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  • PenCom gives update on private sector compliance in Q2 2024

    PenCom gives update on private sector compliance in Q2 2024

    • ’35 defaulting employers pay N210m penalty’

    The National Pension Commission (PenCom) has highlighted the compliance level of the private sector on Contributory Pension Scheme (CPS) in Second Quarter, 2024.

    During the quarter under review, the commission said it recovered outstanding pension contributions and penalties from 35 defaulting employers who failed to remit pension contributions as and when due.

    The employers paid N336.255 million comprising principal contributions N125.57 million and penalties of N210.68 million.

    The commission stated that it maintained the services of 25 Recovery Agents (RAs) for the recovery of the unremitted pension contributions and penalties from defaulting employers.

    Meanwhile, the commission said its Secretariat/Legal Advisory Services Department had been requested to take legal action against three defaulting employers.

    In all, the commission said since a total sum of N27.97 billion comprising of principal contributions N13.60 billion and penalties N14.17 billion has been recovered from defaulting employers from commencement of the recovery exercise in June 2012 to June 30, 2024.

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    The report also showed that PenCom processed and issued Pension Clearance Certificates (PCCs) totaling 13,047 PCCs to organisations that met the requirements and the sum of N143.13 billion was remitted into the Retirement Savings Accounts (RSAs) of 188,426 employees of the 13,047 organisations issued PCCs.

    Giving update on Refund of Pension Contributions to Personnel of the Military and Other Security Agencies, the commission said: “The commission received five requests for refund of pension contributions to military personnel and other security agencies. All five requests were processed and the sum of N 0.39 million was refunded to the affected personnel during the quarter.

    “The refund was attributed to the exemption of the Military and other Security Service Agencies from the Contributory Pension Scheme due to the nature of their jobs”.

    On the Nigeria Social Insurance Trust Fund (NSITF) Transfer of NSITF Funds, the Commission said it received twelve batches of NSITF transfer applications from Trustfund Pensions Limited on behalf of 91 NSITF members requesting for the transfer of a sum of N4.33 million into their respective RSAs.

    “The requests were reviewed and approvals granted for the transfer of N3.96 million into the RSAs of the 91 members with various Pension Fund Administrators, having met all the necessary requirements for the transfer of NSITF contributions.

    “However, the outstanding N370,000 was observed to be contributions remitted after the enactment of the PRA 2004 after July 2024, when the NSITF Scheme was terminated thus, the portion of the request was not approved for transfer into RSAs of the members.

    “Also, payment of NSITF Benefits Five batches of applications for NSITF benefits payment were received for the payment of N705,573.54 to 17 NSITF contributors. All the applications were processed. The Commission also granted approval to Trustfund for payment of monthly pension to the tune of N40.24 million to 2,263 NSITF pensioners during the quarter. Thus, from 2006 to date, the total pension payments made to NSITF pensioners from the NSITF Fund amounted to N5.57 billion”, the report read.

  • Customer Service Week: PenCom launches revised service charter, consumer protection framework

    Customer Service Week: PenCom launches revised service charter, consumer protection framework

    National Pension Commission (PenCom) has unveiled its Revised Service Charter and Consumer Protection Framework to enhance the quality of service under the Contributory Pension Scheme (CPS).

    Acting Director-General of PenCom, Ms. Omolola Oloworaran said during the launch of the documents at its Customer Service Week,  it signified a renewed commitment towards enhancing transparency, efficiency, and excellent service delivery.

    Welcoming guests that included Licensed Pension Fund Operators (LPFOs), Nigeria Union of Pensioners Contributory Pension Scheme (NUPCPS), and key stakeholders in the industry, Oloworaran stated that the Charter and Framework are aimed at transforming service delivery, reinforcing trust, and ensuring long-term sustainability.She lauded the documents, saying they are important to the industry.

    Need for enhanced standards

    According to Ms Oloworaran,both booklets are coming at a crucial time when the CPS is experiencing rapid growth.

    She said: “As at August 2024, the total pension assets under the CPS had grown to over N21.14 trillion, covering more than 10.46 million RSA holders. However, with this growth, comes the need to continuously improve service delivery.’’

     The Acting PenCom DG told participants that the Revised Service Charter was part of a broader strategy to render efficient and effective service to pension customers.

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    “The Service Charter we are presenting is designed to define clear service delivery expectations, both for us at PenCom and the PFAs and other operators we oversee. It sets the benchmarks that will govern our interactions and ensure that the trust placed in us by the Nigerian public is maintained and continually enhanced.”

    Key features of Revised Charter

    “The newly unveiled Revised Service Charter is one of the provisions of the Service Compact with Nigerians (SERVICOM) and ease of doing business initiative of the Presidential Enabling Business Environment Council (PEBEC). The Charter represents and expresses PenCom’s commitment towards its stakeholders in respect of standard of services, information dissemination, availability of choice and consultation, non-discrimination and accessibility of service, grievance redress mechanism and expectations of the Commission from its stakeholders.

    “The Charter affirms PenCom’s resolve in ensuring effective and prompt service delivery and seeks to remove bureaucratic constraints to enhance the ease of doing business. It further highlights the various services expected to be provided by PenCom as well as providing feedback on the services rendered.The Charter also explains the redress procedures to be followed in the event of service failures, and the modalities for obtaining information from PenCom.”

    She emphasised the ongoing responsibility of stakeholders in upholding the standards set by the Revised Service Charter.

    “As we roll out these initiatives, I want to emphasise that excellent service delivery is not just a regulatory requirement but a key driver of confidence in the pension system. The security of retirement savings depends heavily on the trust and confidence that contributors and retirees have in the institutions managing their pensions. PenCom views this initiative as a collaborative effort.The Charter is not only a set of guidelines but a “living document” designed to evolve in response to the needs of contributors and the operational realities of PFAs.

    She urged stakeholders of the CPS to consider the Service Charter and Framework as tools that will guide the industry’s journey toward continuous improvement in excellent service delivery.

    The public presentation of the Service Charter and Framework has been met with optimism from experts and stakeholders. Participants, in their goodwill messages, extolled the Revised Service Charter and Consumer Protection Framework.

  • PenCom launches service chatter framework

    PenCom launches service chatter framework

    National Pension Commission (PenCom) yesterday reaffirmed its commitment to quality customer service by launching the Service Charter Framework for all stakeholders especially contributors and retirees.

    Acting Director General, National Pension Commission (PenCom), Omolola Oloworaran who launched the service chatter Framework assured that PenCom has an unwavering commitment to ensuring that the services provided to all stakeholders are not only efficient but also upholds the highest standard of professionalism, transparency, and responsiveness.

    She gave this assurance at the PenCom customer week in Abuja as she states that the launch  represents a pivotal step forward in strengthening it’s  commitment for maximum service to retirees and contributors.

    Said she: “The Service Charter we are presenting today is designed to define clear service delivery expectations, both for us at PenCom and for the Pension Fund Administrators (PFAs) and other operators we oversee.

    Read Also: PenCom launches service chatter framework

    “It also sets the benchmarks that will govern our interactions and ensure that the trust placed in us by the Nigerian public is maintained and continually enhanced. As we roll out these initiatives, I want to emphasize that excellent service delivery is not just a regulatory requirement—it is a key driver of confidence in the pension system”.

    She added that the security of retirement savings depends heavily on the trust and confidence that contributors and retirees have in the institutions managing their pensions. This service chatter framework should be seen as living documents on tools that will guide our journey toward continuous improvement in the service we provide to all Nigerians.

  • PenCom launches service chatter framework

    PenCom launches service chatter framework

    The National Pension Commission (PenCom) on Thursday, October 10, reaffirmed its commitment to quality customer service by launching the Service Charter Framework for all stakeholders, especially contributors and retirees.

    The Acting Director General of the National Pension Commission (PenCom), Omolola Oloworaran, who launched the service chatter Framework assured that PenCom has an unwavering commitment to ensuring that the services provided to all stakeholders are not only efficient but also uphold the highest standard of professionalism, transparency, and responsiveness.

    The Acting DG gave this assurance at the PenCom customer week in Abuja as she stated that the launch represents a pivotal step forward in strengthening its commitment to maximum service to retirees and contributors.

    According to the DG, “The Service Charter we are presenting today is designed to define clear service delivery expectations, both for us at PenCom and for the Pension Fund Administrators (PFAs) and other operators we oversee.

    Read Also: PenCom kicks off online enrolment

    “It also sets the benchmarks that will govern our interactions and ensure that the trust placed in us by the Nigerian public is maintained and continually enhanced. As we roll out these initiatives, I want to emphasise that excellent service delivery is not just a regulatory requirement—it is a key driver of confidence in the pension system”.

    She added that the security of retirement savings depends heavily on the trust and confidence that contributors and retirees have in the institutions managing their pensions. This service chatter framework should be seen as living documents on tools that will guide our journey toward continuous improvement in the service we provide to all Nigerians.

  • Pension complaints and solutions

    Pension complaints and solutions

    ISHOLA: Good day, my name is Ishola. I am on life annuity with African Alliance. I retired in 2014 from Nigerian Postal Service (NIPOST). The last payment I received was in April 2024. Kindly help me.

    PENCOM: The RSA holder should visit PFA to recapture his pin and provide details of the two PINS to enable us to deactivate the one.

    MRS OGBE: Hello, I am Mrs Ogbe. I submitted my annuity transfer letter to Stanbic IBTC Pension but they have not worked on it. Please help me so that Stanbic IBTC can transfer me to my preferred insurance company

    PENCOM: Please be informed that Stanbic IBTC has done the transfer.

    BOLAJI: Hello Omobola, My name is Bolaji. I am soliciting PenCom’s intervention to enable me to access an additional 25 per cent of my pension contribution. I worked with GTBank between 2006 and 2017. I have accessed 25 per cent of my contribution in 2017, which was paid into my salary account that was in the debit position owing to an outstanding car loan. I can present my account statement if need be. I know how passionate you are about us; pensioners. Times are really tough and this lifeline is all I need to get back on my feet again. Kindly assist me.

    PENCOM: Please be informed that the RSA holder has already accessed 25 per cent of his RSA and as such cannot access it twice until retirement.

    ANICHEBE: Hello, my name is Anichebe and my PFA is ARM Pension. I was last paid in April 2023 because I opted for once payment yearly to enhance the sponsorship of my children. Please help me to get African Alliance Insurance to pay me. Thank you.

    PENCOM: You are advised to please clearly state the complaint in order for us to respond accurately.

    ASINOBI: Hello, I am Asinobi. My PFA is Stanbic IBTC Pension Managers. I am writing in respect of my annuity contract. I was last paid April 2024 and they have been giving empty promises. Please help me and my fellow pensioners affected by this dilemma. I am waiting to hear a good response from you.

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    PENCOM: You are advised to please clearly state the complaint in order for us to respond accurately.

    DJOGRI: Hello, my name is Adjogri. I retired on July 31, 2016 from Delta State SUBEB, and got my accrued right to process my lump sum and pension. I went to Oak Pension Limited on November 8, 2023 to process it after eight years. But, I have not heard from them. l am yet to receive my lump sum nor has my annuity sum been released. Meanwhile, my contemporaries that choose programme withdrawal with the same Oak Pension have received their payments. Is it a crime to choose annuity which is what warrants this unholy treatment from Oak Pension? The Pension Act provides us the freedom to choose any form of payment and I have opted for Annuity but Oak Pension is punishing me because I didn’t choose their Programme Withdrawal. I plead with PENCOM to intervene and not allow the situation to degenerate into litigation. Thanks in anticipation.

    PENCOM: Please, note the evidence of Annuity Request is yet to reach the Commission. The RSA holder should contact the PFA to submit the request.

    ANNONYMOUS: Ma, I need your help. We are leaving the country and we need money for our upkeep as we go. We are banking on my 25 per cent pension savings. PenCom is yet to approve. Kindly help us.

    PENCOM: Kindly provide the details of your Retirement Savings Account, the PIN and the PFA to enable the Commission process the complaint.

  • PenCom kicks off online enrolment

    PenCom kicks off online enrolment

    • Exercise holds October to December, says Ag. PenCom DG

    The National Pension Commission (PenCom) has kicked off the Online Verification and Enrolment Exercise for prospective retirees of Federal Government treasury-funded Ministries, Departments and Agencies (MDAs) who are due to retire next year.

    Acting Director-General, PenCom, Ms. Omolola Oloworaran, made this known while delivering a keynote address at a workshop for Pension Desk Officers (PDOs) of Treasury-funded MDAs.

    She stated that the retirees who missed the enrolment in previous years, are also eligible to participate in the exercise, adding that the enrolment exercise holds from October 7 to December 31.

    Ms. Oloworaran emphasised the importance of the online enrolment and highlighted the major strides PenCom has made in ensuring a smooth and efficient pre-retirement verification for employees of Treasury-funded MDAs.

    The system, according to her, is designed to collect accurate data on the Accrued Pension Rights of prospective retirees, allowing the Federal Government to make appropriate budgetary provisions.

    Seamless pre-retirement enrolment

    On why the workshop is part of preparations for the enrolment, targeting the prospective retirees, Ms. Oloworaran noted that they hold firmly to their statutory responsibility of ensuring a seamless pre-retirement verification and enrolment for employees of Treasury-funded MDAs.

    She said: “PenCom’s automation of the enrolment introduced the Online Enrolment Application, which offers retirees, MDAs, Pension Fund Administrators (PFAs), and PenCom itself a digital platform to facilitate registration, verification, and enrolment. This transition is a significant leap towards modernising pension administration in Nigeria.

    “The application consists of four key modules which are retirees, MDAs, PFAs, and PenCom and serves as the backbone for pension administration moving forward. As Pension Desk Officers, you are the linchpin in this process, ensuring that retiree information is properly uploaded and verified.”

    Addressing challenges

    The Acting DG also used the opportunity to address some of the challenges encountered in previous enrolment.

    She stated that there are challenges like system downtimes and delays in uploading retiree data, particularly during last-minute rushes.

    She reassured attendees that PenCom is working on improving the system.

    “We are developing a new, more efficient Enrolment Application that will provide a user-friendly and seamless experience for all stakeholders. This upgrade is expected to mitigate the challenges we have faced in the past.  We acknowledged past delays in releasing funds for retirees’ accrued rights but noted that considerable progress had been made towards clearing outstanding liabilities. The workshop, therefore, served as a platform to train PDOs on the effective use of the Online Enrolment Application and provide solutions to past issues.”

    Read Also: States implementing CPS prospering, securing retiree’s future, says PenCom

    Necessity of data recapture

    She maintained that prior to enrolment, retirees and prospective retirees, are required to visit their PFAs to undergo the Data Recapture Exercise (DRE).

    “The DRE entails retirees and prospective retirees providing their Retirement Savings Account (RSA) registration details, Personal Identification Number (PIN), and their National Identity Number (NIN). Retirees and Prospective retirees who had undergone the DRE are not required to do so again,” she said.

    Step-by-Step procedures for online enrolment

    She explained: “The online enrolment process comprises three stages: Registration, Verification, and Enrolment. Prospective retirees can either complete self-assisted registration or seek assistance from PFAs. Self-assisted registration involves visiting the PenCom website, creating an account, and providing required information such as RSA PIN, NIN, personal details, and employment history. Scanned copies of necessary documents are uploaded to the system, ensuring data accuracy.

    “On the other hand, PFAs play an important role in this verification stage. They crosscheck the information provided, ensuring alignment with the original or certified true copies of the required documents. PFAs also guarantee the completeness and accuracy of employment records, salary details, and relevant supporting documents. A live image/photograph of the prospective retiree is captured through the application, and two copies of the Enrolment Slip are printed for signature. The retiree retains one copy of the Enrolment Slip while the other is submitted to the PFA.”

    Sick/Incapacitated prospective retirees

    Ms Oloworaran added that PenCom is aware of the challenges sick or incapacitated prospective retirees face.

    “In such cases, a Next of Kin (NOK) can register on their behalf, uploading required documents and medical reports. The PFA conducts remote verification and enrolment, ensuring that the enrolment process is accessible to all, regardless of their physical condition,” she said

    List of enrolled prospective retirees

    “PFAs are required to forward the list of enrolled prospective retirees to PenCom monthly. This is designed to ensure prompt submission of enrolment data for timely processing. Online enrolment of prospective retirees is a remarkable leap forward in the CPS transitional arrangements. PenCom assures RSA holders of its commitment to effectively regulate and supervise the pension industry to ensure that retirement benefits are paid as and when due,” she said.

  • PFA roles on fund investments, retirement benefit payments, others, by PenCom

    PFA roles on fund investments, retirement benefit payments, others, by PenCom

    The successes achieved since the introduction of the Contributory Pension Scheme (CPS) have been attributed to the robust structures of the system, the National Pension Commission (PenCom), has said.

    The commission stated that a key feature of the 2004 pension reform was the licensing of Pension Fund Administrators (PFAs).

    According to the commission, these are private companies entrusted with the management and administration of retirement savings of workers and retirees.

    To understand the roles and responsibilities of PFAs, there are valuable insights into the operational framework of the CPS.

    Explaining, the commission said it is vital to understand Registration of Contributors; Crediting of Individual RSAs; Taking Investment Decisions; Payment of Retirement Benefits; Customer Support to RSA Holders; Customer Support to RSA Holders; Rendering Returns to PenCom among others.

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    Registration of contributors

    PenCom said the PFA is responsible for opening a Retirement Savings Account (RSA) for an employee and issuing a Personal Identification Number (PIN) to the employee. This is done after the employee has completed the RSA registration forms and provided other necessary documentation. It is noteworthy to state that the selection of a PFA is the exclusive right of an employee.

    Crediting of individual RSAs

    “PFAs are responsible for crediting RSAs with monthly pension contributions. The monthly pension contributions are deducted by the employer and remitted to the Pension Fund Custodian (PFC) with an accompanying schedule that contains the names, RSA PINs, and amount and period of remittance. The PFC in turn advises the PFA upon receiving the schedules.’’

    Taking investment decisions

    “The pension contributions in individual RSAs are pooled together by the PFA into funds that are invested in various allowable asset classes. The PFA is responsible for taking investment decisions as a fiduciary duty to ensure safety and fair returns for the benefit of contributors. These investment decisions must be in accordance with the Investment Regulations issued by PenCom. All incomes earned are exclusively for the benefit of contributors.’’

    Payment of retirement benefits

    “The main objective of the CPS is to ensure the payment of retirement benefits as and when due. The PFA is therefore responsible for processing the retirement benefits of a retiree under the CPS.This includes ensuring the retiree provides all required documentation at least six months prior to retirement. The PFA is also responsible for obtaining necessary approvals from PenCom and issuance of instructions to the PFC for payment of retirement benefits.’’

    Customer support to RSA holders

    “The PFAs provide customer support services to the RSA holders, including issuing RSA statements at least once every quarter. In carrying out this function, PenCom ensures that PFAs have an adequate number of branches to serve locations where they have a significant number of registered RSAs under their management. In addition, PFAs are also expected to have the necessary technology that widens access to their services for RSA holders.’’

    Rendering returns to PenCom

    “PFAs are mandated to maintain proper books of account and render off-site returns to PenCom. The off-site returns assist PenCom to adequately supervise the PFAs. The returns include the valuation reports on investment, monthly and quarterly returns on various aspects of PFAs’ operations, amongst others. In addition to the off-site reviews, PenCom conducts routine on-site examinations annually and special examinations whenever the need arises.’’

    Appointment of Pension Fund Custodians

    “The management and custody of pension funds are carried out by the PFA and PFC, respectively. It is therefore, the PFA’s responsibility to appoint a Licensed PFC to provide custody and safekeeping for the pension funds under its management.’’

    Delivering excellent service to contributors and retirees

    “One of the strategic focus areas of PenCom is ensuring excellence in service delivery to stakeholders. This partly informs the increase in Minimum Regulatory Capital for PFAs by PenCom from time to time. Prioritisation of excellent service delivery by PFAs is expedient considering their functions.

    “PFAs are required to provide accessible complaint channels to ensure speedy resolution of issues. RSA holders are, therefore, expected to seek a resolution of issues with their PFAs before escalating to PenCom when necessary. Some of these issues include non-remittance of pension contributions, payment of retirement benefits and administration, amongst others. PFAs satisfy rigorous licensing criteria. There are 18 PFAs managing pension fund assets on behalf of RSA holders. PenCom is committed to effective regulation and supervision of the pension industry to ensure that retirement benefits are paid as and when due,” the commission stated.

  • States implementing CPS prospering, securing retiree’s future, says PenCom

    States implementing CPS prospering, securing retiree’s future, says PenCom

    • Holds consultative forum for State Pension Bureaux

    States that are implementing the Contributory Pension Scheme (CPS) are on the right path to a glorious future without pension liabilities, economic development and assured financial security for workers and retirees, the Acting Director-General, National Pension Commission (PenCom), Ms. Omolola Oloworaran, has said.

    She spoke during the Consultative Forum for states and the Federal Capital Territory (FCT) Pension Bureaux  in Lagos last week.

    The Forum was part of PenCom’s efforts to facilitate the adoption and implementation of the CPS by states as provided by the Pension Reform Act 2014 (PRA 2014).

    The event, which was a focal point for state-level pension administrators, brought together key stakeholders to address the growing concerns surrounding pension reforms at the sub-national level.

    Ms. Oloworaran underscored the critical role of the Forum as a vital platform for fostering collaborative solutions to pension-related challenges and catalysing long-overdue reforms in state pension systems.

    Since its inception in 2014, the forum has facilitated the exchange of ideas and expertise that are crucial for states to develop frameworks for CPS implementation.

    Lagos commended for CPS Implementation

    Specifically, PenCom DG commended the Lagos State Government for its notable strides in the implementation of the CPS, highlighting the state’s consistent remittance of pension contributions, its commitment to funding accrued pension rights, and establishment of a Group Life Insurance Policy.

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    She stated that these efforts have positioned Lagos as a beacon of pension sustainability, serving as a model for other states.

    The Head of Service, Lagos State, Mr. Bode Agoro, said the state has prioritised the welfare of its workforce and the retirees by aligning its policies with the aims of the CPS under the PRA.

    Agoro, who was represented by the Permanent Secretary, Office of the Head of Service, Mrs Sunkanmi Oyegbola, assured participants that Lagos remains committed to ensuring that pension contributions are regularly remitted, and retirees receive their entitlements promptly.

    Non-Compliant states

    However, Oloworaran said beneath the commendations lies a stark reality: Nigeria’s subnational pension landscape is still marred by inadequate reforms, with many states still lagging in their adoption of the CPS.

    She said of the 25 states that have passed laws to adopt the CPS, only eight have fully implemented the scheme while six other states have adopted the Contributory Defined Benefits Scheme (CDBS).

    She noted that the pace of implementation has remained relatively slow as more action is required by the states to make appreciable progress.

    She said the commission plans to engage with the 26 states that have either enacted CPS or CDBS laws but are yet to commence implementation.

    Pension funds for development

    Ms. Oloworaran also pointed out the potential of pension funds to be a force for economic development, particularly through infrastructure investments.

    She cited five states: Lagos, Niger, Osun, Ekiti, and Delta — that have issued state bonds, which were subscribed with pension funds.

    She said: “These bonds, in turn, have been used to finance critical infrastructure projects, such as the Lekki-Ikoyi Bridge in Lagos, noting that the CPS thus offers states a unique opportunity to access accumulated pension funds for infrastructural development.

    “As of July 2024, pension fund assets under the CPS have surged to over N20 trillion, demonstrating the immense potential of these funds if properly harnessed. Since January 2020, states have remitted over N236.7 billion in pension contributions, which underscores the need for even greater compliance”, she added.

    Proposed reforms

    Recognising the complexities and financial burdens states face in adopting the CPS, the Acting DG encourages flexibility in a manner that suits each state.

    “In this regard, PenCom proposes that states adopt the CPS for new employees or those employed for 10 years or less.  The strategy would substantially reduce the burden of accrued pension rights payable upon retirement under the CPS.

    “PenCom also announced that, effective December 2025, it will introduce a Recognition and Award System to acknowledge states that have made significant strides in implementing pension reforms. This initiative is intended to incentivize lagging states to follow suit, fostering healthy competition and encouraging faster CPS adoption,” she said.

    She urged states that have made progress in implementing the CPS to share their experiences and best practices with states that are still in the early stages of reform, adding that collaboration is key to overcoming the pension challenges facing the nation.

  • Retirees Online Enrolment 2025: PenCom to train PFAs, PDOs

    Retirees Online Enrolment 2025: PenCom to train PFAs, PDOs

    The National Pension Commission (PenCom) has lined up workshops to equip Pension Fund Administrators (PFAs) and Pension Desk Officers (PDOs) of Treasury-funded Ministries, Departments, and Agencies (MDAs) with the expertise to utilise the Online Enrolment Application.

    PenCom, in a statement, said the workshops, scheduled from next Monday will end on October 11, are a precursor to the upcoming Online Enrolment Exercise for next year’s prospective retirees of Treasury-funded MDAs.

    According to the Commission, the workshops will be conducted across the six geopolitical zones to ensure comprehensive coverage and accessibility for stakeholders.

    The statement read: “The retirement process for employees of Treasury-funded Ministries, Departments and Agencies (MDAs) of the Federal Government of Nigeria (FGN) begins with participation in the Annual Pre-retirement Verification and Enrolment Exercise by PenCom.

    “The exercise is conducted to determine the accrued pension rights, that is, the employee’s entitlement for past service from the commencement of employment up to June 2004 when the Contributory Pension Scheme (CPS) was introduced. This is to enable budgetary provision to be made by the FGN, towards payment to the retirees in the subsequent year when they retire. It is in line with the provisions of Section 15 of the PRA 2014, which requires that the accrued entitlement of any employee under the Defined Benefit Scheme who migrated to the CPS to be redeemed into the Retirement Savings Account (RSA).

    “The automation of the annual enrolment exercise, hitherto conducted at several locations across the six geo-political zones of the country, was a major digital transformation milestone by PenCom. Prior to the online enrolment, prospective retirees were required to travel to the nearest Enrolment Centre to be verified and enrolled. There is no gainsaying that the exercise was a bit cumbersome for the prospective retirees who had to undergo the hassles of travel, amidst other inconveniences. The online enrolment has enabled prospective retirees to be verified electronically irrespective of location.

    “The workshops aim to train the representatives of PFAs and PDOs on the workings of the Online Enrolment Application, in order to equip them with the skills necessary to facilitate the smooth verification and enrolment of the prospective retirees. The online enrolment application, which is hosted on PenCom’s website (www.pencom.gov.ng), enables prospective retirees to initiate their enrolment using mobile phones and other devices,” the commission noted.

    Online Enrolment Application

    PenCom explained that the application comprises four key modules – Retiree Registration, PFA Module, MDA Module, and PenCom Module – noting that each plays a vital role in ensuring a seamless and efficient enrolment.

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    Retiree Registration Module: This allows the prospective retirees to register their Bio-data, employment details, and upload the required supporting documents of the employment records.

    “PFA Module enables PFAs to verify the information provided by retirees. PFAs ensure that information provided aligns with original or certified true copies of the required documents. They also guide retirees through the online registration process, providing assistance as needed.

    “MDA Module on the other hand enables PDOs to upload the list of potential retirees, that is, their bio-data and complete employmen details from the respective MDA. It ensures that all data are accurate and up to date while PenCom Module is for validation of records submitted by the Retirees, MDAs and PFAs, which would enable the accurate computation of the accrued pension liability.

    Training and Implementation

    The statement further read: “The workshops will cover a wide range of topics, focusing on the technical aspects of the Online Enrolment Application. Participants will be trained on how to navigate the application, use its various modules, and conduct enrolment processes effectively. A crucial part of the training will involve familiarising PFAs with the enrolment process for prospective retirees, which is divided into three stages: Registration, Verification, and Enrolment. The application’s self-assisted registration feature empowers prospective retirees to initiate their enrolment by visiting the PenCom website, creating an account, and providing essential information such as their RSA PIN, National Identification Number (NIN), personal details, and employment history. Scanned copies of necessary documents are then uploaded to the system, ensuring that all data is both complete and accurate.

    “In the verification stage, PFAs will be trained to cross-check the submitted information against original or certified true copies of documents to determine that all records are complete and accurate. A live image of the retiree will also be captured through the application, and two copies of the Enrolment Slip will be printed. One copy will be retained by the retiree, while the other will be submitted to the PFA. Importantly, the workshops will also address how to conduct remote verification and enrolment for retirees who are sick or incapacitated. This ensures that the enrolment process is inclusive and accessible to all, regardless of their physical condition”.

    The commission also said that the knowledge gained from these workshops as the Online Enrolment Exercise approaches, will be invaluable in ensuring a smooth verification and enrolment for the 2025 prospective retirees of treasury-funded MDAs by PenCom.

  • PenCom attains ISO 27001:2022 recertification for information security

    PenCom attains ISO 27001:2022 recertification for information security

    • Assures contributors, retirees against cyber threats

    In yet another milestone, the National Pension Commission (PenCom) has attained recertification under the internationally recognised ISO 27001:2022 standard for Information Security Management Systems (ISMS).

    PenCom in a statement said this follows an evaluation of its ISMS compliance by the Professional Evaluation and Certification Board (PECB), Canada.

    The Director-General, PenCom, Ms. Omolola Oloworanran stated that the ISO 27001:2022 standard, published by the International Organisation for Standardisation (ISO) and the International Electrotechnical Commission (IEC), represents the best practices for managing the security of information assets.

    According to her, it provides a robust framework for organisations to establish, implement, maintain, and continually improve information security management systems, ensuring the protection of sensitive data against an ever-evolving threat landscape.

     Rigorous evaluation and certification

    Oloworanran explained that PenCom’s journey to the recertification began with an audit of its ISMS by PECB.

    She said: “This audit meticulously examined PenCom’s information security policies, procedures, and controls across all core areas of its operations. The evaluation focused on four key control categories: Organisational, People, Physical, and Technological controls, each essential for overall information security management.

    “The Organisational controls assessed the governance structure and management processes that ensure information security policies are aligned with PenCom’s strategic objectives. The People controls scrutinised the human factor, ensuring that personnel are adequately trained, aware of security risks, and are compliant with security protocols. Physical controls addressed the protection of physical assets, including buildings and equipment, while Technological controls evaluated the security of IT systems and networks, ensuring they are protected against cyber threats.

    “Upon successful completion of this evaluation, PenCom’s ISMS was found to be in compliance with the ISO 27001:2022 standards. This certification not only affirms that PenCom has established robust mechanisms for identifying and managing information security risks but also highlights its commitment to continual improvement in this critical area”, she noted.

    Transition from ISO 27001:2013 to ISO 27001:2022

    On transition, she said PenCom’s previous certification under ISO 27001:2013 in 2021 was a testament to its dedication to safeguarding information assets.

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    “However, the transition to ISO 27001:2022 was necessitated by the evolving nature of information security threats and the corresponding need for updated and enhanced security measures. The ISO 27001:2022 standard introduces several notable changes from its predecessor. These include the addition of new controls and the reorganisation of existing ones to better reflect the current technological environment and emerging risks.

    “Notably, the new standard places a greater emphasis on addressing risks related to cloud services, supply chain security, and the increasing sophistication of cyber threats. PenCom’s successful upgrade to this new standard demonstrates its proactive approach to adopting the latest best practices in information security”.

    Significance of recertification for industry

    As the regulator of Nigeria’s pension industry, the DG maintained that PenCom plays a critical role in overseeing the management and security of the nation’s pension data.

    She stressed the Commission is responsible for maintaining the National Databank on pension matters, a repository of sensitive information that includes data on contributors, retirees, pension funds, and other stakeholders.

    “Achieving ISO 27001:2022 recertification is a significant accomplishment that underscores PenCom’s commitment to the highest standards of data security.

    This certification assures stakeholders that PenCom has implemented a robust information security management system designed to protect the confidentiality, integrity, and availability of pension-related data.

    “The implications of this certification extend beyond mere compliance. In an era where data breaches and cyber-attacks are increasingly common, PenCom’s adherence to the ISO 27001:2022 standard serves as a strong deterrent against potential threats. It provides assurance to contributors, retirees, and other stakeholders that their personal and financial information is secure and that PenCom has the necessary controls in place to mitigate risks effectively.

     “For contributors and retirees, the security of their personal and financial information is crucial. The ISO 27001:2022 certification serves as a guarantee that PenCom has put safeguard in place to protect their data from unauthorized access, breaches, and other security incidents”.

     Ongoing commitment to Information Security

     She further stated that PenCom’s achievement of the ISO 27001:2022 recertification is not the end of its efforts in information security. The Commission is committed to continuously improving its ISMS to address new and emerging threats.

     “This commitment is reflected in its ongoing investment in technology, staff training, and process improvement to ensure that it remains at the forefront of information security management. The recertification also enhances PenCom’s capacity to guide Licensed Pension Fund Operators (LPFOs) towards adopting best practices in information security.

     “As cyber threats continue to evolve, PenCom’s commitment to information security will remain a cornerstone of its operations, ensuring that it continues to protect the interests of contributors, retirees, and all other stakeholders”, she said.