Category: Pension

WILLIAMS: This is to inform the officer concerned that I have not been receiving my monthly pension allowance since October 2021. I was paid last on September 29, 2021 and was paid N11,514.39. I will be very grateful if this issue is corrected and the arrears is paid up to date.

PTAD: Local government employee, not qualified for pension under PTAD

ESIE: My name is Esie. Two years’ consequential arrears of pension were paid in four instalments. First instalment of nine months was paid. Second instalment of another nine months was also paid. The third instalment of three months was not paid. The fourth instalment of three months was paid in June 2022. I, therefore, ask that the omitted three months’ arrears be paid to me.

PTAD: Complaint is being attended to.

UMARU: My name is Umaru. I wish to inform you that my June 2022 pension has not been paid. Kindly help me.

PTAD: Complaint is being attended to.

NDAMA: My name is Ndama. I have not received my June pension while others have got theirs.

PTAD: Complaint is being attended to.

SURAJU: Dear Omobola, I saw your response to my request in the paper  where you wrote that PTAD said they are recomputing my matter. Why? Well, thanks for your efforts and please help me keep it in view.

PTAD: Pensioner has been reinstated to payroll.

DUROJAYE: I am Durojaye. My complaint is on short payment N4,261.17 since 2014 for my federal pension share. Kindly help me.

PTAD: Complaint is being attended to. ABDULLAHI: I am Abdullahi from Jos, Plateau State. My father was a staff member at the Ministry of Defence, civilian units for 16 years before he died in 1995.  I have attended various screening and verifications and the last one was in Jos in 2017.  I have submitted the required documents for the payment of gratuity and pension benefits as a Next-of-Kin (NOK), but up to no avail.

In 2020, I was called from PTAD to submit some documents, including bank account details, which I did. From your publication of my case, PTAD is asking for the verification number which I scanned and sent since then. I hope Omobola will assist me.

PTAD: NOK should provide the deceased name and bank statement.

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

The date of my first appointment at Epe Division Grammar School, Lagos State is June 1,1969. I spent my service years in Lagos State (35 years). My complaints are that I have not been paid the Federal Share of my Gratuity (1969-1976).

Secondly, my pension from May 1, 2004 to February 2008 was not paid. Instead, I was paid from March 1, 2008 to date. I thank you for the effort of your organisation to help us. God bless you.

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

OPADEJI: Good day, I thank you for the humanitarian job you are doing to correct anomaly arising from pension payment to pensioners. Please help me out of my predicament. My name is Opadeji. I retired from NITEL on January 21, 2001 on grade level 14 as senior manager. I participated in the NITEL verification in 2001 and PTAD verification in 2005.

 In 2005, when I was going for the pensioners’ verification, my documents were missing and I sworn to an affidavit on the loss of the documents.

On the basis of the loss, PTAD placed me on grade level 9 and I sent complaint emails to PTAD several times but no action was taken on my complaint email.

I, therefore, took the risk of travelling to Abuja PTAD office when the original copy of letter of promotion was delivered to me by a good Samaritan. My salary was subsequently readjusted to grade level 14, but less than my salary before the verification exercise and also far less than the pension being paid to my colleagues on the same GL 14.

Therefore, I sent many complaint emails but returned undelivered perhaps my emails have been blocked. Since then, I have accepted my fate. Now that I have the opportunity to forward my complaint through you to PTAD, I shall be grateful if my complaint can be treated with utmost concern. Thank you.

DUROJAYE: Hello, my name is Durojaye. Thank you for the publications of my complaint of the short-payment of my pension federal share since 2015, on August 24 and 31 August 2022. Please reactivate my federal share of pension. Please I expect a positive action.

ANONYMOUS: I want to remain anonymous. My complaint is on the non-payment for arrears of my monthly pension from April 2007 to September 2010. I retired on March 30, 2007. My arrears are pending for these years. I retired from the Code of Conduct Bureau Cross River State. Kindly help me.

BASSEY: My name is Bassey and my complaint is the non-payment of my long overdue monthly pension and arrears. Since I retired from federal ministry of works and housing in 2006, series of letters/bank statement and verification slip were sent to PTAD but nothing has been done.

PTAD keep on promising to pay but nothing has been paid. They have refused to pay my money for 17 years.

THE NATION: PTAD has informed the newspaper that work is in progress. Please exercise some patience. Do look out for the newspaper next week for responses from PTAD.

PREMIUM Pension Limited, one of the first seven Pension Fund Administrators (PFAs) licensed in December 2005, has attained a position of over N1 trillion in Assets under Management (AUM).

This was made known in a statement by the firm’s Head, Corporate Communications, Aliyu Mohammed.

Mohammed said to put this achievement into perspective, there are only three PFAs out of 19 that are in the trillion-AUM category.

The company’s Chairman, Ibrahim Alhassan Babayo said the attainment of N1trillion Assets under Management is a manifestation of hard work which translated into effective management of resources entrusted under the care of our company.

Babayo, while appreciating PenCom for creating the right environment to safeguard pension assets further said, “Premium Pension is in the league of Tier-1 PFAs.

The Managing Director/Chief Executive Officer, Umar Sanda Mairami, thanked customers who entrusted their retirement savings to Premium Pension.

“This great milestone of having over N1 trillion Assets under Management was achieved through customer patronage and dint of hard work by staff at all levels without any business combination but by adhering to the company’s vision of being the fastest growing top-tier PFA creating value. Unique to us however is the fact that it is the first PFA fully owned by Nigerians that has achieved over N1 trillion AUM without any form of business combination. The company prides itself in being a pacesetter in the pension industry, in several performance metrics. One of such is the attainment of Information Security Management (ISMS) certification ISO 27001 under the auspices of the British Standard Institute (BSI) in 2015 and a second certification from the same BSI in Quality Management System (QMS), ISO 9001 in 2018. Both certifications were renewed in 2021.

“With over 775,000 Members and over N323 billion benefits payout to over 88,000 beneficiaries, since inception, Premium Pension, its teeming members are serviced through the company’s offices in all states of the Federation as well as the Federal Capital territory (FCT). Its multilingual Call Center and online channels through its website as well as Multi-channel Mobile App support the physical outlets in offering accessibility to its growing number of clientele”, he added.

THE National Pension Commission (PenCom) has issued Pension Clearance Certificates (PCCs) to 26,556 organisations that applied and were confirmed to have complied with the Contributory Pension Scheme (CPS) in 2022.

An analysis shows that 715 more organisations got the PCCs last year than the 25,841 organisations that obtained the certificate the previous year.

However, it is imperative to note that PCCs expire on the last day of the year, irrespective of the date they were issued within the year. Consequently, 26,556 PCCs given in 2022 have expired, and the organisations must apply and obtain fresh PCCs for 2023.

PenCom commenced the issuance of PCC to organisations in 2012 in line with the Pension Reform Act, 2014 (PRA, 2014), which mandates organisations with at least three employees to participate in the CPS. The PCC is evidence of compliance with the PRA 2014 and a prerequisite for all suppliers, contractors, or consultants, soliciting any contract or business from Ministries, Departments, and Agencies (MDAs) of the Federal Government. Accordingly, PenCom issues PCCs to organisations that apply and have fully met the requirements.

To qualify for PCC, employers must ensure their employees’ open Retirement Savings Accounts (RSAs) with any Pension Fund Administrator (PFA) of the employees’ choice. Employers must also remit employer and employee monthly pension contributions to the appropriate Pension Fund Custodians (PFCs) no later than seven working days from the payment date of salaries. Furthermore, employers with pension schemes before the CPS must transfer Pension Funds and Assets in their custody to licensed pension operators. Finally, employers must provide their staff with Group Life Insurance Policy (GLI).

The Public Procurement Act requires the PCC to be submitted as evidence of compliance with the PRA 2014 by suppliers, contractors or consultants soliciting any contract or business from Federal Government Ministries, Departments and Agencies (MDAs). However, it should be noted that under the PRA 2014, compliance is not mandatory for organisations that employ less than three persons. Still, their employees may do so voluntarily through the Micro Pension Plan. Therefore, PCCs are not issued to such organisations by PenCom.

Requirements for the PCC

An organisation can obtain the PCC by applying to PenCom and attaching the following: Certified list of employees of the organisation as of the end of the last fiscal year; certified rates of monthly contributions indicating the employer portion (minimum of 10 percent) and employee portion (minimum eight per cent) and evidence of remittance of pension contributions for the last three fiscal years or from the date of incorporation/registration/licensing to the previous fiscal year of operation.

In addition, the organisation must also attach evidence of transfer of pension funds and assets for any pre-2004 retirement benefits scheme into the employees’ RSA (where applicable); proof of remittance of all outstanding pension contributions and penalties (where applicable); and evidence of a valid Group Life Insurance Policy, which should include a Certificate of Group Life Insurance, Policy Document and proof of payment for the policy.

Issues to note in the Application for PCC

The processing of PCC applications as designed by PenCom is straightforward and transparent. The applications are processed within the advertised time frame of 15 working days, provided that the requirements are met. However, many applicants fail to provide the required documents and often submit their applications without regard to the timeline for processing. It is important to emphasise that the PCC is issued to the applicant organisation at no cost. The PCC is usable all year, but its validity cannot extend beyond December  31 of the year it was obtained. Furthermore, in a notice to employers published in September 2017, PenCom warned employers against using third parties to get the PCC, as employers are encouraged to apply directly to avoid any hitches.

Some of the noted deficiencies in the submissions by organisations include the following: Under remittance of contributions; non-provision of Group Life Insurance for at least three times the total yearly emolument of employees; understating the number of employees and remittance of outstanding pension contributions, as established by the recovery agents. In the event of any deficiency, a notification is forwarded to the applicant for remedial action before the issuance of the PCC. However, the PCC will not be issued if the applicant fails to provide the requested documents.

Furthermore, a list of organisations that were issued the PCC is uploaded on the PenCom website to facilitate verification by interested parties. Consequently, any certificate not found on the website is invalid, as the list is updated daily. There is also an interface through which the Bureau of Public Procurement (BPP) verifies the PCCs of organisations as PenCom feeds BPP the information daily.

In conclusion, the 26,556 organisations that were issued PCCs in 2022 remitted about N115.71 billion for their 378,096 employees. Since the introduction of PCCs in 2012, PenCom has observed substantial compliance with the CPS by the private sector. PenCom hereby reiterates its commitment to the effective regulation and supervision of the pension industry in Nigeria.

•Commence third pension enhancement payment next month

THINGS are getting better for retirees under the Contributory Pension Scheme (CPS) as the National Pension Commission (PenCom) continues to boost retirees’ monthly pensions and address the issue of low pension.

The commission announced the third Pension Enhancement under the Contributory Pension Scheme (CPS) effective February 2023.

Pension Enhancement is a means of adjusting the periodic income of retirees against the erosion of their pension by inflation. It also solves the problem of low pensions.

The Director-General of the commission, Mrs. Aisha Dahir-Umar, who made this known in a statement,  said the exercise is for retirees under Programmed Withdrawal who have accumulated significant growth in their Retirement Savings Accounts (RSAs).

She advised relevant retirees to contact their Pension Fund Administrators (PFAs) to complete the required documentation.

She further assured stakeholders of the commission’s commitment to the effective regulation, supervision, and administration of pension matters in Nigeria.

PenCom in 2017 conducted a comprehensive analysis of the Retirement Savings Accounts (RSAs) balances of retirees under the Programmed Withdrawal (PW) mode.

The Maiden Pension Enhancement, conducted in December 2017, covered employees who retired on PW mode between July 2007 and December 2014. The analysis undertaken by PenCom shows 64,076 retirees had sufficient growth in their RSAs to warrant an upward review of their monthly pensions. The eligible retirees benefited from an enhanced monthly pension totalling N303 million. Further to the successful maiden pension enhancement exercise, PenCom obtained the necessary approvals to conduct the enhancement every three years.

The second Pension Enhancement was conducted in February 2020. The exercise covered employees who retired on programmed withdrawal between July 2007 and December 2017, and 86,108 retirees whose RSAs recorded sufficient growth benefited from the enhancement. The eligible retirees benefited from an aggregate enhanced monthly pension of N444 million. A remarkable development noted from the 2nd edition was that out of the 86,108 retirees eligible for the enhancement, 40,084 had benefited from the maiden exercise, while 46,024 RSAs were newly enhanced. The implication is that under the CPS, a retiree’s pension could be increased several times as long as there is sufficient growth in the RSA due to return on investment.

Significantly, PenCom has announced1 February 2023 as the commencement date for the third edition of Pension Enhancement under the CPS. The exercise will be concluded by 31 July 2023. The exercise is for existing retirees under programmed withdrawal who have accumulated significant growth in their RSAs. Based on the analysis of retirees’ data, PenCom determined that 111,187 retirees qualify for the third edition of pension enhancement. When implemented from February 2023, the 111,187 retirees’ pension would increase by N392.19 million monthly from N6.83 billion to N7.22 billion.The Commission urged eligible retirees to contact their PFAs to complete the documentation.

LEADWAY Pensure P.F.A. has announced the introduction of the Leadway Pensure Instant Service Assistant (L.I.S.A.).

L.I.S.A., an artificial intelligence-powered virtual tech assistant, dubbed the ‘perfect superhuman assistant’, is designed to support  customers to access services, make their pension requests and receive updates on the go.

The Managing Director/Chief Executive Officer, Leadway Pensure, Lanre Idris, who spoke on the innovation, stated that the introduction of L.I.S.A. reflects the organisation’s commitment to serving its customers exceptionally, leveraging disruptive and technology-enabled innovations for seamless, exceptional service delivery.

He said: “Understanding the reality of the fast-paced world backed by a growing demand on brands and corporate organisations to provide real-time, convenient, and simple to use platforms for instantaneous and responsive engagement, we dug into our innovative capabilities to introduce the Leadway Pensure Instant Service Assistant (L.I.S.A.). This comprehensively researched and well-developed invention is a one-stop shop to access all our services at the comfort of our customers.

“With L.I.S.A., all the assistance our customers need, from pension updates, balance check-ups, the status of benefit payment, and changes in details, can be assessed from a hand-held device at any time, from any location. With this, customers no longer need to worry about waiting in the queue, getting stuck in transit, being held up at a contact centre, or putting a halt to their daily activity to access our wide range of services. Technology has made the world smaller, and we have leveraged the same to build L.I.S.A, the perfect, superhuman assistant for our enrolees.

“In the same vein, we also upgraded the Leadway Pensure Mobile App to bolster the provision of exciting benefits such as the programmed withdrawal process, which allows the customer to access retirement benefits in periodic sums; and the enbloc RSA payment type, which ensures customers receive funds as a whole at the programmed time.”

Idris added that for customers to enjoy these services, they can send us a message via WhatsApp, Telegram, or SMS from their registered number with Leadway Pensure and follow the prompts that suit their needs. For seamless access, L.I.S.A is also available on social media channels.

“As a subsidiary company of the Leadway Group, Leadway Pensure P.F.A. is a top pension administration and fund management company for ambitious, value-driven people, corporate organisations, and federal and state institutions. Leadway Pensure P.F.A. is built on professionalism and integrity among other core values, resulting in the organisation’s ability to provide customers and stakeholders with outstanding financial services that are effective and efficient,” he noted.

Stories by Omobola Tolu-Kusimo

The House of Representatives has disagreed over a bill to remove National Assembly Service Commission Staff from the Contributory Pension Scheme (CPS).

The bill, sponsored by Abdulganiyu Olododo, seeks to create the National Assembly Service Pension Board for the staff of the federal legislature.

Chairman, House Committee on Pension, Bamidele Salam, stated at the third reading that the Bill was not subjected to a public hearing before its passage, adding that similar bills had been presented and shot down due to the concern to protect the CPS.

He said: “I do not see the need to exempt the National Assembly, as it will open the floodgate for different sectors. Our committee was not taken into consideration in coming to this stage.”

Another member of the committee, Ben Mzondu from Benue State, said the committee was not given money for the public hearing, despite making the request.

Chairman. House Committee on Rules and Business, Hassan Fulata said the House withdrew the bill from the committee because it failed to carry out its assignment.

The Speaker of the House, Femi Gbajabiamila, agreed with Bamidele and Mzondu. “It cannot be one rule for one committee and another for other committees. There are so many committees, three, four, seven months that have still not submitted their reports. That motion should have included them. You cannot single out only this one,” the Speaker said.

Deputy Speaker Idris Wase, however, disagreed with the comment by the Speaker on the bill. He said he was the one that presided over proceedings when the committee was discharged from the function, noting that the Speaker was given the impression of division between them.

“I presided on the day this motion was taken. The motion was taken as members were seated. I disagree with this procedure. In the past, we discharged some committees that have not done their job. It is not the first time we are doing that.

“I don’t want it to be seen as though we are divided, for whatever reason; should it be that any day you are presiding, I can come up and say a,b,c, you have done wrongly. Is that the way we should proceed? That is where we are going,” he said.

The Speaker, while responding to his deputy, asked him not to take things personally. He explained that a bill on pensions is too sensitive.

He ruled that the Committees on Pension and Rules and Business should interface on resolving the concerns.

Meanwhile, the industry stakeholders have questioned the integrity of the Bill and are asking to whose interest it is meant to protect given that the industry has grown over the last 18 years since the Pension Reform Act (PRA) was initially enacted in 2004.

They said the Bill is inimical to the growth of the industry, noting that the industry has ensured that the average worker is able to retire in peace and dignity.

A stakeholder said the Act brought about the professionalisation of pension fund administration and the growth of the industry. There are many gains that the industry has achieved and there is a great need to protect these gains from individuals seeking personal gain, he added.

“Over the last number of years, we have seen many actors try to reverse these gains, usually from seeking to amend the Act that would allow groups of people to leave the scheme. These acts are done through legislative actions as certain groups sponsor bills to exit the Contributory Pension Scheme (CPS)

“We are not convinced that this bill was passed in “good” faith. We also believe that an important bill of this nature should go through the standard and due legislative processes. One of such processes is the convening of a public hearing where stakeholders that are affected by the bill are invited to discuss and engage.

Another added: “All the stakeholders like the workers’ union, labour, the pension fund operators, the regulators, employers and other critical stakeholders were not engaged. We are also aware that some principal officers of the House who should oversee the passage of bills were absent, bringing the integrity of the process into question. We are forced to question whose interests this bill is geared to serve.

“It needs to be ascertained: Why was the bill passed without the crucial input of citizens and stakeholders? This breach of sacrosanct legislative processes and the rather hurried passage of this bill, triggers serious concerns and should be revisited urgently in the interest of both National Assembly staff, the pension industry and the nation in general.”

OKUNOLA: Dear Omobola, thanking you and your good organisation The Nation newspaper for the wonderful job you are doing for pensioners of this country. l am a NITEL retiree. l did my verification since January 2OI8 but l am yet to get my pension from PTAD. My date of first appointment is July 2, I979 and date of Retirement is November I4, I99I. Kindly help me.

 PTAD: Kindly provide the original documents of Letter of First Appointment; Letter of Last promotion; and Letter of Retirement

 BASSEY: My name is Bassey and my complaint is non payment of my long overdue monthly pension and arrears. Since I retired from federal ministry of works and housing in 2006, series of letters/bank statement and verification slip were sent to PTAD but nothing has been done. PTAD keep on promising to pay but nothing has been paid till today. They have refused to pay my money for 17 years.

 PTAD: Kindly provide bank statement showing severance payment.

 SURAJU: Dear Omobola, I saw your response to my request in the paper of Wednesday July 6, last year where you wrote that PTAD said they are recomputing my matter. Why? Well, thanks for your efforts and please help me keep it in view.

 PTAD: Kindly provide your bank statement from March 2003 to January 2011

 Sunday: Good day, my name is Sunday from Cross River State. My father died since July 10, 2005 while in police service. He is late inspector Okimba. His last place of service is Akwa Ibom State. I went on to process his entitlement as his next of kin in 2015 at PTAD office Abuja where I was verified and captured with pensioner number. But up till date, I have not been paid. Kindly help me.

 PTAD: Please provide documents comprising of Enlistment Letter; Letter of Administration; Emolument record or deceased’s Bank statement showing salary before death; Next-of- kin bank statement from July 2005 to date; BVN slip; Valid ID card.

 ONOH: My name is Onoh. I retired from the Ministry of Public Utility on May 6, 2004. This is a reminder on my call for help with nonpayment of gratuity and monthly pension.

Madam, I beg you to help me solve this problem of nonpayment of my gratuity and 75 months’ pension allowance, which has lingered for years back, despite my complaints at several pension verification exercises.

I am from Cross River State. My gratuity is N244,336.32 and monthly pension is N6,244.14. I was placed on pension payroll in September 2010, leaving 75 months behind.This amounts to N468,310.513. Total money owed, including gratuity, is N712,646.82. Thanks in anticipation of your kind support.

 PTAD: Bank statement is required from May 5, 2004 to date.

 FLORA: Please help. I am a retiree from UPTH. My pension allowance was stopped since October 2020 due to my absence during verification. I have done the verification after then, yet no payment.

 PTAD: Complaint is being attended to.

 PROF.OMOSINI: I Am Alive confirmation. Many thanks for your cautionary SMS of June 27. I intend to carry out the exercise this week. We greatly appreciate your care for us pensioners .

 PTAD: We are pleased to say that his case has been resolved

 OFOEGBU: My name Ofoegbu, I enlisted into the Nigeria Police Force in 1988 voluntarily as a CPL. I retired in 2002 and was paid gratuity in 2003. But for over 20 years now, I have not been paid pension. Please help investigate why IGP and Linus at PTAD refuse to pay my monthly pensions.

 PTAD: The department has drafted a letter, informing the solicitor to advise the pensioner to forward the required documents for validation to enable us schedule him for verification.

 BEST: My name is Best, SOP retired. I retired in 2006. My complaint is on short payment of gratuity and pension. Table “B”268 per cent was used to compute my money instead of 420 per cent for 31 years’ service. Gratuity paid was N1,665,569.08.

 PTAD: Pensioner is on overpayment recovery.

 OMOASIGHE: My name is Omoasighe. I have not received my gratuity and pension. please help me. I retired in August 2020. Thank you.

 PTAD: Pensioner is not under PTAD purview. Pensioner worked under Local Government.

 WILLIAMS: This is to inform the officer concerned that I have not been receiving my monthly pension allowance since October 2021. I was paid last on September 29, 2021 and was paid N11,514.39. I will be very grateful if this issue is corrected and the arrears is paid up to date.

 PTAD: Local government employee, not qualified for pension under PTAD

 ESIE: My name is Esie. Two years consequential arrears of pension were paid in four instalments.

First instalment of nine months was paid to me.

Second instalment of another nine months was also paid. The third instalment of three months was not paid.

The fourth instalment of three months was paid in June 2022. I, therefore, ask that the omitted three months arrears be paid to me.

 PTAD: Complaint is being attended to.

 UMARU: My name is Umaru. I wish to inform you that my June 2022 pension has not been paid. Kindly help me.

 PTAD: Complaint is being attended to.

 NDAMA: My name is Ndama. I have not received my June pension while others have got theirs.

 PTAD: Complaint is being attended to.

 DUROJAYE: I am Durojaye. My complaint is on short payment of N4,261.17 since 2014 for my federal pension share. Kindly help me.

 PTAD: Complaint is being attended to.

•Ukraine war, extreme weather bite

The war in Ukraine and extreme weather events have driven up the cost of reinsurance by as much as 200 per cent in crucial January renewals, according to a new report, threatening to raise premiums and reduce what insurers are willing to cover.

January 1 is the key policy renewal date for reinsurers, which share losses with primary insurers and so have a vital role in what can be insured and at what price.

This year’s renegotiation of reinsurance policies has been the most challenging in years as reinsurers respond to pressure from spiraling inflation and large losses from natural catastrophes, as well as the fallout from Russia’s invasion of Ukraine.

Global Chief Executive, Gallagher Re (reinsurance broker), James Kent, which published the report, described it as a “very late, complex and in many cases frustrating renewal”.

The cost of aerospace reinsurance rose by between 150 per cent and 200 per cent, as reinsurers adjusted pricing in the light of a revaluation of past losses, as well as expected payouts from stranded planes and a legal battle with leasing companies in the wake of Russia’s invasion of Ukraine.

Property catastrophe reinsurance, which shoulders losses from hurricanes and other natural disasters, also jumped, with rates in the US increasing by between 45 per cent and 100 per cent for loss-hit policies, according to Gallagher Re’s figures. The broker put this down to the impact of Hurricane Ian, which struck Florida and South Carolina last year, as well as the threat from inflation, which drives up payouts.

“For property, this is the year that reinsurance has got back in the driving seat and they’ve been very firm,” Gallagher Re’s international chair James Vickers told the FT. “They haven’t cracked.” He described the reinsurance negotiations as the “toughest [market] since 9/11”.

In a report also broker Howden said the cost of property catastrophe reinsurance had increased by 37 per cent globally in the January renewals, the largest rise in comparable data running back to 1992. Howden called it “one of the hardest reinsurance markets in living memory”, using an industry term for a period of sustained price rises.

 Higher reinsurance prices and the reduced availability of some cover typically feed through to the prices that insurers charge and what they are willing to offer, although they can also choose to write business “net”, or without reinsurance cover. The reinsurance price rises are expected to further fuel what is already a years-long upswing in insurance prices for companies.

An update on the January 1 negotiations last week from Guy Carpenter, another of the big reinsurance brokers, described it as “one of the most challenging reinsurance markets the sector has experienced”, with some reinsurers’ initial requests to modify coverage “threatening to erode the core value of the reinsurance product”.

Property was the hardest renegotiation in what was a “stressed” sector, it said, with substantial price rises and worse terms.

 Another factor in rising reinsurance prices has been a capacity squeeze, as reinsurers pull out of areas such as property catastrophe reinsurance. But the brokers reported that the degree of price rises in the January 1 renewals had lured some new capacity into the market, for instance by underwriters raising fresh capital.

“It’s important to remember that we have been at a crossroads before,” said Guy Carpenter’s President Dean Klisura, pointing to the market corrections that followed events such as the September 11 terrorist attacks on the US and Hurricane Andrew.

Reinsurers have also pushed to restrict or exclude Russia, Ukraine and Belarus from some areas of coverage, Gallagher Re said. The wider pullback from reinsuring assets is already having ripple effects: last month, western shipping insurers said they would exclude losses coming from the conflict, following a move from their reinsurers to reduce exposure.

Also, in December, Nikkei Asia, the FT’s sister publication, reported that the Japanese government had intervened after local insurers said they could no longer offer coverage for ship damage in Russian waters – also pointing to western reinsurers’ decision to remove coverage.

OKUNOLA: Dear Omobola, thanking you and your good office The Nation newspaper for the wonderful job you are doing for pensioners of this country. l am a NITEL retiree. l did my verification since January 2OI8, but l am yet to get my pension from PTAD. My date of first appointment is July 2, I979 and date of retirement is November I4, I99I. Kindly help me.

PTAD: Kindly provide the original documents of Letter of First Appointment; Letter of Last promotion; and Letter of Retirement

BASSEY: My name is Bassey and my complaint is non payment of my long overdue monthly pension and arrears. Since I retired from the Federal Ministry of Works and Housing in 2006, a series of letters/bank statements and verification slips were sent to PTAD, but nothing has been done. PTAD kept on promising to pay but nothing has been paid till today. They have refused to pay my money for 17 years.

PTAD: Kindly provide a bank statement showing severance payment.

SURAJU: Dear Omobola, I saw your response to my request in the paper of Wednesday July 6, 2022 where you wrote that PTAD said they are recomputing my matter. Why? Well, thanks for your efforts and please help me keep it in view.

PTAD: Kindly provide bank statements from March 2003 to January 201.

Sunday: Good day, my name is Sunday from Cross River State. My father died on July 10, 2005 while in the Police Force. He is the late inspector Okimba. His last place of service is Akwa Ibom State. I went on to process his entitlement as his next of kin in 2015 at PTAD office, Abuja where I was verified and captured with my pensioner number. But up till date, I have not been paid. Kindly help me.

PTAD: Please provide documents consisting of Enlistment Letter; Letter of Administration; Emolument record or deceased’s Bank statement showing salary before death; Next-of- kin bank statement from July 2005 to date; BVN slip; and Valid ID card.

ONOH: My name is Onoh. I retired from the Ministry of Public Utility on May 6, 2004. This is a reminder of my call for help with the non-payment of gratuity and monthly pension.

 Sir, I humbly beg you to help me solve this problem of the non-payment of my gratuity and 75 months’ pension allowance, which has lingered for years, despite my complaints at several pension verifications.

I am from Cross River State. My gratuity is N244,336.32 and my monthly pension is N6,244.14. I was placed on pension payroll in September 2010, leaving 75 months behind. This amounts to N468,310.513. Total money owed, including gratuity, is N712,646.82. Thanks in anticipation of your kind support.

PTAD: Bank statement is required from May 5, 2004 to date.

FLORA: Please help. I am a retiree from UPTH. My pension allowance was stopped in October 2020 due to my absence during verification. I have done the verification after then, yet no payment.

PTAD: Complaint is being attended to.

PROF.OMOSINI: I Am Alive confirmation. Many thanks for your cautionary SMS of June 27. I intend to carry out the exercise this week. We greatly appreciate your care for us pensioners. Prof.Omosini.

PTAD: We are pleased to say that his case has been resolved

OFOEGBU: My name Ofoegbu. I enlisted into the Nigeria Police Force in 1988 voluntarily as a CPL. I retired in 2002 and was paid gratuity in 2003. But, for over 20 years, I have not been paid pension. Please, help investigate why IGP and Linus at PTAD refuse to pay my monthly pensions.

PTAD: The department has drafted a letter, informing the solicitor to advise the pensioner to forward the required documents for validation to enable us schedule him for verification.

BEST: My name is Best, SOP retired. I retired in 2006. My complaint is on short payment of gratuity and pension. Table “B”268 per cent was used to compute my money instead of 420 per cent for 31 years’ service. Gratuity paid was N1,665,569.08.

PTAD: Pensioner is on overpayment recovery.

OMOASIGHE: My name is Omoasighe. I have not received my gratuity and pension. Please help me. I retired in August 2020. Thank you.

PTAD: Pensioner is not under PTAD purview. Pensioner worked under Local Government.

WILLIAMS: This is to inform the officer concerned that I have not been receiving my monthly pension allowance since October 2021. I was paid last on September 29, 2021 and was paid N11,514.39. I will be very grateful if this issue is corrected and the arrears are paid up to date.

PTAD: Local government employee, not qualified for pension under PTAD.

ESIE: My name is Esie. Two years’ consequential arrears of pension were paid in four instalments. First instalment of nine months was paid to me. Second instalment of another nine months was also paid. The third instalment of three months was not paid. The fourth instalment of three months was paid in June 2022. I therefore ask that the omitted three months arrears be paid to me.

PTAD: Complaint is being attended to.

UMARU: My name is Umaru, I wish to inform you that my June 2022 pension has not been paid to me. Kindly help me.

PTAD: Complaint is being attended to.

NDAMA: My name is Ndama. I have not received my June pension while others have got theirs.

PTAD: Complaint is being attended to.

SURAJU: Dear Omobola, I saw your response to my request in the paper of today Wednesday July 6, 2022, where you wrote that PTAD said they are recomputing my matter. Why? Well, thanks for your efforts and please help me keep it in view.

PTAD: Pensioner has been reinstated to payroll.

DUROJAYE: I am Durojaye. My complaint is on short payment N4,261.17 since 2014 for my federal pension share. Kindly help me.

PTAD: Complaint is being attended to.