Category: Pension

Staco Insurance Plc has reassured its policyholders who have outstanding claims of settlement.

The Managing Director/CEO, Mr. Wale Banmore, gave the assurance  during the Awareness Five Walk of the Nigerian Council of Registered Insurance Brokers (NCRIB), Abuja chapter, to sell insurance on the roads of Abuja.

He stated that the company has come back stronger after its earlier  challenges.

“We seek your assistance to give us time to settle our claims obligations within a short time and support us to recover with good businesses,’’ he said.

Banmore also called on brokers to support them with businesses  while they continue to aggressively settle all legacy obligations.

“We are back to be there for our customers and we are back to be a profitable business entity hanged on utmost corporate governance and Compliance with ethics of the business,” he said.

Stanbic IBTC Pension Managers, a subsidiary of Stanbic IBTC Holdings, holds its “FUZE Festival” today at Livespot Entertainment Centre, Lekki, Lagos.

Ladipoe, Teni, Wurld and other big names in the music industry are expected to thrill youngsters at the event.

Chief Executive, Stanbic IBTC Pension Managers,Olumide Oyetan, said: “Stanbic IBTC Pension Managers celebrates indigenous talents and helps them explore their creativity and business prowess. The FUZE Festival presents a unique opportunity to reward and support young talented Nigerians from across the country through the talent hunt, while also providing enhancement opportunities for businesses who would be given free stalls to exhibit their wares and produce at the event.”

Executive Director, Business Development, Stanbic IBTC Pension Managers, Nike Bajomo. said: “The festival is open to everyone; so, please download the Stanbic Event app on either the Google Play or iOS store to RSVP for the event, and we’ll see you at FUZE.”

The National Pension Commission (PenCom) has approved 34 mortgage banks for the implementation of acquisition of residential mortgages by Retirement Savings Account (RSA) holders.

Of the 34 banks, 18 are from Lagos, eight from Abuja and eight of them are from other states.

The mortgage lenders from Lagos are Abbey Mortgage Bank Plc; Brent Mortgage Bank Limited; AG Mortgage Bank Plc; Centagr Savings & Loans; City Code Savings & Loans; First Trust Mortgage Bank; Global Trust Mortgage; Haggai Mortgage; Homes-Base Mortgage; Imperial Homes; Jubilee-Life Mortgage Bank; Lagos Building & Investment; Prudential Mortgage Bank and Refuge Homes Savings & Loans.

Others from Lagos include Resort Savings & Loans; Safetrust Mortgage Bank; STB Building Society; Union Homes and Mayfresh Mortgage Bank.

In Abuja, they are Aso Savings & Loans; FHA Homes Ltd; First Generation Homes; Infinity Trust Mortgage Bank; MDSL Mortgage Bank Limited; Nigeria Police Mortgage Bank and Platinum Mortgage Bank

The others are Akwa Savings & Loans Limited and Mutual Alliance from Akwa Ibom State; Coop Savings & Loans from Oyo State; Delta Trust Mortgage Bank; Gateway Mortgage Bank, Ogun State; Jigawa Savings & Loans, Jigawa State; Kebbi Stare Homes, Kebbi State and Living Trust, formerly Omoluabi, Osun State.

Meanwhile, the Pension Funds Operators Association of Nigeria (Penop) has highlighted how RSAs could leverage their pension fund for mortgage.

The Head of the Investment Department, PenCom, Ibrahim Kangiwa  spoke at the seminar themed “Pension: An Opportunity to Own Your Own Home, An X-Ray of the New RSA Plan On Home Ownership” organised by the Pension Operators Association of Nigeria (PenOp) for reporters in Lagos,.

Read Also: Lagos Trade Fair: PenCom sensitises traders on the micro pension

He stated that for contributors under the Contributory Pension Scheme (CPS) to be eligible for RSAs balance for the acquisition of residential mortgages, they must have contributed for five years.

He said the same thing applies to contributors under the Micro Pension Plan (MPP), adding that married couples, who met the eligibility criteria, were also eligible.

On the authorised limit for equity contribution that qualifies a contributor, he said the maximum allowed was 25 per cent of the RSA balance.

He noted: “Where 25 per cent of RSA balance is more than equity contribution, the RSA holder can only access the amount equivalent to equity contribution required.”Where 25 per cent is not sufficient for equity contribution, RSA holder may utilise Voluntary Contribution (VC) in line with the Voluntary Contribution guidelines.

“Also, where 25 per cent is not sufficient for equity contribution, Micro Pension (MP) contributor may utilise contingency portion in line with MP guidelines. Where 25 per cent is insufficient as equity contribution, RSA holder shall deposit the difference with the mortgage lender.

“Those exempted from this initiative includ RSA holders that have less than three years to retirement; existing retirees on CPS; exempted persons under the PRA 2014 and RSA holders who do not have both employer and employee’s mandatory contributions for a cumulative minimum period of 60 months.”

The President, PenOp/Managing Director, Stanbic IBTC Pension Managers, Olumide Oyetan, emphasised the need for stakeholders to ensure the successful implementation of the guidelines.

 

LAGOS State Pension Commission (LASPEC) Director-General, Mr. Babalola Obilana, has said the state government does not owe monthly pension contributions as employee and employer’s contributions are remitted promptly into employees’ Retirement Savings Accounts (RSA) after salaries are received.

He made this known at the Lagos State Pension Commission (LASPEC) 98th Batch Retirement Bond Certificate Presentation in Ikeja.

This year, the Commission inspected Pension Fund Administrators (PFAs) and Annuity Service Providers (ASPs) registered by the state government to ensure their compliance to the CPS.

He said: “We also concluded the review of the Lagos State Pension Law to ensure your retirement obligations are adequately protected. From January 2022 till date, the state government has paid N11.39 billion into the Retirement Savings Accounts of 3,481 retirees.

Read Also: Pension complaints and solutions

“Also, a total of N2.52 billion will be transferred to the RSAs of 755 retirees, being their past service benefits prior to the commencement of the Contributory Pension Scheme (CPS) in 2007.’’

Also, Governor Babajide Sanwo-Olu has approved a bailout of N707.62 million for 614 retirees and employees in the batch one.

Besides, the government has paid accrued pension rights of N47.05 billion to 12,642 retirees between May 2019 and this year, the highest by any state government.

The Commissioner for Establishments, Training and Pensions, Mrs. Ajibola Ponnle, said with the presentation, the government had honoured its obligations under the Lagos State Contributory Pension Scheme (CPS) Law.

She said: “Furthermore, the governor implemented the upward review of pension contribution into Retirement Savings Accounts (RSAs) from 7.5 per cent of employee contributions and 7.5 per cent employer contributions to 8 per cent employee contributions and 10 per cent employer contributions

 

A consortium of insurance companies has paid N538.96million claims to 250 relatives of 102 deceased workers who died in active service in the Lagos State Public service.

The claims were paid under the Group Life Insurance Policy. The policy emanates from the Pension Reform Act states: “Employers shall maintain life insurance policy in favour of the employee for a minimum of three times the annual total emolument of the employee.” The essence of the cover is to give financial relief to beneficiaries and to cushion the effect of the loss of their breadwinners.

During the presentation in Lagos, the state Head of Service, Mr Hakeem Muri-Okunola, who was represented by the Permanent Secretary, Public Service Office, Mrs Olasunkanmi Oyegbola, said the state prioritises workers.

He said:  “The purpose for the payment of this insurance death benefits to the beneficiaries is basically to serve as a succour for their immediate families in order to avoid dropping out of schools of the younger children or being thrown out of the place of abode by the landlords due to non-availability of sufficient funds for survival and to ensure a much better future for left behind beneficiaries.”

Commissioner for Finance, Dr Rabiu Olowo, said: “The Lagos State Government is in the forefront in the provision of adequate welfare for staff and citizens at large, in fact, no other state is totally committed to the welfare of staff, either dead or alive, as Lagos State is. I commend Governor Babajide Sanwo-Olu for his total commitment to the welfare of its state workforce.”

The Managing Director of LASACO Assurance Plc, Mr Rasak Abiodun, who was represented by the General Manager, Mr Dimeji Olona, advised the families of the deceased to use the cash judiciously.

•PTAD praises Buhari for strides in pension administration

Thr Pension Transitional Arrangement Directorate’s (PTAD) determination to change the narrative in pension administration under the Defined Benefits Scheme (DBS) is irrevocable, its Executive Secretary, Dr. Chioma Ejikeme, has said.

Dr. Ejikeme spoke in Calabar during a Stakeholders Engagement Forum organised for pensioners in the Southsouth Zone.

She expressed appreciation to President Muhammadu Buhari for the successes in DBS.

Dr Ejikeme, who said Buhari prioritised the welfare of pensioners, advised pensioners to engage contestants at the federal and state level, to know who has an interest in their welfare.

She stated that over the years, PTAD has worked towards achieving positive and sustainable changes in DBS pension management.

She recalled that the DBS in the past was fraught with fraud, corruption and inefficiencies, adding that the controls and processes that have been put in place since the establishment of PTAD have contributed to the changes in the management of the DBS.

She noted that the hard work of PTAD was paying off, noting that the enormity of the challenges inherited by PTAD at inception was huge.

She said: “It has been so much work for us to overcome the volume of overhaul that PTAD has had to carry out to get to where we are. Our journey from field verifications, mobile verifications, to putting together a solid database of pensioners, benefit computation, ensuring the regular payment of monthly pensions and paying long overdue pension arrears to pensioners, has been a progressive one filled with creativity, dedication, commitment, persistence and milestone achievements.

“It is not yet a perfect situation, especially when we recognise that “excellence is a journey and not a destination”. However, it is a fact that, giant strides have been made, and will continue to be made. Since our last stakeholders Forum for the Southsouth region in Uyo, PTAD has carried out a series of activities which include: Completion of the payment of arrears arising as a result of the consequential adjustment to pensions as a result of the increase in minimum wage of April 2019 to the four operational departments in the Directorate; complete liquidation of the 126 months outstanding liabilities due to ex-workers of Nigeria Reinsurance Corporation; completed payment of the 219 months of inherited liabilities to ex-workers of New Nigeria Newspaper Limited; and completed payment of the 100 months of inherited liabilities to ex-workers of NICON Insurance.

“We have also completed payment of the 96 months of inherited liabilities to ex-workers of Delta Steel Company (DSC); implemented the 9.7 per cent increment to ex-PHCN workers with attendant arrears paid; and made part-payment of the arrears owed NITEL/MTEL pensioners.Two weeks ago, we paid another 15 months’ arrears to 5,907 pensioners out of the outstanding 63 months of the inherited unfunded pension liabilities. The remaining half of the NITEL/MTEL pensioners will get their 15 months arrears’ payment soon”.

Read Also: Fed Govt, PenCom, PFAs, others have no access to pension fund, says PenCom DG

She added that through the unwavering support of Buhari, PTAD has liquidated the inherited unfunded liabilities of all the defunct/privatised agencies handed over to us, with the exception of NITEL/MTEL, which we are committed to liquidating.

“Following the launch of the ‘I AM Alive’ confirmation solution and successful completion of the Pilot Phase where we tested the application on 50, 000 randomly-selected pensioners from the four operational department and the six geo-political zones.  I wish to announce that PTAD is ready for the full rollout of the solution. In line with our resolve to make the process as seamless as possible for our pensioners, PTAD has trained the Pension Desk Officers of the various institutions and organisations where our pensioners retired from, as well as Pension Union Executives from the six geo-political zones on the Solution.

The training is to enable them assist pensioners who are unable to carry out the “I Am Alive” confirmation on their own.

“The commitment of PTAD towards the welfare of our pensioners remain sacrosanct and we shall continue our meetings and engagement with the various pension unions to ensure quality service delivery.  As we enter the campaign and election season, it is pertinent that pensioners should engage the contestants at the Federal and State levels, to find out their position or antecedents in pension management, and get a firm commitment from them regarding the welfare of pensioners.

“The need to have a President who listens to the needs of pensioners cannot be overemphasized. We cannot afford to go back to the time when the DBS pensioners were owed months of pension arrears and their needs pushed to the back-burner, as it was done in the past. We sincerely hope that the next administration, and who emerges as the President, will be as favourably disposed towards the pensioners of DBS as this administration has been.’’

In her message, the Director-General, National Pension Commission (PenCom) represented by the Head, Southsouth Zonal Office, Mr Michael Ejiofor Eneh, commended PTAD for its strides in improving the administration of the DBS.

Also, the National Vice President Southsouth, Nigeria Union of Pensioners, Comrade Benjamin Etta, said the achievements of PTAD had been wonderful.

He thanked Buhari for his commitment to pensioners’ welfare, adding that the NUP has resolved to honour him.

 

The regulator, National Pension Commission (PenCom), pension managers –  Pension Fund Managers (PFAs) or Pension Fund Custodians (PFCs) – cannot influence the Contributory Pension Scheme (CPS) fund because it is foolproof.

Its Director-General, Mrs. Aisha Dahir-Umar, in a statement, said the CPS is designed with security features that nobody could tamper with.

She stated that the Pension Reform Act (PRA), 2004, which introduced the Scheme for public and private sector employees, is aimed at addressing the challenges that bedevilled the pension schemes before 2004.

The challenges, according to her, included outstanding pension liabilities, mismanagement, weak and inefficient pension administration, and low coverage of workers in the private sector.

She said establishing a supervisory and regulatory framework superintended by PenCom and licensing PFAs and PFCs were essential steps in implementing the CPS.

She explained that the main functions of the PFAs are to open Retirement Savings Accounts (RSA) for employees, invest and manage pension fund assets, payment of retirement benefits and accounting for transactions on pension funds under their management while the PFCs, on the other hand, are responsible for safekeeping pension assets.

She noted that PFCs are essential to the safety of pension funds’ assets.

She said the PRA 2004 was designed with structures that separate handlers of the scheme to ensure that no one or group could have access to the funds.

The Pencom boss, who stated that the agency survives on fees and fines, said grants from the Federal Government had been stopped.

She said the operators, on the other hand, survive on charges from the administration and services on RSA accounts.

She said, there are three licenced PFCs in the industry. They are First Pension Custodian, United Bank for Africa Pension Custodian and Zenith Pension Custodian.

She stated that the structures put in place to ensure the safety of pension assets through the PFCs have re-defined the pension landscape.

She maintained that last October, registered contributors have grown to 9.85 million while pension fund assets under the CPS have hit N14.58trillion.

Function of PFCs

• Custodian of Pension Funds and Assets – PFCS are responsible for keeping the pension funds and assets in safe custody for the PFAs and the trust of Retirement Account Savings (RSA) holders. At this juncture, it is essential to state that PFCs undergo rigorous licensing requirements issued by PenCom before they are licensed as custodians.
• Receiving pension contributions on behalf of PFAs – PFCs receive the total monthly contributions that are deducted and remitted by employers for the credit of the RSA of the employee. PFCs are mandated to inform the PFA of the receipt of such contributions within 24 hours.
• Settlement and Clearing on Behalf of PFAs- PFCs are responsible for executing investment decisions on behalf of the PFAs. When a PFA decides to invest in a particular asset, it advises the PFC to make payment to the counterparty. In addition, where a PFA chooses to sell investments to realise a profit, the PFC will receive the consideration on behalf of the PFA. Furthermore, the PFC is also responsible for benefit payments to beneficiaries as advised by the PFA, accompanied by the requisite approval of PenCom.
• Corporate Action Administration and Proxy Voting: The PFC is responsible for protecting the interests of the PFA in corporate actions declared by companies in which pension funds are invested. PFCs advise PFAs on Annual General Meetings of such companies, represent the PFA at such AGMs, and ensure that PFAs’ voting instructions are carried out.
• Income Collection: The PFC is responsible for collecting all incomes from pension fund investments made by the PFA. The PFC is expected to calculate, collect and track all outstanding income on behalf of the PFA. Regarding fixed-income investments such as time deposits with banks, FGN and Corporate bonds, the PFC ensures that interest and coupon incomes are accrued daily and redeemed as and when due. It also collects dividends when declared.
• Reporting to PenCom and PFAs: The PFCs maintain proper books of account and render periodic returns to PenCom, which ensures adequate supervision. In addition, the PFC also renders reports to the PFA on the custodial services it provides. These reports enable a reconciliation to be carried out between the records of both operators.

OFORLEA: 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 of the company refused to attend to me. He said my date of birth is different from the date of birth in PENCOM record. Meanwhile, I have November 23, 1964 in all my records. What should I do?

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

THOMPSON: My name is Thompson. I am a client to Pal Pension. I processed all required documents and submitted to PenCom for approval since last month but up till today it hasn’t been approved. Please may I know the reason for the delay as I have an urgent need for money.

 PENCOM: Please provide your PIN and PFA

 LADIPO: Dear Omobola, thank you for promoting transparency and accountability in a way. I have provided my pension details as requested by PENCOM. My RSA Balance was texted to me in October this year. Does this mean that after exhausting the balance in my pension account and I am still alive, I will no longer receive pension? Thank you for all your relentless efforts.

PENCOM: Can we get more information on this, it is not clear.

ANNONYMOUS: Dear Omobola, I will like you to and help me with my retirement disengagement. I have reach out to my pfa in Ilorin branch. He told me that I do not have any balance in my account. Kindly help me.

PENCOM: This is not clear

 ANNONYMOUS: Good Day, I am aware that every year, the Office of the Head of Service of the Federation insure all Ministries Departments and Agencies (MDAs) on Group Life Insurance, But I do not get any credit from my PFA into My RSA account with them. What should l do? My second enquiry is that l just retired from one of the MDA’s and l understand l have to wait a while before l can get any of my benefit. I will like to know when l will get my entitlements.

 PENCOM: The Group life insurance is handled by insurance companies and paid to the legal named beneficiary in the case of death of an employee.

ANNONYMOUS: Good day, I will like to know which PFA between IBTC Pensions and Leadway Pensions has a higher rate of returns on the RSA of retirees?

 PENCOM: You can visit the PFAs websites to see the performance of the different funds

 ISAH: I am Rtd Inspector Isah under NPF Pensions. I retired on January 15, 2020 under Niger State Police Command on age ground of 60 years. But I was paid only 25 per cent lump sum of N1,665,000 on February 2021 out of my total amount of N5,100,000. I was also put-on monthly pension of N31,758 from March 2021 to date. My complaint is that I deserve to be paid at least 50 or 40 percent of my total amount of N5,100,000. I am really aggrieved.

PENCOM: You are entitled to 25 percent lumpsum

FEMI: Good day, my name is Femi. I worked with Prudential Guards posted as a Guard to Adeola Odeku Ecobank, Lagos between January 2014 to April 2015 and was later posted to Civic Centre, Victoria Island, Lagos between April,2017 to 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 submitted my validated date of birth correction for month now but my PFA said PENCOM is yet to approve it. How can you help me?

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

BUSARI: Hello, I am Rtd ASP Busari. I retired from service in 2015. Although my gratuity has been paid but my housing mortgage benefit is yet to be paid. I have submitted all necessary documents to schedule 3 office, MSS IKEJA but they keep saying the delay is from Abuja that I should hold on. Please help me trace my case and tell me the position.

 PENCOM: Not Under the purview of the National Pension Commission

ANNONYMOUS: I want to remain anonymous. I work in The Nation newspaper, Lagos. My PFA is Trustfund Pensions. I want to access 25% of my pensions fund to urgently 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 mortgage with the amount that I have.

PENCOM: 25 percent can only be used towards equity contributions for residential Mortage.

OJEBOLA:  I retired in 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 since November 13, 2013. My repeated calls at LASPEC Alausa are not yielding any result. kindly find out the cause of the delay. I am elated at your prompt response.

 PENCOM:  Provide details- Full name, PFA, PIN

ADEKUNLE: Good day, I was given your number to seek for your assistance on my late dad benefits been processed by Leadway Pensure. He worked at Federal Polytechnic Offa and died in service. I have submitted all the necessary 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.

ANONYMOUS: Good day, I would like to make two enquiries. I am aware that every year, the Office of the Head of Service of the Federation insure all MDA under Group Life insurance but I do not get any credit from my PFA into my RSA account with them. What should l do? Secondly, l just retired from one of the MDAs and would like to know when I will get my entitlements.

LADIPO: Dear Omobola, thank you for promoting transparency and accountability in a way. As you have requested, my PFA is Stanbic IBTC, and PIN is anonymous. My issue is that my RSA balance was sent to me via SMS in  October, this year. Does it mean that after exhausting the balance and I am still alive, there will be no more life pension? Thank you for all your relentless efforts.

OFORLEA: 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 went for recapturing at Premium Pension and the company staff refused to attend to me because he said my date of birth is different from the one with PenCom. In all my records I have November 23, 1964. It has also been corrected at Nimc. Please what do I do?

ANONYMOUS: Good day, I will like to know which PFA between IBTC Pensions and Leadway Pensions has a higher rate of returns on the RSA of retirees?

THOMPSON: Good day, I am a client to Pal Pension and I processed necessary requirement which I submitted to PenCom for approval since last month but up till today, it hasn’t been approved. May I know what the delay is as I have a urgent need for money. Thank you.

ANONYMOUS: Hello Omobola, I will like you to help with my retirement journey. I  have reached my PFA in Ilorin but was told that I have known balance in my RSA and at the same time that I get an alert for all payments. I don’t understand. Kindly help me.

ANONYMOUS: Dear Omobola, I requested for my pension from Stanbic IBTC for almost three months. But anytime I request for an update, they tell me its awaiting approval from PenCom. Kindly help me.

EKERIN: Good day, I submitted my validated date of birth correction for months now but my PFA said PENCOM is yet to approve it. How can you help me?

BUSARI: Hello, I am Rtd ASP Busari. I retired from service in 2015. Although my gratuity has been paid but my housing mortgage benefit is yet to be paid. I have submitted all necessary documents to schedule 3 office, MSS IKEJA but they keep saying the delay is from Abuja that I should hold on. Please help me trace my case and tell me the position.

MOKAOGWU: I applied for 25 per cent payment but my PFA said no stating that I have received 25 per cent some time ago and that it a is one off payment. My position is that I have made further contributions when I became gainfully employed and as such should be entitled to another 25 per cent based on the new contribution I made when I became employed; and I believe it should be so every time one is in or out of employment. Kindly assist on this subject.

THE NATION: The newspaper will intervene. Therefore Oforlea  Ekerin, Busari, Mokaogwu and others should look out for the newspaper next week for responses from PENCOM.

ANATE: Good day, my name is Anate, I requested for 25 per cent of my pension benefit from IEI-Anchor Pension. I and my employer have submitted the needed document and information to them since May 2022. Their reason for the delay is that they needed approval from PENCOM to deduct the excess payment from my account before I can be paid. Please I need your kind support to facilitate the process because it is taking too long. Thank you

PENCOM: Your application is being processed.

 ADOGA: Dear Omobola, my name is Adoga from Makurdi, Benue State. I retired from the Nigerian Railway Cooperation 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 office in Makurdi, I was asked to apply for the payment which I did since July 2022. Please I want you to help me.

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

 AKERA: Hello, my name is Akera. I went for my pre-retirement exercise scheduled on July 8, 2019 at Lafia town, Nassarawa State and was registered. I retired on July 6, 2020 from Federal Ministry of Education. Unfortunately, I went to process at Stanbic Ibtc office in Makurdi, Benue State where I discovered another Pin was created without my knowledge. Since three years of my retirement, I was not paid anything because of my dual pins issue. I had so many capturing, applications as regards this issue no avail. I have health challenges with financial problems. Fortunately, all money like my accrued right is in my genuine account. With Stanbic Ibtc Pension Managers. Kudos to the National Pension Commission (PenCom). God bless.

PENCOM: All contributions have been reconciled into the valid PIN account with Stanbic IBTC. Visit Stanbic IBTC for more details.

EMMANUEL: Good day, my name is Emmanuel. Can you help us intervene in retirees’ affairs with Premium Pension? Their desk officers seem not to be updated with the new regulations on retirement benefits. I was told the regulations haven’t been sent to them from PENCOM. They claim that they are yet to be given the go-ahead to verify 2022 retirees. They are not advising the retirees on current documents to present as specified in the new regulation. Does it mean 2022 retirees can’t verify? Also, I will like to know if programme withdrawal enjoys life pension payment or if annuity gives life pension payment?

 PENCOM: Online verification and enrolment for 2022 has  commenced. Refer to www.pencom.gov.ng for more information, Programmed withdrawal- yes calculated over an expected life span and minimium pension guarantee for when RSA is deplected. Life Annuity for life but guaranteed for only 10 years after which in the event of death the legal named beneficiary has no entitlement

 

OJEBOLA:  I retired in 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 since November 13, 2013. My repeated calls at LASPEC Alausa are not yielding any result. kindly find out the cause of the delay. I am elated at your prompt response.

 

PENCOM:  Provide details- Full name, PFA, PIN

 

ADEKUNLE: Good day, I was given your number to seek for your assistance on my late dad benefits been processed by Leadway Pensure. He worked at Federal Polytechnic Offa and died in service. I have submitted all the necessary 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

 

 

Leading specialist life insurance company, Heirs Life Assurance (HLA), has hosted its retirees at its inaugural Annuitants party in Lagos.

Themed “Enjoyment for Life”, the  Annuitants Party was organised to appreciate Heirs customers under the company’s annuity plan.

The event was well-attended and engaging with guests treated to an elaborate and memorable ceremony packed with exciting props and activities, games, competitions, gifts, and many more. Guests also took to the dance floor for hours, celebrating life after retirement as promised by the company.

The Managing Director/CEO, Heirs Life Assurance, Niyi Onifade, said the event was  designed for retirees aged 50 and above who want to retire well, the Heirs Life Pension-regulated Annuity Plan offers a steady income, following one’s retirement.

He stated that Heirs Life has kept to its promise by offering its customers superior customer experience while ensuring annuitants get paid their monthly income on time.

Read Also: Heirs Insurance, Heirs Life grow profit to N1.55b in Q3

Onifade appreciated the annuity customers for entrusting their retirement days with the company and reiterated HLA’s commitment to always supporting and empowering retirees.

He assured that the company will continue to be a dependable partner.

He also introduced other products in the Heirs Life portfolio.

He said: “Heirs Life has continued to improve the lives of its customers and democratise insurance by providing simple, accessible, and reliable life insurance, retirement, and children’s education protection plans.

“The company offers a wide range of personalised life insurance protection and investment plans that provide financial security to individuals and businesses. Heirs Life is also a subsidiary of Heirs Holdings, a pan-African investment group with presence across four continents and 20 African countries.’’

Retirees expressed their satisfaction with the company and appreciated the team for organising the event.