Category: Pension

ZUBAIRU: My name is Zubairu, my employer is the Ministry of Police Affairs, Police Children School Owerri, MSS Police Headquaters, Owerri, Imo State.  I am still in service with the Police Children School. My PFA is First Guarantee Pension Limited.

PENCOM: Please provide your PIN.

OJEBOLA:  I retired on November 13, 2013. My documents duly submitted to LASPEC on September 23, 2021. My PFA is Stanbic IBTC Pension. I am tired of repeated calls and this hotline never goes through for the public to use.

My pension benefits are long overdue. My repeated calls at LASPEC, Alausa are not yielding any results. Kindly find out the cause of the delay. I am elated at your prompt response.

PENCOM:  Provide details – Full name, PFA, and PIN.

ADEKUNLE: Good day, I was given your phone number to seek your assistance for my late dad benefits being processed by Leadway Pensure. He worked at the Federal Polytechnic, Offa and died in service. I have submitted the documents since 2018, but up till date, I have not been able to get his entitlement. This is why I need your assistance.

PENCOM: Payment was made in August 2021

ANNONYMOUS: Good morning, I was enlisted with the NPF in 2016. Ever since, I haven’t received my pension. I have made several complaints, but to no avail.

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 sir, 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 appointment 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 Lagos State Pension Board.

ALHASSAN: My name is Alhassan. I served at the College of Education Minna and retired on July 15, 2021. My PFA is Stanbic IBTC Pension. I am yet to be paid 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 the database. Please visit your PFA to rectify the issue.

WAHAB: Good day, my name is Wahab. I am a Nigerian Railway Corporation (NRC) retired worker. I retired from service in 2014. Kindly help me find the reason the NRC management failed to my pension empowerment training programme allowance.

My pension allowance was not fully paid by my pension adminstrator funds, Premium Pension. Therefore, since the Federal Government announced new minimum salary wages, I have not been paid allowance. Thank you.

OMATSOLA: Dear Omobola, my name is Omatsola. My PFA is FGPL. I retired from Delta State Direct Labour Agency, Asaba on January 11, 2011 on Grade Level 12 step 2.

I attained the age of 50 on June 7, 2016. According to the Pension Act 2004, which stipulates a pensionable salary for a grade level 12 step 2 officer basic salary N36,102:15; Housing Allowance N17,601:08; Transport Allowance N10,298 with Total being between N63,000 and N74,000. I receive N74, 000 in my account, but it has been erroneously withheld.

Since 2017, my monthly remittance of N9,989 is paid as deducted from my RSA. Where is my Lump sum? FGPL has contributed to this anomaly by not being honest and transparent.  Please look into my complaint. I also need my enhancement as promised by FGPL.

CHUKWUEMEKA: My name is Chukwuemeka. My wife passed on  March 25, 2019. I have submitted all the documents demanded. I have been following up with my late wife’s gratuity since 2019 till date.Yet, nohing has been paid. Kindly help me.

ANNONYMOUS:  Good day, thank you for your intervention with PenCom on the payment of pension enhancement by the PFAs.

In my case, since I retired in 2014, I received enhancement only once in 2017. This has not been addressed by PenCom as I have been excluded for the second time.

This means, I won’t enjoy any enhancement until 2026, a period of nine years. I find this absurd.

I retired as a Director of Finance, so I have knowledge in investment. I believe PenCom should pay more attention to this matter because most pensioners depend on the monthly payments.Therefore, enhancement on such monthly payments is anticipated greatly.

ASUQUO: Good day, my name is Asuquo and I am next-of-kin to my mother who died in 2018. My brother and I had submitted the necessary documents to the Stanbic IBTC in Uyo, the Akwa Ibom State capital, but up till today, the pension has not been paid.                                                    

I have sent my pension number, following the request that I should send my PIN to enable the commission investigate my complaint in the Nation Newspaper of Wednesday, March 22, 2023. Looking forward to a fruitful outcome. Thank you.

ESTHER: Good day, my name Sunday and my wife is Corporal Esther. She got enlisted in 2007 and died in 2016. Her last Command was Okuta Elerinla police station, Akure. I have submitted the required documents since she passed, but we have not got her entitlement.

THE NATION: The newspaper will intervene. Do look out for the newspaper next week for responses from PenCom.

The pension industry registered a total of 69,889 new employees from the formal sector in the fourth quarter ended December 31, 2022.

The workers named Retirement Savings Account (RSA) holders under the Contributory Pension Scheme (CPS)   as the most preferred as they were registered and the associated PINs issued to them in various sectors.

This was made known by the National Pension Commission (PenCom) in its Fourth Quarter, 2022 Report.

Analysis of the distribution of RSA registrations across PFAs in the fourth quarter 2022 show that Stanbic IBTC continued to maintain the largest market share of 23 per cent with 16,006 new registrations, followed by ARM Pension Managers (PFA) Limited, which had 10 per cent market share with 7,312 new registrations.

Leadway, Sigma and Premium PFAs followed with nine per cent, eight per cent, seven per cent market share.

Consequently, the five PFAs held about 57 per cent of the 69,889 RSAs registered in the quarter under review.

Meanwhile, the commission stated that there has been great impact of the RSA Transfer System (RTS) on the industry.

According to PenCom, from October 1 to December 31, last year, a total of 26,035 RSA transfer requests were submitted by PFAs on behalf of RSA holders.

The commission said: “Furthermore, a total of 34,261 RSA transfer requests initiated by RSA holders will be processed in the fourth RSA Transfer Quarter 2022, which will be concluded in the first week of January 2023.

“This covers RSA transfer requests submitted by PFAs between September 1, 2022 and November 30, 2022 and are, therefore, eligible for transfer in the fourth quarter of 2022.

“Successfully processed RSAs will be transferred to their new PFAs, along with their associated pension assets. The total value of the pension assets of transferred RSAs will be determined at the conclusion of the quarter activities.”

PenCom further explained the gender and age distribution.

The analysis of new registrations into the CPS by age and gender within the quarter showed that of a total of 69,889 registrations, about 84 per cent or 58,948 of them were below 40.

Of this number, 31,836 or 45 per cent were below 30 years. This points to the increasing sustainability of the CPS, as the younger generation are actively being enlisted into the scheme.

On the gender distribution, 42,404 or about 61 per cent of those that registered during the quarter were males, thus sustaining dominance over the female gender in terms of registration into the scheme.

On pension contributions, PenCom noted that the pension contributions remitted to individual RSAs in Q4 2022 stood at N237.24 billion.

Of this total, the public sector accounted for N129.06 billion or 54.40 per cent while the private sector contributed N108.18 billion or 45.60 per cent.

The cumulative pension contributions from inception to the end of the fourth quarter of 2022 amounted to N8.47 trillion, which is an increase from N8.23 trillion as at the end of Q3 2022.

The aggregate pension contributions of the public sector increased from N4.27 trillion in Q3 2022 to N4.40 trillion as at the end of Q4 2022.

Similarly, the aggregate pension contributions of the private sector also increased from N3.96 trillion in Q3.

PenCom also disclosed ranking of PFAs by the number of contributions received.

The ranking of PFAs by cumulative pension contributions received from the inception of the CPS to the end of Q4 2022 indicated that the top five ranked PFAs received 69.91 per cent of the total contributions as at the end of Q4 2022.

AXA Mansard has empowered over 100 young female entrepreneurs with digital marketing skills in Lagos.

AXA Mansard is a member of AXA and one of the global leaders in insurance and asset management, during a two-day digital marketing training in Lagos.

It said this was part of the company’s programmes to commemorate the recently held International Women’s Day.

The company added that it is  empowering women who own small and medium scale enterprises (SMEs’)  with skills to improve their digital output and position them for the immense opportunities in the digital space.

The Chief Customer and Marketing Officer, AXA Mansard, Jumoke Odunlami, stated that this was in line with AXA Mansard’s inclusivity agenda.

She said the company is convinced that support for women, through its inclusive protection programmes, is important to AXA’s purpose of acting for human progress by protecting what matters.

She further said focusing on digital equity as a sub-theme of this year’s IWD is because the company realises the importance of digitalilisation to the growth of the SME sector in Nigeria and wants to ensure that women are empowered enough to be a consequential part of that growth.

 She said: “It’s almost trite to say that SMEs are the engine for economic growth, especially in developing countries like Nigeria. What needs to be continually discussed is how Nigeria is going to unlock that potential for economic development and how much of those potential will be unlocked by women and for women.

“For us at AXA Mansard, we are aware that digital will play a major role in Nigeria’s economic future. So, to ensure that women are equally represented in unlocking these future potential, that’s why we have collaborated with SME 100 Africa to support them in developing the required skills.

“Our choice of digital marketing as the skill to leverage is also deliberate. We understand the power of marketing. We understand that helping these SMEs with the skill to attract more customers will be a faster means to empower them.’’

ONLY Edo and Kaduna states are remittted pension contributions under the Contributory Pension Scheme (CPS) as at Fourth Quarter 2022, the National Pension Commission (PenCom) has said.

In  its fourth quarter 2022 report entitled: Status of Implementation of the CPS and Other Pension Arrangements by the States, the commission also  said Lagos, Osun, Kaduna, Delta, Ekiti, Ondo, Edo, Benue, Anambra and Federal Capital Territory (FCT) have embraced remittance of employers’ and employees’ pension contributions.

However, Osun, FCT, Delta, Ekiti, Ondo, Benue, and Anambra states have backlogs.

Meanwhile, the number of states with laws on the CPS remained 25 during the period under review with seven states at the Bill stage.

While five states had enacted laws on the Contributory Defined Benefits Scheme (CDBS), only two of them – Jigawa and Kano – are  implementing the programme.

But, Kano is yet to transfer the pension assets to a Pension Fund Custodian, while the other three  – Gombe, Zamfara and Adamawa – are yet to commence the implementation of the CDBS.

Giving an update on the management of Ekiti State Retirement Bond Redemption Fund (RBBRF), PenCom stated: “Ekiti State Pension Commission via a letter of November 28, 2022 informed the Commission of its intention to appoint Veritas Glanvills Pensions Limited as one of the PFAs designated to manage its RBBRF.

“The Commission is in the process of consolidating its review of the Portfolio Management Agreement with those received from Investment, Surveillance, and Legal Departments for Management’s consideration and approval for subsequent adoption by the Ekiti State Pension Commission.”

On Rivers State, it stated: “The Rivers State Government informed the Commission in October 2022 of the amendment of the Rivers State Pension Reform Law 2009 to further extend the transition by another three years – June 2022 to July 2025.

“The amendment implies that  active employees of Rivers State, who made contributions under the CPS and those due to retire under the CPS up to June 30, 2025, have been transited to the Defined Benefits Scheme (DBS).”

On the refund of Zamfara State funds, the commission said: “Messrs Royal Rocks Consulting Limited, consultants to the Zamfara State Government, raised some observations on the Commission’s report on the refund of pension contributions to the Zamfara State Government and its employees.’’

After reviewing the comments,  the Commission responded to the consultants, stating that the observed discrepancies in the initial amount expected to be refunded by PFAs and the actual refunds were largely due to incomes that accrued on the RSAs balances before the transfers were made to the state government and its employees.’’

The Pension Reform Act 2014 (PRA 2014) confers certain rights on employees, providing protection, compensation and alleviation to the employees and their loved ones during their working years and upon retirement.

These rights cover employees in the Public Service of the Federation, Federal Capital Territory (FCT) and states that have implemented the Contributory Pension Scheme (CPS) and the private sector.

Therefore, employees and employers need to know these rights are to be guided accordingly.

Right to pension

Section 3(1) of the PRA 2014 states: “There is established for any employment in the Federal Republic of Nigeria, a CPS for payment of retirement benefits of employees to whom the Scheme applies under this Act. The Scheme shall apply to employees in the Public Service of the Federation, the Federal Capital Territory, states, Local Governments and the Private Sector.”

This means that every employee covered under this Act has a right to a pension.

Right to the employer’s

 contribution

Section 4(1) of the PRA 2014 states: “The contribution for any employee to which this Act applies shall be made in the following rates relating to his monthly emoluments: (a) a minimum of ten percent by the employer; and (b) a minimum of eight percent by the employee…”

What constitutes monthly emoluments is as defined in the employee’s employment contract. Still, it should not be less than the  basic salary, housing and transport allowances.Therefore, every employee covered under this Act has a right to the employer’s contribution towards their pension, which is a minimum of 10 per cent of their monthly emolument.

Right to Life Insurance

Section 4(5) of the PRA 2014 states that every employer shall maintain a Group Life Insurance Policy (GLIP) in favour of each employee for a minimum of three times the yearly emolument of the employee and premium shall be paid not later than the date of commencement of the cover. Where the employer failed, refused or omitted to make payment as and when due, the employer shall arrange to effect the payment of claims arising from the death of any staff in its employment during such period.Thus every employee covered under this Act has a right to Insurance.

Section 5.5 of the Revised Guidelines on GLIP for Employees provides that employers shall display a copy of the GLIP certificate in their premises.

Right to determine how

to access retirement benefits

Every employee covered under the PRA 2014 has a right to determine how to access their retirement benefits by choosing Programmed Withdrawal or Annuity.

Specifically, Section 7(1) of the PRA 2014 states: “A holder of a retirement savings account shall, upon retirement or attaining the age of 50 years, whichever is later, utilise the amount credited to his retirement savings account for the following benefits: (a) withdrawal of a lump sum from the total amount credited to his retirement savings account provided that the amount left after the lumpsum withdrawal shall be sufficient to procure a programmed fund withdrawal or annuity for life.”

Right to choose a PFA

Section 11(1) of the PRA 2014 states, “Every employee to whom this Act applies shall maintain an Account, in his name, with any Pension Fund Administrator of his choice” Therefore, every employee covered under this Act has a right to choose a PFA without any interference from their employer or by any third party.

Right to timely remittance

of contributions

Section 11(1) of the PRA 2014 states that “The Employer shall … not later than seven working days from the day the employee is paid his salary, remit an amount comprising the employee’s contribution…and the employer’s contribution to the Pension Fund Custodian specified by the Pension Fund Administrator of the employee…” Accordingly, every employee covered under this Act has a right to timely remittance of contributions into their retirement savings account (RSA).

It is pertinent to note that it is in the best interest of every employee covered under the PRA 2014 to observe and report any infractions of the laws mentioned above.

Employees should also ensure that they open only one RSA, confirm that their employer is remitting the employer and employee portions of monthly remittance to their RSA and that they are receiving quarterly statements of their RSAs.

Conclusion

RSA holders are urged to review their RSA statements and report non-remittance of their monthly pension contributions to the National Pension Commission (PenCom). It is vital for employees to verify  their employers and ensure they subscribe to Group Life Insurance Policy (GLIP) and the premiums are paid yearly.

PenCom remains committed to the effective regulation and supervision of the pension industry.

ANNONYMOUS: I want to remain annonymous. I retired in February 2013 from a Federal Government agency.

I was with Stanbic IBTC Pension before I embraced annuity with Leadway Assurance some years later. Please, I need clarification on the following issues. The first is: – What is 2.5 per cent about and am I entitled to it? Secondly, my monthly pension has not been enhanced since the inception of pension allowance enhancement; and thirdly, when will contributory pensioners enjoy allowance increment like the Defined Benefit pensioners?

PENCOM: Dear Sir, the 2.5 per cent was the differential in the rate of pension contributions for Federal Government employees from 2014 when the rate of employer contributions was increased to 10 per cent.

The pension enhancement applies only to retirees receiving pension under the programmed withdrawal method administered by the Pension Fund Administrators.

Therefore, being under Retiree Life Annuity, you do not qualify for pension enhancement.

PENCOM: Dear Okezie, you can visit www.pencom.gov.ng to read up on the pension enhancement. You can also visit the PFA to get more information.

IFEANYI: Good day, my name is Ifeanyi. I am from Anambra State. I am the next of kin to my wife, the late Chinyere. She worked at the Federal Polytechnic, Oko, Anambra State until her death on September 26, 2019.

The government has not paid her death benefit, until I finished processing her documents with Stanbic IBTC Pension on March 8, last year.

PENCOM: Please liasie with the Stanbic IBTC PFA to find out the status of the application.

ANNONYMOUS: Good day, I will like to know when retirees from the public service, who retired in March 2022, are to be paid.

PENCOM: Please provide more details such as name of the previous employer, PFA, PIN and status of enrolment.

EFE: Good day, my name is Efe. Your efforts to ensure retirees are not subjected to untold hardship on retirement are highly appreciated.

I want to know if you only attend to  federal employees. I ask this question because I am a retired from the Local Government Service Commission, Asaba, the Delta State capital in October 2020.

I have not been able to access my RS, although my PFA, Trustfund Pension, sent me a text message that I could access my RSA, after presenting a letter from Asaba. I am confused.

Please do advise on what to do.

PENCOM: Please send your PIN to enable the Commission investigate your complaint.

UREGI: My name is Uregi. PenCom recently issued a circular on pension enhancement payment in which it indicated that “the exercise is for retirees under PW who have accumulated significant growth in their RSAs”.

This criterion appears confusing, and if left to PFAs, they could be subjectively implement it.

Therefore, every pensioner should enjoy an enhancement every three years, because pensioners’ funds should have been gainfully invested during intervals of the three years.

No pensioner would believe that his fund in the RSA was not invested for three years.

I retired in Febraury 2014, but I got enhancement only once – in 2017. I was denied an increment in 2020. I was also not convinced why I was excluded. 

Surely, I must have expressed the mind of thousands of concerned pensioners.

Please provide us more explanation on this issue.

PenCom: The process is carried out by the PFAs under the approval of the Commission.

The Ondo State Government has been releasing N2.4 billion yearly to offset gratuities of retired civil servants in the state, the  Governor, Rotimi Akeredolu, has said.

Akeredolu in a statement stated that the government does not owe pensioners.

 According to him, he has approved an increase in the pension allowances in line with the consequential adjustment arising from the implementation of the national minimum wage in 2019 in the country.

He said: “All the backlogs of seven months owed by the immediate past government had been cleared. We are giving priority to the welfare of the workers in the state and prompt payment of salaries. I assure the workers and labour leaders that arrears of salaries owed by the previous administration will be fully paid. By December 2022, we had already started planning for January. As of February, before the election, the Ondo State Government had paid February salaries. We have no outstanding debt.

“As we clear the seven months’arrears we inherited, we are also paying the normal salary. There was no issue with a salary delay or any outstanding salary within that period, even though we are clearing the arrears. All the salaries due to this administration have been paid.”  

• •424,880 retirees get N1.129tr in 15 years

A total of 424,880 retirees under the Contributory Pension Scheme (CPS) have received N1.129 trillion pension benefits in lumpsum and monthly pension payments.

  The payments covered when the Scheme took off in 2007 to last December.

The retirees got the payments through Programmed Withdrawal (PW) mode and Retiree Life Annuity (RLA) mode.

The PW is a benefit payment method by which the employee collects his retirement benefits in periodic sums (monthly or quarterly) spread throughout an estimated life span. It is managed by Pension Fund Administrators (PFAs)

RLA, on the other hand, is a contract for regular income purchased from an approved life insurance company, which provides monthly or quarterly income to retirees during their lifetime.This is managed by the insurance companies.

A breakdown of the payments showed that retirees who choose to draw pension through PW mode received a total lump sum of N908.04 billion, while their monthly pensions amounted to N14.18 billion.

PenCom stated that 105,047 retirees chose the annuity mode and a lump sum of N201.43 billion was approved for payment to them.

In contrast, N615.78 billion was approved for payment to RLA providers as premiums in return for monthly annuities of N6.24 billion.

Besides, the industry has helped provide succour for workers who lost their jobs.

The commission approved the payment of N188.51 billion to 453,686 Retirement Savings Account Holders (RSA) holders.

According to the report, the PRA 2014 permits an employee who loses his job to withdraw 25 per cent of their RSA.

It read: “However, such withdrawals can only be made after four months of cessation of employment, and the employee does not secure another job. From inception to 2022, PenCom approved N188.51 billion (25 per cent of RSA balances) to 453,686 RSA holders under 50 who were disengaged from employment and could not secure another job within the stipulated time of four months”.

Aside from payments through PW,  and Temporary Job Loss, the commission also approved other payments that include en-bloc payment, death benefits, and voluntary contributions.

PenCom stated: “The commission allows en-bloc payment to retirees whose RSA balances cannot procure Programmed Withdrawal or RLA that is equivalent to one-third of the prevailing minimum wage (N30,000). From the start of the CPS to the end of 2022, PenCom approved the en-bloc payment of retirement benefits to 145,313 retirees, totalling N38.71 billion.

“Death Benefits are paid to a beneficiary under a will or the spouse and children of an RSA holder who dies in service. In the absence of a wife and child, the benefits are paid to the recorded next-of-kin or any person designated by the deceased.

“From inception to the end of 2022, PenCom granted approvals for payment of death benefits amounting to N328.05 billion to the legal beneficiaries/administrator of 86,610 deceased employees and retirees.

“On Voluntary Contributions, Section 4(3) of the PRA, 2014 allows RSA holders to make Voluntary Contributions (VC) in addition to the mandatory contributions to augment their pension at retirement.

“From inception to 2022, PenCom approved withdrawals from voluntary contributions amounting to N33.82 billion by 46,957 contributors.’’

The report further stated that accessing retirement benefits under the CPS is seamless.

“Pension Fund Administrators (PFAs) must guide RSA holders who want to access their retirement benefits on the documentation requirements for each benefit payment type. PenCom has, in line with the provisions of the Pension Reform Act (PRA 2014), established procedures and requirements for Retirement Savings Account (RSA) holders to access their retirement benefits as and when due.

“Section 7(1) of the PRA 2014 states that an RSA holder shall utilise the amount credited to his RSA upon retirement or attaining the age of 50, whichever is later. The RSA holder can withdraw a lump sum from the total amount credited to his RSA, provided that the amount left after the lump sum withdrawal shall be sufficient to procure a Programmed Fund Withdrawal (PW) or Retiree Life Annuity (RLA) for life.

“The PW provides the RSA holder with a monthly or quarterly pension calculated based on life expectancy. At the same time, the RLA purchased from a life insurance company offers a monthly or quarterly pension for life,” PenCom added.

DENNIS: Dear Sir, my name is Dennis and my Pension Fund Administrator is FGPL.

  I retired from the Nigeria Police Force on June 1, 2008. My monthly pension is N26,451.84.

  I have been receiving this amount for 14 and half years and it has not been enhanced. Please can you tell me why? Thank you.

PENCOM: The pension enhancement is only for Retirement Savings Account (RSA) 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 for my 25 per cent benefits since my appointment was terminated.

I have submitted my documents and my PFA has sent them to PenCom. But  since then, they haven’t approved my 25 per cent, although a reminder has been sent to them.       

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

ISAH: I am Inspector Isah. I retired on January 15, 2020 at the Niger State Police Command on attaining 60 years.

But I was paid only 25 per cent lump sum of N1.665million on February 2021 out of my total benefit. I was also put on a monthly pension since March 2021.

My complaint is that I deserve to be paid at least 50 per cent of my total emolument. I am really aggrieved.

PENCOM: You are entitled to 25 per cent lumpsum.

FEMI: Good day, my name is Femi. I worked at Prudential Guards and posted as a guard to Ecobank, Adeola Odeku branch, Victoria Island, Lagos between January 2014 and April 2015.

I was 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 PFA account.

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

PENCOM: Please send a letter of complaint with the supporting documents (letter of Appointment, resignation/termination of appointment, pay slips and updated RSA statement) to the Director-General, National Pension Commission, Plot 174 Adetokunbo Ademola Crescent, Wuse 2, Abuja.

EKERIN: Good day, I have submitted my the corrected date of birth for months, but my PFA said PenCom was yet to approve it. Help me.

PENCOM: Please provide the name of the PFA and other details of your complaint.

BUSARI: Hello, I am ASP Busari. I retired from service in 2015. Although I have got my gratuity, my mortgage benefit is yet to be paid.

I have submitted my documents to Schedule 3 Office, MSS, Ikeja, Lagos, but they kept saying the delay was from Abuja that I should hold on.

Please help me.

PENCOM: Not under the purview of the National Pension Commission.

ANNONYMOUS: I want to remain anonymous. I work in The Nation, Lagos.

My PFA is Trustfund Pensions. I want to access 25 per cent of my pensions fund to  develop my plot of land.

My engagements have been with Trustfund Pensions, not mortgage firms. Any prospects with the latter on my RSA balance? Which mortgage company can give me  the amount I need.         

PENCOM: Twenty-five per cent can only be used towards equity contributions for residential mortage.

OKEZIE: Dear Omobola: My name is Okezie.

thanks for filling the gap for retirees, providing answers to their questions and solving their pension problems.

My PFA is Sigma Pensions. It has kept me in the dark over past and recent publications and on enhancement under contributory pension scheme.

This is my seventh year after retirement. I have no information till date.

IORHEN: Warm greetings to you, Omobola.

My name is Iorhen, son and next- of-kin of the late Mrs Ngowua.

I submitted pension documents since 2018, but up till now, there has not been any solution to my case.

IFEANYI: Good day, my name is Ifeanyi. I am from Anambra State. I am the next-of-kin to my wife, the late Chinyere.

She worked at the Federal Polytechnic, Oko, Anambra State until her death on September 26, 2019.

Since them, the government has not paid her death benefit, although I finished the documentation with Stanbic IBTC Pension on March 8, last year.

AJALA: Greetings to PenCom and The Nation staff.

My name is Ajala.I retired from Nigeria Custom Service in June 2009.

My complaint is on increment approved by President Muhammadu Buhari for pensioners since July 2021.

My Pension Fund Administrator (PFA) is Sigma Pension. I met its officials on September 19, and  PenCom’s on October 24, last year. Based on  your publication on November 23, 2022, I provided them my PIN.

I was told that ‘’work is in progress’’ and that I should exercise patience.

I have had similar response since July 2021.

Kindly help me. Thank you.

ANNONYMOUS: I want to remain annonymous. I retired in February 2013 from a Federal Government agency.

I was with Stanbic IBTC Pension before I embraced annuity with Leadway Assurance some years later.

Please, I need clarification and directive on the following issues. One, what is 2.5 per cent about and am I entitled to it?

Secondly, my monthly pension has not been enhanced since the inception of pension allowance; and thirdly, when will contributory pensioners enjoy increment like their Defined Benefit counterparts?

ANNONYMOUS: I retired on July 13, 2011 and had been receiving monthly stipends in my RSA account.

Till date, I have never got any text message to enable me access to documentation on third pension enhancement under the CPS effective February 2023. My PFA is Premium Pension.

THE NATION: The newspaper will intervene. Okezie, Iorhen, Annoyonmous, Ajala; and Mrs Ifeanyi should look out for the newspaper next week for responses from PenCom.

• Grew by N586.33b in Q4, 22

Despite the head-winds in the global economic climate and the country’s challenging macroeconomic environment, the Pension Fund Assets under Management (AuM) in the industry increased by N568.33 billion from N14.42 trillion as September 30 to N14.99 trillion as at December 31, 2022, the Director-General, Mrs Aisha Dahir-Umar has said.

She stated this in the Commission’s fourth quarter 2022 report released on March 2, 2023 and obtained by The Nation.

Highlighting the significant developments in the industry, she also stated that the report provides industry stakeholders and the public with details of strategic activities that focused on ensuring the prompt payment of retirement benefits, as well as efforts aimed at promoting a vibrant and sustainable pension industry that positively impacts the economy.

She said the growth during the quarter under review is a laudable performance that points to the fact that the industry will continue to deliver value and benefit to its stakeholders and the nation’s economy.

She said: “During the reporting period, the Commission stepped up its efforts to ensure sustainable investment by pension funds in alternative asset classes and structured infrastructure projects that meet the strict requirements of the Pension Fund Investments Regulation.

“We continued our efforts to ensure further diversification of investments in pension fund portfolio assets. While rising inflation continues to challenge the economy, it should be noted that efforts are being made to ensure average annual pension fund returns for RSA and legacy funds exceed headline inflation.

“This significant achievement in the  pension industry would not have been possible without the right people, strategy, culture and governance structure to support delivering consistent and sustainable value to stakeholders. We reiterate our unwavering commitment to meeting the needs of our stakeholders, providing best practice in pension regulation and supervision in Nigeria.”

Pension contributions

The PenCom boss said the total pension contributions remitted to individual RSAs in Q4 2022 stood at N237.24 billion.

“Out of this total, the public sector accounted for N129.06 billion or 54.40 per cent, while the private sector contributed N108.18 billion or 45.6 per cent. The cumulative pension contributions from inception to the end of the fourth quarter of 2022 amounted to N8.47 trillion, which is an increase from N8.23 trillion as at the end of Q3 2022.

Contributions to RSAs

“The aggregate pension contributions of the public sector increased from N4.27 trillion in Q3 2022 to N4.40 trillion as at the end of Q4 2022.

“Similarly, the aggregate pension contributions of the private sector also increased from N3.96 trillion in Q3,” she added.