MPP has provided hope for millions of Nigerians operating in the informal sector. While they do not retire in the conventional sense, they, however, need to ensure their old age is lived-out in dignity.

“It is important that informal sector workers register for the MPP to secure their financial security at old age. It is never too early or too late to begin saving for retirement.” 

In an era marked by economic uncertainties and shifting demographics, the need for a robust and sustainable pension system has never been more critical. Omobola Tolu-Kusimo writes on why the Contributory Pension Scheme (CPS) remains best way to ensure retirement security.

Research has indicated that the Contributory Pension Scheme (CPS) is the best way to ensure retirement security as it offers a superior alternative to the traditional Defined Benefits Scheme (DBS).

For experts, the advantages of the CPS and its suitability for the challenges of the 21st century are huge.

Significantly, the CPS has ensured timely payment of pension, which was one of the objectives of the pension reform in Nigeria.

From the inception of the CPS to March 2023, a total of 326,248 pensioners on Programmed Withdrawal have been paid N941.66 billion as lump sum and N14.66 billion as monthly pension.

Similarly, within the same period, a total of 108,552 pensioners on Retiree Life Annuity have been paid N16.66 billion as lump sum and N6.54 billion as monthly pension.

DBS, CPS fundamental difference

Under the defined benefits scheme, retirement benefits are predetermined based on factors such as years of service and final salary.

In contrast, the CPS requires employees and employers to make regular contributions to an individual Retirement Savings Account (RSA). The accumulated funds are then invested, and the retirement benefit is determined by the value of the account at the time of retirement.

The Director-General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, in a statement, pointed out that one of the primary advantages of the CPS is its sustainability in the face of demographic shifts.

She stated that as life expectancy and birth rates increase in Nigeria, the burden on traditional defined benefits systems becomes unsustainable.

With a contributory system, she said the retirement benefit is directly linked to the individual’s contributions and investment returns. This ensures that the pension system remains financially viable, even as the population ages.

She said: “Moreover, the CPS empowers individuals to take control of their retirement planning. It offers greater transparency and flexibility, allowing workers to monitor their retirement funds actively. Pension Fund Administrators (PFAs) send Statement of Accounts to RSA holders periodically, entrenching the culture of transparency in the CPS. In addition, RSA holders are allowed to transfer their accounts from one PFA to another once in a year, giving them control over their pension funds.

“In contrast, the defined benefits scheme often provides little information or control to employees, leaving them uncertain about their future financial security. The CPS instils a sense of ownership and personal responsibility, encouraging individuals to make informed decisions and adjust their savings accordingly. The Pension Reform Act 2014 (PRA 2014) allows employers and employees to make additional contributions and even increase the minimum 10 per cent employer and eight per cent employee contribution. These flexibilities do not exist under a defined benefits arrangement.

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“Another compelling advantage lies in the portability and mobility offered by the CPS. In today’s dynamic job market, where career changes and relocations are increasingly common, individuals require flexibility in managing their retirement savings. With contributory pensions, employees can seamlessly transfer their accumulated funds when changing jobs, ensuring continuous growth and uninterrupted savings accumulation. This mobility empowers workers to pursue new opportunities without sacrificing their retirement security”.

The Head, Corporate Communication, PenCom, Abdulqadir Dahiru further explained that the CPS promotes a fair and equitable distribution of retirement benefits.

According to him, under the defined benefits system, the pension pay-outs are often heavily skewed in favour of long-tenured employees.

“Under the defined benefits arrangements, sacked employees and those who worked less than certain number of years end up without retirement benefits under. This creates disparities and inequities within the pension system.

“In contrast, the contributory system ensures that retirement benefits are based on the individual’s contributions and investment returns, eliminating biases and promoting a more egalitarian approach to pension provision”.

Meanwhile, the PenCom DG  said Commmission developed strong investment guidelines underscoring fair returns and safety of pension funds.

She stated that PFAs strictly adhere to these guidelines, ensuring steady growth of pension assets.

“As of March 2023, total pension assets stood at N15.58 trillion and still growing. Noteworthy is that the defined benefits system carries its own risks, as demonstrated by numerous cases of pension funds facing significant shortfalls and delay in payments to retirees due to non-release of budgeted funds. Government is already overburdened with the payment of pensions under the DBS. There are competing demands on the Federal Government, which limited revenues cannot meet. By embracing a contributory approach, individuals have the opportunity to harness the potential growth of their retirement funds, ultimately leading to more substantial and sustainable benefits.

“The DBS exposes retirees and employees nearing retirement to endless verifications. There are risks of inefficiencies and malpractices in pension administration under defined benefits arrangements due to lack of transparency. On the contrarily, the CPS has sufficient safe guards to protect pension fund”.

Mrs. Dahir-Umar stressed that the CPS represents a progressive and adaptable approach to retirement security, tailored to the needs of the modern era. Its sustainability, transparency, portability, and equitable distribution of benefits make it a superior alternative to the traditional defined benefits system.

“As Nigeria navigates the challenges of an evolving economic landscape and changing demographics, it is imperative that public and private employers and employees embrace innovative solutions that empower individuals and ensure their financial well-being in their golden years.

“The CPS offers precisely that, heralding a new era of retirement security for all,” she added.

ADEDAMOLA: My name is Adedamola. I retired from the Nigerian Railway Corporation (RSA) in 2014.

 Kindly help me find out why the NRC failed to pay my pension empowerment training allowance. Also, my pension allowance was not fully paid by my pension administrator, Premium Pension. Why?

  Also, since the Federal Government had announced a new minimum salary wage, I have not been paid it.

PENCOM: Good day. Please provide more details on this complaint. Such as the status of your employment, and your RSA PIN.

CHUKWUEMEKA: My name is Chukwuemeka. My wife passed on on March 25, 2019. I have submitted the documents required. But  her gratuity has not been paid.

PENCOM: Kindly provide more details, such as the name of the Pension Fund Administrator and PIN of your late wife, her former employer and other information that will assist the Commission respond to your  complaint adequately.

ANNONYMOUS: Thanks a lot for reposting my request for intervention with PenCom on payment of pension enhancement by the PFAs.

Since my retirement in 2014, I received enhancement only once in 2017 and this has not been addressed by PenCom.

I have been excluded for the second time, which means I won’t enjoy any enhancement until 2026, a period of nine years.

This is unacceptable. I retired as a Director of Finance, so I have knowledge of investment. I believe PenCom should pay more attention to the reason most pensioners depend on  monthly payments. Therefore, we expect enhancements monthly.

PENCOM: Dear Sir, kindly visit your Pension Fund Administrator (PFA) for more information on the status of your pension enhancement.

DAMILOLA: My name is Damilola. I lost my dad in July 2021, but we started processing his death benefit in January 2022. We submitted the required documents, including Letter of Administration to PAL Pension in September 2022.

Each time I requested to know what was going on with the processing, they kept saying they were on it. This has been going on for the past four months. How long does it take for them to clear documents?

I have sent emails and SMS to the company and to the official in charge, but they kept saying they were on it. They said it would take about six months to check the documents. I don’t know what else to do.

My mum is sick and the family is financially down. Also, my siblings need to return to school. I am really depressed. Kindly help me.

PENCOM: Kindly provide the PIN number of the deceased to enable the Commission treat the complaint.

HAMADU: Greetings to the Director-General of PenCom. My name is Hamadu. I retired from Independent National Electoral Commission (INEC), Abuja in November 2017 as Deputy Director on Grade Level 16/9.

My pension administrator is Stanbic Ibtc. My complaint is on the non-payment of 2.5 per cent and arrears.

PENCOM: Please provide your PIN to enable the Commission expedite  cation on the issue.

ADOGA: 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. 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 in July 2022. Please I want you to help me.

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

ANNONYMOUS: I am a police officer. My pension has not been paid  since 2017. I have been on this matter in the past three years. I have been moving from one office to another, but all my efforts prove abortive. Kindly help me.

PENCOM: Kindly provide your name and PIN.

ABUBAKAR: Hello, my name is Abubakar, a next-of-kin. May I draw your attention to the president’s approval of outstanding pension, which included the 2014 retirees.

But, my father died in 2013. Will his  benefit be paid? How long does it take on average? Thank you.

PENCOM: Please note that for your late father’s death benefits to be paid; you must submit some documents to his Pension Fund Administrator (PFA) for processing.

If you have done this, please forward to the commission the following details: his RSA PIN, full name, name of PFA as well as other vital information to enable the commission investigate further. Thank you.

ANNONYMOUS: I am Inspector Isah (rtd). I retired on January 15, 2020 at the Niger State Police Command  upon attaining 60 years. I was paid only 25 per cent of my savings (N1,665,000) on February 2021, out of  N5,100,000.

I was also put on monthly pension of N31,758 from March 2021. My complaint is that I deserved to be paid at least 50 per cent of my total amount. I am really aggrieved.

PENCOM: You are entitled to only 25 per cent of the lumpsum.

MOHAMMED: Dear sir, we are the administrator of our late father Mohammed. He started work at the Nigerian Immigration Service (NIS) in 1987 but was kicked out by the Presidential Taskforce in 2006.

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

PENCOM: Please provide the PFA and PIN number to enable the Commission investigate your complaint.

DENNIS: Dear Sir, My name is Dennis. My Pension Fund Administrator (PFA) is FGPL.

I retired from the Nigeria Police Force on June 1, 2008 on a monthly pension of N26,451.84. I have been receiving this amount for 14 years and six months. Painfully, it has not been enhanced. Could you please tell me why? Thank you.

PENCOM: The pension enhancement is only for Retirement Savings Account (RSA) holders who have received significant growth due to return-on-investments over the years.