The Nation Newspaper

Category: Pension

  • PenCom: workers relocating abroad, expatriates can join pension scheme

    PenCom: workers relocating abroad, expatriates can join pension scheme

    Due to increased global work mobility, many Nigerians are now working abroad.

    In the same vein, Nigeria attracts expatriates from various parts of the world. In some cases, Nigerians, who move abroad for work, are  enrolled in the Contributory Pension Scheme (CPS) and may wish to continue saving in Nigeria for their retirement.

    Similarly, foreigners working in Nigeria may be members of various pension plans in their home countries and desire to participate in the CPS in Nigeria.

    Recognising these needs, the National Pension Commission (PenCom) issued Guidelines for Cross-Border Arrangements Under the Pension Reform Act (PRA) 2014 to facilitate the participation of these workers in the CPS.

    The Pension Reform Act (PRA) 2014 applies to Nigerians.

    However, the Director-General of the commission, Mrs. Aisha Dahir-Umar, said Nigerians working abroad were allowed and encouraged to participate in the Scheme.

    Also, he said while the Scheme is not mandatory for expatriate employees, they could participate in it.

    She stated that the CPS also covers Nigerians working in Missions abroad, if they are employees required to implement the CPS under the PRA 2014, as in the case of career diplomats posted to missions.

    She maintained that where the Nigerian Missions employ Nigerians as support staff in their host countries in line with their domestic laws, the PRA 2014 does not apply to these workers.

    She said: “A Nigerian previously working abroad can be part of the CPS if he secures formal employment upon return in Nigeria. Where the returnee is not employed, the person may make voluntary contributions under the Scheme.

    Read Also: UPDC eyes N15tr PenCom’s mortgage funding for middle class homes

    “A person who resigns from an organisation in Nigeria and takes up an appointment with an organisation outside Nigeria can make arrangements with the new employer to continue remitting his pension contributions to his RSA in Nigeria. If such an employee chooses to discontinue contribution under the Scheme in Nigeria or where the new employer has an entirely different pension arrangement, he can access his RSA upon retirement or on attaining 50 years.

    “Notably, the CPS aims to provide financial security for employees in their retirement years. The CPS requires employees and employers to contribute a percentage of the employee’s monthly salary into a Retirement Savings Account (RSA). This account serves as a pool of funds that grows over time, ensuring a stable income for individuals during their retirement.

    “Nigerians working abroad can initiate the process by contacting the Pension Fund Administrators (PFA) through their website or by visiting their offices for the information and guidance to facilitate enrolment in the CPS.

    “The PFAs will guide them through the account opening, ensuring the required documents are submitted.The voluntary contributions must comply with the provisions of the guidelines on voluntary contributions issued by PenCom. Where a Nigerian working abroad has joined a retirement benefits scheme abroad, the person can repatriate the accumulated benefits to his RSA with a PFA in Nigeria, where the offshore pension regulator’s legislation permits such transfers. The repatriation of earned benefits must comply with the relevant Exchange Rate and Money Laundering Rules.”

    The PenCom boss noted that a Nigerian contributing to an RSA that is going on transfer abroad or changing employment for another employment abroad should notify his PFA and request the PFA to freeze his RSA until he returns to continue his contributions.

    “The employee shall indicate whether he intends to send voluntary contributions to the RSA.

    “For expatriates working in Nigeria, the process is relatively similar. Any foreign employee in Nigeria shall discretionally join the CPS, irrespective of a pension arrangement in his home country. The employee shall inform his employer of his interest in joining the Scheme. The employee should open an RSA with a PFA denominated in Naira.

    “Where the employee’s wage is paid in foreign currency, the employer shall convert the contribution to Naira and remit it to the Pension Fund Custodian (PFC). In the event of permanent relocation, the expatriate shall give the PFA three months’ prior notice before exiting  the Scheme.

    “By extending the reach of the CPS to Nigerians working abroad and expatriates in Nigeria, the government aims to ensure that these individuals can secure their financial future and enjoy a comfortable retirement. It is essential for parties involved to understand and comply with the guidelines set forth by PenCom to make the process as seamless as possible. Remember, a well-prepared retirement awaits those who proactively participate in the CPS,” she added.

  • Pension complaints and solutions

    Pension complaints and solutions

    LALERE: I thank The Nation  for responding to our complaints.

       My PFA is NLPC Pension. I started receiving N4,246.26 monthly from October 19, 2021.

      When I met my PFA  last year we told them that we heard that if our monthly pay was not up to N10,000, we would be entitled to be paid off. But they said the new law kicked off in March, last year. Kindly help me.

    ADEJO: Dear Omobola, my name is Emmanuel Abiodun Adejo. I retired in December 2019 at 65 on Contediss 15/9 at the Federal Polytechnic, ldah, Kogi State. Thereafter, I was  verified and enrolled in September, last year.

    My PFA is ARM Pensions Managers. My complaint is the non-payment of my pension benefits till date. I was not given any reason. Kindly help me.

    UDOH:  My name is Udoh. I retired from the Power Holding Company of Nigeria (PHCN) in 2013.

    Please I have not been paid the 2.5 per cent approved by President Buhari since 2021.

    MRS ASUQUO: Dear Omobola, I hereby appeal that my husband, Mr. Asuquo be paid his pension that was stopped by Standard Alliance Insurance Plc since last year. 

    He has been undergoing treatment due to a stroke attack, but he can no longer receive treatment and also cannot pay his bills. His health has been deteriorating because he no longer gets treatment.

    Please help me and my children. I am hoping for a change of my husband’s story someday.

    OSOWALE: Good day, I am ComradeTasiu. I write on behalf Osowale. His PFA is Stanbic IBTC Pension Managers Limited.

    He worked at the Ministry of Defence and retired on August 13, 2021 at Air Force Comprehensive School, Ibadan Ministry of Defence. He was verified and registered in October of the same year. He was given retirement benefit enrolment slip. Uptil now, he has not been paid.

    MELVILLE: My name is Melville. I retired from the Immigration Service on February, last year.

    My PFA is Access (formerly First Guarantee). My PFA said my name was omitted and that they had sent you a reminder to PenCom. Kindly expedite paction.

    Read Also: Financial markets rebound on Emefiele’s suspension

    TOKULA: Good day, I am a contributor under the CPS. I have not collected the 25 per cent. I am a family man with two children. I am not working again. My entitlement is only N 119, 000.

    THE NATION: The newspaper will intervene. Therefore Olalere, Adejo, Udoh, Mrs Asuquo, Melville, Osowale and Tokula should look out for the newspaper next week for responses from PenCom.

    UWEM: Good day, my uncle, Mr Godwin Uwem, was a teacher at the Poly Staff School, Ibadan for many years. He was compulsorily retired five years ago without any gratuity.  At present, he is languishing. Every effort to meet the Provost of Ibadan Polytechnic proved abortive.

    Please, how can you help to savage the elderly man and his suffering children?

    PENCOM: Please provide your uncle’s PFA and RSA PIN details to enable the commission investigate further.

    HASSAN: I am Hassan. My RSA shows that there was no remittance by my employer in 2015, 2016, 2017 and part of 2014 and 2018.

    Please help find out why.

    PENCOM: Please write to the commission, stating the non-remittance of pension contributions by your employer.

    ANNONYMOUS: I retired in June 2016 from the Federal Polytechnic, Bida. I was paid my benefits in July 2017 through my PFA, Premium Pension. I, then, transferred to Leadway for annuity. I am yet to be paid the 2.5 per cent the Federal Government is owing out of its 10 per cent. When and how will this arrear be paid.

    PENCOM: Please be advised that if the amount payable is less than N100,000, it will be paid directly into your bank account. However, for payments above N100,000 you are advised to purchase a second annuity from a Retiree Life Annuity (RLA) provider.

    MUJA: My name is Muja from Suleja, Niger State. I worked with private security firm, where they do not give   appointment or disengagement letters.

    I have been out employment for over six years. I have money with my PFA, even though it is small. I need it to sustain myself.

    I called a former colleague, who advised that I do some proper documentation or the company would not pay me.

    Please, I am confused. What do I do to get my entitlement? Kindly assist me.

    PENCOM: Please visit your Pension Fund Administrator (PFA) who will guide you on the process required so as to access your Retirement Savings Account (RSA). Thank you.

    ALAKE: Hello, I am Alake, a retiree of the Lagos State University.  l retired on February 20, 2021. My pension administrator is NUPEMCO.  l have submitted the required documents. But I was only told to be patient. Please help me.

    PENCOM: Please provide your RSA PIN 

  • Stanbic IBTC Pension educates contributors nationwide

    Stanbic IBTC Pension educates contributors nationwide

    Stanbic IBTC Pension Managers Limited, a subsidiary of Stanbic IBTC Holdings PLC, has empowered pension contributors with knowledge on effective early retirement planning and investment strategies.

    The pension Fund Administrator (PFA) organised series of pre-retirement seminars in three states – Edo, Plateau and Oyo.

    Themed “Making Extraordinary Happen in Your Post-Work Life,” the seminars attracted a diverse audience eager to learn about securing their financial future post-work life.

    The Chief Executive, Stanbic IBTC Pension Managers, Olumide Oyetan, highlighted the objectives of the seminars, which include preparing retirees for retirement, education of pension fund contributors on various topics such as application procedures, retirement documentation, and other pension-related matters. This initiative reflects Stanbic IBTC’s ongoing commitment to providing clients with exceptional value.

    Read Also: Stanbic IBTC boosts pension contributors’ mortgage drive

    Oyetan said: “The pre-retirement seminar series is a step in the right direction towards empowering pension contributors to make informed decisions, prepare for life after work, and retire well. The engagement and interaction from highly engaged attendees testify to the value we deliver to our clients.”

    A Medical Consultant, Stanbic IBTC Pension Managers, Dr Sylvanus Jatto during the seminar gave a health talk on nutrition and lifestyle changes to be adopted to prepare attendees for a healthy and wealthy retirement.

    He charged the soon-to-be retirees on prioritising their health at retirement.

    The Executive Director, Business Development, Stanbic IBTC Pension Managers, Nike Bajomo, emphasised the importance of making prudent financial choices in retirement.

    Bajomo highlighted that individuals who start saving for retirement early are more likely to accumulate a substantial amount in their retirement savings accounts (RSA) over time, providing a solid basis for their retirement. However, individuals who delay retirement planning could still achieve financial security with careful preparation and voluntary contributions. “As an organisation, we have established this pre-retirement workshop to support the goals of pension contributors who are working hard to retire safely,” Bajomo said.

    She reiterated Stanbic IBTC Pension Managers’ commitment to helping customers retire well and encouraged them to take advantage of the available resources and information provided.

  • Retirees seek increased pension

    Retirees seek increased pension

    • By Nimotalahi Awoniyi

    Pensioners have called on the Federal Government to increase their pension.

    They said it had become difficult for them to survive on their pension as the removal of the fuel subsidy had worsened things.

    They are, however, hopeful that better days were ahead as declared by President Bola Tinubu.

    A pensioner, Mr Ojo Olofunlade, a retiree of Nigeria Postal Service (NIPOST), said he believes inTinubu’s promises.

    He, however, urged the President to improve the economy which will have a triple effect on their take-home.

    He said: “With the fuel subsidy removal, pension money is depleted as it cannot put food on the table of many pensioners. It has made transportation so hard that I barely leave my house to do the menial jobs I do after my retirement for upkeep. It is harder with the increase of fuel price.

    “If President Tinubu can increase salaries, he should also increase our pension because we voted for him,” he added. A retiree of the Nigeria Railway Cooperation (NRC), Mrs Ajumobi Rebecca, wants her pension to be paid promptly.

    She stated that the fuel subsidy had worsened the situation.

    Mr Ogunjobi Olaleye, who retired from the Lagos State Public Service,  in 2007, said the subsidy removal had hit him hard as he could no longer continue with his business.

    Mrs Fagbolade Esther, a pensioner, who retired in 2010 at Eko Boys  School, Lagos, said her pension is small. “I think the government should be fair enough to us because we played our roles as citizens and the government should also do theirs,” she stressed.

    Read Also: PenCom to employees: report employers for failing to remit monthly pension

  • CPS: Empowering workers for future

    CPS: Empowering workers for future

    Nigeria has witnessed a remarkable shift in its pension system in about two decades with the introduction of the Contributory Pension Scheme (CPS).

    This scheme has revolutionised retirement planning for employees, providing them with  the benefits that ensure financial security and peace of mind in their post-employment years.

    The advantages of the CPS and its positive impact on workers cannot be overemphasised as it has provided financial security and stability, growth in pension contributions through investments, among others.

    As at March 31, this year, the value of pension assets stood at N15.58 trillion while membership of the CPS was 9.95 million.

    Financial security and stability

    The Director-General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, in a statement, stated that the CPS offers employees a reliable financial safety net, addressing the longstanding issue of inadequate funds to pay retirement benefits to retirees.

    She said by contributing a portion of their monthly income, employees gradually build a pension fund that grows over time, ensuring a stable income upon retirement.

    She said: “The scheme’s mandatory nature ensures that employees remain committed to saving for their future, reducing the risk of financial uncertainty in old age. Similarly, one of the significant advantages of the CPS is the employer’s mandatory contribution.

    “Under this scheme, employers must contribute a certain percentage of an employee’s salary to their pension fund.This additional contribution, combined with the employee’s savings, accelerates the growth of the pension fund. Consequently, employees can accumulate a substantial retirement fund, enhancing their financial well-being during their golden years.

    “It is important to note that the CPS provides a social security framework for employees.The CPS reduces dependence on family members or social welfare programmes, enabling individuals to lead dignified lives after retirement.With the CPS in place, employees can confidently look forward to retirement, knowing they will have a regular income stream to support their living expenses,” she noted.

    Growth in pension contributions through investments

    She said the funds accumulated under the CPS are invested by Pension Fund Administrators (PFAs) for the employees.

    According to the DG, these investments generate returns over time, boosting the value of the pension fund.

    “The funds are invested in various financial instruments, such as stocks, bonds, and real estate, ensuring diversification and potentially higher returns. The growth of the pension funds through prudent investments increases the long-term benefits for employees. The value of pension assets stood at N15.58 trillion as of March 31, 2023, while CPS membership was 9.95 million,” he said.

    Death and disability benefits

    She stressed that life is full of uncertainties, including deaths and unforeseen disabilities during active working age.

    “The CPS not only focuses on retirement benefits and protects employees and their families in the unfortunate event of death or disability. Under the scheme, the accumulated pension fund is paid out as death benefits to the legal beneficiaries of the deceased employee.

    “Similarly, the CPS provides immediate access to retirement benefits if an employee becomes incapacitated.These provisions offer financial security and support for employees and their loved ones during difficult times.”

    Portability and flexibility

    She further stated that the CPS offers a high level of portability and flexibility for employees.

    She said: “Regardless of job changes or relocation within Nigeria, an employee’s accumulated pension funds remain in the employee’s Retirement Savings Account (RSA). The employer cannot access the savings. This flexibility enables individuals to maintain their pension contributions seamlessly and reduces administrative complexities. It also ensures that employees can benefit from the scheme consistently, regardless of their employment history.”

    Cushioning effects of possible job loss

    “The risk of job loss is a reality for workers. As an RSA holder, an employee can access 25 per cent of their RSA balance to help cushion the effects of an unforeseen job loss if they cannot secure another job after four months. It is essential to note that this partial withdrawal is not a replacement for retirement benefits, but rather a means to offer immediate support during a difficult period. The balance in the RSA continues to grow and accumulate until the RSA holder attains retirement age.”

    Residential homeownership

    “Under the CPS, RSA holders can use a portion of their retirement savings as equity contributions for residential mortgages.This is part of the National Pension Commission’s (PenCom’s) ongoing efforts to provide greater flexibility and access to pension funds for the benefit of RSA holders.

    “It recognises that many workers face challenges in securing adequate housing upon retirement and aims to address this issue by unlocking the value of their pension savings to facilitate homeownership. RSA holders who have contributed to their accounts for at least five years and meet specific eligibility criteria can use up to 25 per cent of their pension savings as equity contributions towards acquiring residential properties. This policy aligns with PenCom’s commitment to ensuring that pension funds catalyse economic development and social well-being,” she added.

    Mrs. Dahir-Umar maintained that the CPS has revolutionised the retirement landscape, benefiting employees in numerous ways.

    “With its emphasis on financial security, employer contributions, portability, investment opportunities, and provision for death and disability benefits, the CPS is empowering workers to plan for a prosperous and worry-free retirement. The CPS is a testament to the government’s commitment to the well-being and prosperity of the country’s workforce,” she said.

    Read Also: Pension complaints and solutions

  • Pension complaints and solutions

    Pension complaints and solutions

    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 assistant on  Grade Level 04 Step 1 on November 16, 1992. She was on SGL 06 step 06 on CONPSS as at June 2004 and SGL 09 step 14 till death.

    Her next-of-kin is Favour. But she is yet to be paid the benefits. 

    MOJISOLA: Good day, the estate adaministrators of the late Mojisola are seeking your help in recovering her pension benefits. She worked at the Ministry of Defence. Her PFA is First Guarantee Pension Limited.

    AKPADIAHA: Good day, I did not get my pension on February 13, which is the fixed date of payment and I have been calling my account officer at AIICO Insurance, but he does not pick my calls. Kindly help me.

    ORABA: My name is Oraba, I retired from NAUTH. My PFA is FCMB Pension, former AIICO PFA.

     I want PenCom to find out why  NAUTH Nnewi  has not completed the processing of my retirement benefits since 2021 when I retired. Kindly help me so that I can be paid my retirement benefits up to this year.

    OJEBOLA:  I retired on November 13, 2013. My documents were submitted to LASPEC on September 23, 2021. My PFA is Stanbic IBTC Pension.

    I am tired of calling LASPEC officials, as their hotline never goes through.

    My pension benefits are long overdue since November 13, 2013.

    Kindly find out the cause of the delay.

    THE NATION:  Akpan, Mojisola, Akpadiaha, and Oraba should look out for the newspaper next week for responses from PTAD.

    PENCOM:  Provide details – Full name, PFA, PIN

    ADEKUNLE: Good day, I was wish to seek your assistance on my late dad’s benefits been processed by Leadway Pensure. He worked at the Federal Polytechnic, Offa before he died in active service.

    I have submitted the necessary documents since 2018, but till date I have not got his entitlement. I need your assistance.

    PENCOM: Payment was made in August 2021.

    ANNONYMOUS: Good Morning, I worked with the NPF and was enlisted in 2016. Ever since, I haven’t received my pension. I have complained, but there was no help.

    I transferred to NPF Pension Limited from Trustfund Pensions Limited and my balance in the later has been transferred to the former. My employer has also not remitted my pension contributions to my PFA. Kindly assist me.

    PENCOM: Already being processed for payment.

    ADISA: Good day, I am Adisa. I retired from a primary school on August 2016 as a headmaster on level 14 11. My RSA is First Guarantee Pension Limited.

    I have been paid, but my complaint is my pension was calculated with 13/11 instead of 14/11. The lump sum given to me is less than what was paid to my colleagues despite getting our appointments at the same period. I need your assistance. Justice to one should be a justice to all. I will like PenCom to look into my case. Hope to hear from you soon.

    PENCOM: Request received, and processed. For further complaints, you are advised to approach the Lagos State Pension Board.

    ALHASSAN: My name is Alhassan. I served at the College of Education, Minna and retired on  July 5, 2021.

    My PFA is Stanbic IBTC Pension. I am yet to get my retirement benefits.

    Kindly assist me to find out the reason for the delay. Thank you.

    PENCOM: PenCom does not have information on the retiree’s Verification and Enrolment on its database. Please visit your PFA to rectify the issue.

    OMOBULEJO: Good day, I am Omobulejo. I retired on August 15, 2020 at the Vintage Press Limited in Lagos.

    I regularised my documents with my PFA, Stanbic IBTC, and they were confirmed in November 2021 as okay.

    They, then, sent me messages, saying that I should be patient. For how long will I be patient? I have no job at hand. Thank you.

    PENCOM: Please visit your PFA to resubmit your application.

    Read Also: Stanbic IBTC Pension attributes GCR Ratings Stable Outlook to commitment

  • Pension complaints and solutions

    Pension complaints and solutions

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

     PENCOM: Kindly provide your name and PIN.

    OLOWOYEYE: Good day, I wish to inform you that Access PFA have responded to my calls. I am grateful for your kind intervention. Thanks a lot.

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

    ANNONYMOUS: Good day, I am Omobulejo. I retired on August 15, 2020 at the Vintage Press Limited, Lagos. I regularised my documents with my PFA, Stanbic IBTC, and in November 2021, they confirmed it as okay.

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

    PENCOM: Please visit your PFA to re-submit your application.

    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. Up till now, my 2.5 per cent is yet to be paid. When l visited Premium’s office in Makurdi, I was asked to apply for the payment. I did since 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:  Hello Omobola, I worked as a marketing officer at Ovidi Microfinance Bank Okene, Kogi State for four years.  When I sought to collect my pension, my PFA, Premium Pension, said I did not work up to five years, as such I could not collect it.

    Kindly explain this to me.

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

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

    I need your kind assistance.

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

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

    PENCOM: Please visit your PFA and ensure that you have the required documents, have undergone the enrolment and data recapture  (if applicable). Your PFA will provide more information to you and guide you through.

    DAUDA: Good day, my name is Dauda. I applied for payment since  November 22, 2022. I have done the necessary things at Stanbic IBTC Pension office in Abuja, but there is no information about it.

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

    PENCOM: The RSA holder should  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 problems are: My PFA invited me for recapture on September 26, 2019. I went to their office and the  exercise was successful.

    Since then, my monthly pension has been stopped for about four years. l was not given any information on the non-payment. Before the recapture, my PFA, IEI Anchor Pensions, gave me an Enhancement of Monthly Pension Consent Form to fill which l signed. 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 to me?

    PENCOM: The Pension Enhancement is periodic pension  raise for retirees on the 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 since 2021. My PFA is First Gurantee. Kindly investigate.

    PENCOM: Work in progress. Please be patient.

    MOHAMMED: Dear sir, we are the administrators of our late, father Mohammed’s estate. He worked  at the Nigeria Immigration Service (NIS) and was dropped by the Presidential Task Force in 2006.

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

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

    ANNONYMOUS: I am Oforlea. I retired on September 14, 2022. My date of birth is November 23, 1964, but it was wrongly captured in my NIN as November 23, 1965, which has been corrected.

    I later went for recapturing at Premium Pension, but the staff members of the company refused to attend to me. He said my date of birth is different from the date of birth in PenCom’s record.

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

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

  • Pension complaints and solutions

    Pension complaints and solutions

    DAMILOLA: Good day, my name is Damilola. After our dad’s death in July 2021,  we started processing his death benefit in January 2022.

     We submitted the required documents, including the Letter of Administration, to PAL Pension in September 2022.

      Each time I requested to know what was going on, PenCom officials kept saying they were on it.

      This has been going on for the past four months. How long does it take to work on the documents? I had sent emails and SMS to the company and to the official in charge, but they kept saying they were on it.

      Later, they said it would take about six months to clear the documents. I don’t know what else to do. My mom is sick and the family is financially down. My siblings need to go back to school. I am really depressed. Kindly help me.

    PENCOM: Good day, Madam. Kindly provide the PIN number of the deceased to enable the Commission expedite action on the complaint.

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

    Kindly help me find the reason the  NRC management failed to pay fully my pension training by pension administrator, Premium Pension.

    Also, since the Federal Government announced new minimum salary wages, I have not been paid.

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

    ASUQUO: Good day, I am Favour. I am the next-of-kin to my mother who died in 2018. My brother and I have submitted the documents to the Stanbic IBTC in Uyo, Akwa Ibom State.

     But, my pension has not been paid.

    PENCOM: Dear Favour, kindly provide the PIN number, name and previous employer of your mother.

    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 – that is, nine years. This is unacceptable to me.

    I retired as a Director of Finance, so I have knowledge of investment.

    I believe that PenCom should pay more attention for the reason that most pensioners depend mostly on the monthly payments.

    Therefore, we expect enhancement monthly.

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

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

    PENCOM: Kindly provide your name and PIN.

    DENNIS: Dear Madam, my name is Dennis and my Pension Fund Administrator is FGPL. I retired from the Nigerian Police Force on June 1, 2008 and my monthly pension is N26,451.84. I have been receiving this amount for 14 years and six months without any enhancement. Please, can you tell me why? Thank you.

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

    AKPUDOGWU: My name is Akpudogwu and my Pension Fund Administrator is Veritas Glanvill Pension.

    My compliant is that I have been running around to enable me get the 25 per cent approved by the Federal Government as benefit for pensioner since my appointment was terminated in April.

    I have submitted my documents. According to my PFA, my documents have been sent to PenCom, but they haven’t approved the payment. Emails have been sent to them as a reminder, yet no payment.     

    PENCOM: Please provide your PIN to enable the Commission  attend to your complaint.

    AJAYI: Hello. My name is Ajayi. I was born July 14, 1985. I worked at Prudential Guards, who posted me to Adeola Odeku branch of Ecobank, Lagos, between January 2014 and April 2015.

    I was later posted to the Civic Centre, Victoria Island, Lagos, between April 2017 and November 2018.

    But none of my pension is remitted into my Leadway Pensure.

    Kindly persuade the company to remit my pension for the aforementioned years. Thank you.

    PENCOM: Send the complaint to the Commission with copies of the following documents: Letter of Appointment, Payslips (for all or some of the periods) and Letter of Termination/Resignation.

    ADISA: Good day, Madam. I am Adisa. I retired from a primary school in August 2016 as a headmaster on level 14/11.

    My RSA is First Guarantee Pension Limited. I have been paid, but my complaint is that my pension was calculated with 13/11 instead of 14/11.

    The lump sum given to me is less than what was paid to my colleagues, despite getting appointment at the same period. I need your assistance in this regard. Justice to one should be a justice to all. I will like PenCom to look into my case. Hope to hear from you soon.

    PENCOM: Request received, and processed. For further complaints, you are advised to approach the Lagos State Pension Board.

    JERRY: Good day, I am Jerry from Jos. I wish to seek your help on my late dad’s pension. He works with Federal Ministry of Defence.

    PENCOM: Please provide your PIN and PFA.

  • Heirs urges Lagos retirees to adopt annuity

    Heirs urges Lagos retirees to adopt annuity

    Heirs Life Assurance (HLA) has charged employees of the Lagos State Government to adopt annuity plans as a pension-regulated option that pays a stream of regular income throughout one’s retirement life.

    Its Managing Director/Chief Executive Officer, Mr. Niyi Onifade made the call during a Retirement Readiness Workshop at the State Secretariat, Alausa, Ikeja.

    Speaking on the topic, “Annuities: What They Are, The Types, How They Work”, Onifade emphasised the significance of subscribing to a holistic retirement planning that provides financial backing throughout life for peace of mind and a comfortable future.

    He also stressed the necessity of being prepared for retirement, while sharing annuity options available to retirees. 

    He said: “At Heirs Life Assurance, we recognise the need for individuals to secure their financial future and we believe that our Heirs Life Annuity Plan offers a robust solution that aligns with your retirement goals.

    “The Heirs Life Annuity Plan is designed to provide individuals with a steady stream of income during retirement, ensuring financial security and peace of mind. With flexible options tailored to meet diverse needs, the plan offers a reliable solution for retirees seeking financial stability in their post-working years.

    “Heirs Life Assurance Limited (HLA) is a specialist life insurance company that is challenging traditional insurance with 21st-century digital tools and technology to provide simple, quick, reliable, and accessible financial security plans to individuals and businesses.’’

    Heirs Life Assurance is a subsidiary of Heirs Holdings, a pan-African investment group with presence in 24 countries across 4 continents.   

  • 59,268 workers, retirees change PFAs in six months

    59,268 workers, retirees change PFAs in six months

    •Change of PFAs aiding good customer service, says PenCom

    A total 59,268 workers and retirees have changed their Pension Fund Administrators (PFAs) in six months, The Nation has learnt.

    The workers and retirees are the Retirement Savings Account (RSA) holders under the Contributory Pension Scheme (CPS) regulated by the National Pension Commission (PenCom).

    In a report obtained by the newspaper, a total of 34,283 RSAs were transferred in the first week of January, this year.

    The transfers were for requests submitted by PFAs between last  September 1, and November 30,  and the total value of the pension assets for the 34,283 RSAs transferred is N 131.79 billion.

    Furthermore, from January 1 to  March 31, this year, 28,112 RSA transfer requests were submitted by PFAs for RSA holders, of which 24,985 requests were concluded in the first week of April.

    The change of PFAs is being enabled by the National Pension Commission (PenCom) through the RSA Transfer Window platform.

    How RSA Transfer Window is Enhancing Service Delivery

    One of the crucial innovations in the CPS was the introduction of the RSA Transfer window, which allows RSA holders to move their RSAs from one PFA to another through the Retirement Savings Account Transfer System (RTS) deployed by PenCom.

    Section 13 of the Pension Reform Act 2014 enables a holder of an RSA to, not more than once a year, transfer his RSA.

    The Director-General, PenCom, Mrs. Aisha Dahir-Umar, said the commencement of the RSA transfer had been a significant milestone attained by PenCom in implementing the CPS, considering that it has been on the drawing board since the advent of the Pension Reform.

    According to her, the Commission undertook the in-house development and consequent deployment of the Enhanced Contributor Registration System (ECRS) in June 2019, which made it possible to commence RSA transfer. The ECRS enable the unique identification of contributors registered on the Commission’s database, a critical requirement for smooth RSA transfers.

    She said the development followed the ECRS.

    She said: “As the Application is tagged, the RTS is a unique and robust electronic platform that enables seamless RSA transfers. The Application is used for submitting, processing and monitoring RSA transfer requests.

    “Meanwhile, to facilitate RSA holders’ ability to make informed choices on service delivery, the Commission has expanded its minimum disclosure requirements by providing more statistics on pension industry performance. A special section on the Commission’s website has been created, containing relevant information on the RSA transfer for the guidance of RSA holders.

    “In addition, the Commission has also developed the minimum information disclosure requirements to be adopted by all PFAs to enhance the high level of transparency required for the effective operation of the RSA Transfer System.’’

    Process of RSA Transfer

    The PenCom chief said to initiate an RSA transfer, the RSA holder is not required to go to their PFA (Transferring PFA).

    She pointed out that instead, the RSA holder should approach the PFA they intend to transfer to (Receiving PFA) and provide their RSA PIN, surname, telephone number and an email address.

    “The Receiving PFA will validate the biodata of the RSA holder requesting a transfer. After that, the RSA holder’s fingerprint will be captured to authenticate their identity as the final step to conclude the transfer request.The Receiving PFA prints two copies of a confirmation slip, which the RSA holder should sign as proof that they initiated the transfer. Finally, the PFA retains a copy of the confirmation slip while a copy is given to the RSA holder.

    “RSA transfer requests received through the RTS are batched and processed at the end of every quarter, four times a year (March, June, September and December). However, only requests received latest by the end of the second month of a transfer quarter (February, May, August and November) are treated within the quarter. All transfer requests received within the third month of a quarter are processed in the next quarter.

    “After a successful RSA transfer, the RSA holder should advise their employer of the new PFA for subsequent remittance of their monthly pension contributions. The RSA holder should also contact their new PFA to ensure that the RSA balance transferred is accurate,” she maintained.

    Outlook of the RSA Transfer

    She further stated that activating the RSA transfer is expected to result in improved service delivery across the industry as PFAs engage in healthy competition by providing enhanced service offerings to benefit RSA holders.

    “The RSA Transfer has inbuilt controls that ensure only a legitimate RSA holder can initiate and transfer their RSA. One of the ways the controls are achieved is by verifying the RSA holder’s live fingerprint on the National Identity Management Commission (NIMC) database. Furthermore, there are strict administrative sanctions for infractions committed by PFAs, while PenCom monitors the entire process to ensure compliance,” she said.

    She urged RSA holders to continue to support the industry in maintaining ethical standards by basing their decision to transfer their RSA on objective considerations as the Commission and PFAs continue to provide better solutions to enhance service delivery.