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

PENCOM: Kindly provide your name and PIN.

ODUNAYO: Dear Omobola, I lodged a complaint against the issue of non-payment of my late brother, Police Corporal Odunayo’s pension and you asked me to purchase last Wednesday’s The Nation Newspaper which I did but nothing about my case was mentioned. I even bought the one of yesterday nothing again. Kindly help us out as he left little children behind. It is almost five years now that his pension has not been paid. His PFA is Premium Pension. He died in 2015 and all necessary documents and verification was carried out at the ppolce headquarters Eleweran and even bank statement has been submitted. Yet we have not gotten any message from the PFA. kindly assist us.

PENCOM: PFA says you are yet to provide complete documentation to begin processing, please visit PFA and provide all the required documentation.

ANONYMOUS: Good day, 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 said they are yet to be given the go-ahead to verify 2022 retirees. They are also not advising the retirees on current documents to present as specified in the new regulation. Does it mean 2022 retirees cannot do verification?

PENCOM: Please visit your PFA to carry out verification. The exercise commenced in June 2022. The revised regulation on retirement and terminal benefits is available on www.pencom.gov.ng

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 all 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 currently being processed

LADIPO: Dear Omobola, thank you for not allowing the voiceless Nigerian pensioners to die in penury while those who wickedly trampled upon their rights are enjoying between Dubai and Niger Republic. Please, with the deplorable state of the naira; remind PENCOM of the pension enhancement promised.

PENCOM: The next pension enhancement is due in 2023

The 2023 online verification and enrolment exercise for retirees and prospective retirees of Federal Government Treasury-Funded Ministries, Departments and Agencies (MDAs) have begun on October, 17, the Director-General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, has said.

In a statement made available to journalists, the DG directed Verification and Enrolment by all concerned to be completed on or before 31 December, 2022.

She disclosed that workers eligible for the 2023 verification and enrolment exercise employees of Federal Government Treasury-Funded MDAs scheduled to retire in 2023 and employees of Federal Government Treasury-funded MDAs who missed the enrolment exercises in previous years

Explaining the prerequisite for the enrolment, she stated that prior to enrolment, all retirees and prospective retirees are required to visit their Pension Fund administrators (PFAs) to undergo the data recapture exercise.

Read Also: Ekiti varsity retirees lament unpaid gratuity, pensions

She disclosed that the data recapture exercise entails retirees and prospective retirees providing their Retirement Savings Account (RSA) Registration details, Personal Identification Number (PIN) and their National Identity Number (NIN).

According to her, retirees and prospective retirees who had undergone the data recapture exercise earlier are not required to repeat it.

She further stated that the enrolment options for the retirees and would-be retirees to enroll can either be the Self-Assisted option or Pension Desk Officer and PFA-Assisted.

She said: “On Self-Assisted, retirees and prospective retirees are required to visit PenCom’s website www.pencom.com.ng and upload their employment details as well as scanned copies of required documents before proceeding to their respective PFAs for physical verification and enrolment. The step-by-step procedure for the online enrolment is hosted on the PenCom website.

“For thse who choose to enroll through Pension Desk Officer or PFA-Assisted, Retirees and prospective retirees who are unable to complete the online registration for any reason should approach the Pension Desk Officer of their respective MDAs or visit their PFAs for assistance. Please note that Verification and Enrolment by all concerned must be completed on or before 31 December, 2022”, she added.

The Lagos State Government has paid N1.62 billion accrued pension rights into the Retirement Savings Accounts (RSAs) of 288 retirees.

The amount is benefit payment for the retirees past service prior to the commencement of the Contributory Pension Scheme (CPS) in 2007.

Director-General, Lagos State Pension Commission (LASPEC), Mr Babalola Obilana made this known at the 97th Batch Retirement Bond Certificate Presentation for retirees from the Lagos State public service.

Obilana said the state had consistently implemented the CPS since its inception in line with the provisions of the Lagos State Pension Reform Law of March 19, 2007, now amended.

He said the state government, in a bid to secure the future of its public service, its greatest asset, had consistently prioritised pension contributions, in compliance with the statutory requirements of the CPS.

According to him, both employees and employer’s contributions are remitted promptly into employees’ RSAs after salaries are received.

“Today, the present administration of Governor Babajide Sanwo-Olu is presenting another set of 288 retirees with a sum of N1,062,650, 264.48 only, being their past service benefits prior to the commencement of CPS in 2007.

Read Also: Military retirees protest non-payment of disengagement benefits

“We acknowledge and commemorate the labour and sacrifices of our retirees whilst in the public service, which has contributed immensely to the development of our dear state.

“The efforts of Governor Sanwo-Olu and the present administration towards the success of the contributory pension cannot be overemphasised.

“Despite rising recurrent expenditure and the current economic climate, the state government has made continuous monthly payments a priority to ensure retirees access their retirement benefits as soon as possible,” he said.

According to him, LASPEC constantly reviews its business processes to ensure first class service delivery to the retirees in a bid to accomplish the governor’s goal of the immediate payment of pension entitlements upon retirement from the public service.

The director-general noted that the commission also engaged its stakeholders to ensure that the retiring officers who had devoted their work lives to the service of the state, received the best service possible.

Obilana charged the elder statesmen to be wary of any individual or association who claim to be affiliated with the state government and could process or fast track their pension entitlements for a fee.

He urged them to direct all enquiries to LASPEC via their website or on their official phone lines.

ADISA: Good day, I am Adisa. I retired from a primary school on August 2016 as a headmaster on Level 14 11. My RSA is First Guarantee Pension Limited. I have been paid but my complaint is my pension was calculated with 13 11 instead of 14 11. The lumpsum given to me is less than what was paid to my colleagues, despite getting appointment at the same period. I need your assistance in this regard.  Justice to one should be 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.

OMOBULEJO: Good Day, I am Omobulejo. I retired on August 15, 2020 at the Vintage Press Ltd in Lagos. I regularised my documents with my PFA, Stanbic IBTC confirmed in November 2021 and it was confirmed as okay. Since then, they have been sending  me messages to be patient. For how long will I be patient. I have no job at hand. Thank you.

PENCOM: Please, visit your PFA to resubmit your application.

LADIPO: Dear Omobola, thank you for not allowing the voiceless Nigerian pensioners to die in penury while those who wickedly trampled upon their rights are enjoying between Dubai and Niger Republic. Please, with the deplorable state of the naira; remind PENCOM of the pension enhancement promised.

PENCOM: The next pension enhancement is due in 2023

ABUBAKAR: Hello, my name is Abubakar, I am a next of kin. The president’s approval of outstanding pension said something about 2014 retirees. But my father became late in 2013. Will his death benefit also be paid and what is consolation? How long does it take on average? Thank you

PENCOM: Please note that in order for your late father’s death benefits to be paid, you must submit some necessary documents to his Pension Fund Administrator (PFA) for processing. If you have done this, please forward to the commission the following details: his RSA pin, full name, name of PFA as well as other vital information to enable the commission investigate further. Thank you.

ONYHEMACHI: My name is Onyemachi, I retired as a school principal on Grade 14 Step 10. I think I am being cheated. I will like to hear from the National Pension Commission (PenCom) if I have been cheated?

PENCOM: He should liaise with his PFA, who will show him the details of the calculations for his pension payment.

Read Also: Pension complaints and solutions

ISAH: I am retired Inspector Isah under NPF Pensions. I retired on January 15, 2020 under Niger State Police Command at 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 and monthly pension of N31,758 from March 2021 till date. My complaint is that I deserve to be paid at least 50 or 40 percent of my total amount of N5,100,000 out of N1,665,000. N381,277 was arrears of 13 months pension. From Minna, Niger State.

ANGBO: My name is Angbo. PENCOM has proved to be a worthy Nigeria’s organisation that has firmly, patriotically and professionally repositioned the Nigerian financial sector and by extension, our economy. The commission’s objectivity and intelligence has made it an outstanding national asset. I am very proud of PENCOM.

DADIKIBUJIRI: Good day, it will interest you to know that I am one among those who had challenges of residential PFA and it is observed that my PFA is Stanbic IBTC but I opened account with ARM Pension. I am a payer by proxy. The PFA documents I have with me bear Stanbic and Dangote which has expired because I was not properly directed. Please help me.

DANIELS: Good day, my name is Daniel. Kindly send me names of the lenders for mortgage. I would like to know when the commission will publish the names of the lenders that will accept the 25 per cent RSA balance.

SEGUN: Hello, as a federal staff I have contributed to the housing scheme. Thankfully, the present administration has finally linked RSA to mortgage. I have my national housing scheme identification card. Kindly help me so that I can participate in the mortgage.

THE NATION: The newspaper will intervene. Therefore, ISAH, ANGBO, DADIKIBUJIRI DANIELS and SEGUN should look out for the newspaper next week for responses from PENCOM.

The new pension residential policy introduced by the National Pension Commission (PENCOM) is catalytic and could spur growth in other sectors, the President, Pension Fund Operators Association of Nigeria (PenOp), Olumide Oyetan, has said.

Oyetan, in a statement in Lagos, said the policy should boost the mortgage finance and home loan sector, in addition to having a positive effect on the construction value chain and building materials sector.

He said as pension operators, they believe it will create massive jobs for artisans and blue-collar workers involved in the construction value chain and also further open up the wealth management and financial planning industry.

Also, he said, RSA holders would plan to target RSA balance because they have a goal of owning a home.

Read Also; How Buhari can salvage economy, by NECA chief

He stressed that they were aware that the process of actualising the portion of the Pension Reform Act on mortgage has gone through many iterations and stakeholder engagement and that they were happy that it had been released.

He pointed out that while they realise that there might be some initial teething problems, they are excited and are primed to partner with the commission, RSA holders and other stakeholders to ensure that the policy actualises the reason it was set up.

Oyetan, who is also the Chief Executive Officer, Stanbic IBTC PFA, added that the homeownership ratio and first-time home buyer statistics is low and they believe that the policy will help to improve this and also provide increased benefits to RSA holders in the immediate future.

He said: “Pension operators commends PenCom for the recent release of the guidelines that brings into effect the use of a portion of one’s Retirement Savings Account (RSA) as equity contribution for obtaining residential mortgages.

“The provision for this had been part of the amendments that occurred when the Pension Reform act was amended in 2014.”

In this concluding part of our presentations on the recently issued Guidelines on Accessing Retirement Savings Account (RSA) Balance towards Payment of Equity Contribution for Residential Mortgage by Retirement Savings Account (RSA) Holders, we will focus on the steps for the termination of an application and refund of equity contribution, the responsibilities of Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) and how they may be liable for administrative sanctions for flouting the provisions of the Guidelines.

Termination of application and refund of equity contribution

Issues such as foreclosure, death of an RSA holder or even unavailability of the proposed property may lead to the termination or variation of the application process. In the event of foreclosure of the mortgage property, the application is stopped while the Mortgage Lender is required to notify the Commission. In addition, in the case of the death of an RSA holder before the execution of the “Deed of Assignment”, the application is terminated. However, if the deceased RSA holder is part of a joint application, the surviving partner has the option of proceeding with the mortgage where cash flow is considered adequate; terminate the application where cash flow is considered inadequate or choose to downscale the property to a smaller property that will accommodate the cash flow of the surviving partner. In the later instance, the applicant will start the application process afresh. Furthermore, where the RSA holder or the Mortgage Lender could not continue with the mortgage for any reason before the mortgage loan is approved and disbursed; the party that decides not to continue shall notify the PFA. Moreover, if the property that has been presented becomes unavailable before the mortgage is approved and disbursed, the Mortgage Lender shall notify the applicant and the PFA immediately after determining the unavailability of the property. It is instructive to note that where the RSA holder or the Mortgage Lender could not continue with the mortgage for any reason before the execution of the “Deed of Assignment”, the Mortgage Lender shall refund the equity contribution to the PFC immediately after such decision has been made.

Responsibilities of PFAs and PFCs

The Guidelines clearly defined the roles of PFAs and PFCs in the implementation of the retirement savings for equity contribution for residential mortgage. Primarily, PFAs are obligated to ensure that all applications for equity contribution by RSA holders meet the requirement of the Guidelines. PFAs are also mandated to maintain a Record of Applications received from RSA holders for payment of equity contribution for residential mortgage. Additionally, for transparency and ease of supervision, PFAs and PFCs are required to make periodic reports and returns to the Commission on payments made in respect of equity contribution for residential mortgage. The returns stipulated by the Guidelines include monthly and annual returns on rejected applications as well as monthly and annual returns on equity contribution refunded by the Mortgage Lender with reasons. Finally, the Commission and the PFAs and PFCs are expected to reconcile their records in respect of applications on equity contribution for residential mortgage and approvals granted monthly.

Read Also; What you should know about use of retirement savings for residential mortgage (II)

Administrative sanctions

The Guidelines provide that pension operators shall be liable for administrative sanctions monetary or non-monetary as may be determined by the Commission from time to time for infractions and violations of the provisions of the Guidelines. It is noteworthy that the Commission has been empowered to apply sanctions in a situation where a pension operator fails or delays printing RSA statement for an RSA holder for the purpose of equity contributions for residential mortgage. Also, it is a punishable infraction for a PFA not to process an RSA holder’s request and forward same to the Commission within a stipulated time frame. In addition, there are sanctions for a PFA that fails or delays to give its PFC instruction to remit the approved value for equity contribution to the applicant’s account opened with the Mortgage Lender upon receipt of approval from the Commission.

Furthermore, the Commission may also sanction a pension operator for failing or delaying to render returns to the Commission on payments made in respect of equity contribution for residential mortgage approvals on monthly and annual basis. It is instructive to point out that negligence by PFA and PFC in the approval process that leads to fraud and or loss to the RSA holder is a serious infraction that attracts administrative sanctions.

This piece concludes our presentations on the highlights of the Guidelines on Accessing Retirement Savings Account (RSA) Balance towards Payment of Equity Contribution for Residential Mortgage by RSA Holders.

Part I highlighted eligibility for participation, the maximum amount to be applied as equity contribution for residential mortgage and the ground rules for the implementation of the pension for mortgage policy.

Part II focused on the application and documentation process and remittance of the equity contribution while the Part III dwelt on Administrative Sanctions for violations by PFAs and other salient provisions.

In the meantime, the Commission has invited interested RSA holders to contact their PFAs for more information and guidance.

OGUNDE: My name is Ogunde. I was born in 1944. I started contributing to the National Provident Fund (NPF) in 1963 but stopped in 1996. I clocked 70 years in 2014. I was at the Federal Government Secretariat in Abeokuta to find out how to collect my contribution. Alas, I was told the NPF has been abolished by the Federal Government. Certificate of membership was given to me in March 1990. Kindly help me.

PENCOM: Complainant should visit Trustfund PFA with the following: NSITF/NPF membership certificate; Account details, include BVN; Affidavit for name reconciliation (if applicable); Application form; Birth certificate/Declaration of Age; Letter of retirement/Affidavit; and Police Report.

EMENI: Good day, I have not heard from Stanbic IBTC or PENCOM on my late brother’s RSA benefits. Thank you.

PENCOM: Please go back to the PFA and resubmit application.

AJALA: Greeting to PENCOM and The Nation staff. My name is Ajala. I retired from the Nigeria Custom Service in June 2009. My complaint is on the increment approved by President Muhammadu Buhari for pensioners last year. My Pension Fund Administrator is Sigma Pension. I visited my PFA on September 19. I was told that there is no remittance from PenCom yet.

Omobola, kindly help push up so that I can be paid my lump sum. Thank you.

PENCOM: Please provide your PIN

OKWEGADA: My name is Okwegada. I have not received my gratuity and pension. I retired August 2020. Kindly help me.

PENCOM: Please provide your PIN and PFA.

EBITARI: Good morning, my name is Ebitari. In response to the question asked by PenCom through The Nation, my Pension Fund Administrator is Premium Pension Limited. I worked with NIPOST for 16 years. I was transferred to Bayelsa State Government in November 2006 and I later retired in October 2020. Thank you.

PENCOM: PFA says they do not have your complete documentation, please visit the closest branch of your PFA and rectify the issue.

MICAH: Good day, my name is Micah. I worked with the Federal Radio Corporation of Nigeria (FRCN) as a Principal Marketing Officer where I retired in April 2019. I was promoted to Controller, Marketing, in January same year. Up till now my level 13 arrears and promotion have not been implemented with my PFA, Premium Pension. Kindly help look into my problem. Thank you.

PENCOM: Please provide your PIN

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

PENCOM: Please provide your PIN and PFA.

DOGARA: Good day, my name is Dogara. I retired from the Senate, an arm of the National Assembly (NASS) in 2007. I have been enjoying my monthly benefits from my PFA, IEI Anchor Pension since then. Unfortunately, sometimes in 2018. I was told there were some issues among my PFA, PenCom and the Legislative arm, that should be treated justifiable, judiciously and emphatically. Please, l am living with acute diabetes which you know needs sensitive and urgent attention.

Kindly help me to see that the outstanding payments are made to me to speed up my treatment

PENCOM: Please provide your PIN.

ADEOSUN: I am Adeosun. I retired in February 2018 and my documents were duly submitted to LASPEC towards the end of 2021 and re-submitted in July, this year. My PFA is LEADWAY Pension. My repeated calls to LASPEC are not yielding any results. Could you please help me find out the cause of the delay in payment?

PENCOM: Please provide your PIN

ZUBAIRU: My name is Zubairu. My employer is the Ministry of Police Affairs, Police Children School Owerri, MSS Police Headquarters, Owerri, Imo State. I am still in service with Police Children School. I am yet to retire. 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 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 being processed by Leadway Pensure. He worked at the Federal Polytechnic, Offa and died in service. I 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

ANONYMOUS: Good Morning, I work with the NPF and was enlisted in 2016. Ever since then, 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 current employer has also not remitted my pension contributions to my PFA. Kindly assist me.

PENCOM: Already being processed for payment

As reported on this page last week, the National Pension Commission (PenCom) recently issued guidelines on Accessing Retirement Savings Account (RSA) Balance towards payment of equity contribution for residential mortgage by RSA holders.

Key highlights of the guidelines, such as eligibility for participation, the maximum amount to be applied as equity contribution for residential mortgage and the general ground rules for the implementation of the pension for mortgage policy, were covered.

This part focuses on the application and documentation process and remittance of the equity contribution.

Application and documentation process

The guidelines provide that an interested applicant is required to obtain an offer letter for the property from the owner or approved agent and approach a mortgage lender to fill an application form. The mortgage lender reviews the application form and verifies the genuineness of the property offer. The burden of due diligence is on the mortgage lender to ensure that the property is genuine and has a valid valuation report. When the property offer letter is confirmed, the applicant approaches their PFA and request for their RSA Statement for the purpose of accessing the 25 per cent of their RSA balance for payment of equity contribution. In a joint application, each party shall apply to their respective PFA’s with copies of the verified property offer letter.

The PFA is required to issue a duly endorsed RSA statement to the applicant, which the applicant forwards to the mortgage lender. Upon receipt of the duly endorsed RSA statement, the lender verifies if the 25 per cent of the applicant’s RSA balance will be sufficient as equity contribution. Where 25 per cent of the RSA balance is sufficient as equity contribution, the Mortgage Lender issues a mortgage offer letter to the applicant. If on the other hand, 25 per cent of the RSA balance is not sufficient, the lender is required to request for the payment of supplementary equity contribution from the applicant. Upon confirmation of the payment of the supplementary equity contribution, the lender shall offer a mortgage loan to the applicant. Consequently, within two working days of the issuance of the mortgage offer letter to the applicant, the lender must forward to the applicant’s PFA copies of the mortgage offer letter, the mortgage application form, and verified property offer letter. Additional information required include the loan amount, equity contribution required, bank account details of the lender and indemnity by the lender to the PFA on the use of the equity contribution. In addition, the Mortgage Lender is also required to provide evidence of payment of difference where 25 per cent of RSA cannot cover the equity required.

Read Also: What you should know about use of retirement savings for residential mortgage

After two working days of receiving a mortgage offer letter, the applicant is required to approach his PFAs to request for payment of his equity contribution. The applicant shall obtain and fill an Application Form for 25 per cent of his RSA balance and provide an indemnity to the PFA. In a joint application, each party shall apply to their respective PFA with a copy of the mortgage offer letter. The PFA also computes and validates that the requested amount is not more than 25 per cent of the RSA Balance. All Applications that pass the PFA review shall be forwarded by the PFA to the Commission within two working days of successful review and validation. The PFA reviews the application form and the supporting documents received from the Mortgage Lender and the details supplied by the RSA holder in his application form. If any exceptions or discrepancies are identified during the documentation review, the PFA shall communicate the exceptions to the Mortgage Lender within two working days of identifying such exceptions.

Remittance of approved equity contribution

After the notification of readiness for disbursement, the PFA issues a payment instruction to its Pension Fund Custodian (PFC) to remit the approved amount to the applicant’s account with the lender within two working days. The PFC is required to remit the approved amount for equity contribution to the account within two working days upon receipt of the PFA’s instruction. For a joint application, the PFA of each applicant issues a payment instruction to its PFC to remit the approved amount to the applicant’s account with the lender within two working days. Upon receipt of the equity contribution, the lender shall issue a confirmation letter to the PFA, confirming receipt of the equity contribution within one working day of the receipt of the equity contribution.

In Part III, we will continue our presentation on the key highlights of the Guidelines on Accessing Retirement Savings Account (RSA) Balance towards Payment of Equity Contribution for Residential Mortgage by RSA Holders.  In the meantime, the Commission has invited interested RSA holders to contact their PFAs for more information and guidance.

• To be continued next week…

The role of insurance brokers as intermediaries between the public and insurance firms cannot be overemphasised to enable them control about 70 per cent of the industry premium.

This is why they are being implored to guide the public when buying policies.

Alaso, professionalism is crucial to the brokers to curb unethical practices in the sector.

The Managing Director/Chief Executive Officer, First Standard Insurance Brokers Limited, Mrs Adetayo John-Fishers, said it is in the search for this that her firm  operates in tandem with global best practices.

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Mrs John-Fishers said the objective made the firm to attain ISO 9001:2015 Quality Management System certification.

The Commissioner for Insurance, Sunday Thomas, implored other practitioners to emulate the firm by operating according to global best practices, adding that such intention would lead to prompt settlement of genuine claims; reduction of non-compliance and enhancement profitability.