Tag: pension

From deficit of N2 trillion prior to inception of the Contributory Pension Scheme (CPS) in June 2004, pension fund assets have risen to a surplus of Assets Under Management (AUM) of about N18 trillion as at September 2023, the Director-General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, has said.

She broke the news at a forum with workers in Lagos.

The PenCom boss,  who spoke on: “Current developments in the Nigerian pension industry”, highlighted the impact of Inflation on value of pension assets, currency devaluation and exchange rate fluctuation as part of the development of pension assets.

She stated that before the Pension Reform Act (PRA) 2014, the Commission had commenced the issuance of guidelines to allow foreign investment of pension funds to hedge against inflation and exchange rate fluctuation, noting that the guidelines had not been finalised.

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She stressed that Section 89(2) of PRA 2014 allows for the application of pension funds in Retirement Saving Account (RSA) to the payment of Equity Contributions for Residential Mortgage to enable RSA holders own homes to improve their standard of living; give incentives to contributors under CPS and provide sustainable source of long-term finance to the mortgage and housing sector for development; and provide innovation to safeguard and sustain the CPS.

On the investment of pension in infrastructure, she said the Federal Government has deployed pension assets in its bonds for that purpose.

She further said the challenge on the clamour for direct investment of infrastructure by many interested investors had been the ability of the market to package bankable projects that satisfy pension fund investment appetite.

She revealed that the Infrastructure Fund was proposed to be floated by the Central Bank of Nigeria (CBN), which, among others, targets pension funds investment.

• Fund hits N17.29 tr

With Nigeria’s pension fund hitting N17.29trillion as at August 31, the fund landscape is witnessing a robust investment strategy, the Director-General, National Pension Commission, Mrs. Aisha Dahir-Umar, has said.

She said the Pension Fund Administrators (PFAs) are investing funds in Federal Government’s bonds and other eligible securities.

According to her, this approach  aligns with the Pension Reform Act 2014 (PRA 2014).

The PenCom boss, who made this known in a statement, said the total pension assets under management  are worth N17.29 trillion, describing this as impressive.

She explained that pension fund assets are managed by licensed PFAs and safeguarded by Pension Fund Custodians (PFCs) in line with the  the PRA 2014.

She maintained that the primary  principle of investing pension funds is to ensure safety and maintenance of fair returns, with a prohibition on borrowing or lending pension fund assets.

She said: “The allowable instruments for investing pension funds, as outlined by the PRA 2014, include bonds, Sukuk, Treasury Bills, and other securities issued by the Federal Government and the Central Bank of Nigeria (CBN), or their agencies.

“Also, Special Purpose Vehicles and Companies created or owned by the Federal Government  are eligible, provided these securities are guaranteed by the CBN or the Federal Government.

“Other allowable instruments for investment of pension funds include state government securities, corporate bonds, money market instruments, equities, Real Estate Investment Trusts (REITs), Infrastructure Bonds, Private Equity and Venture Capital as well as Open-End and Closed-End Funds.

“At the end of August 2023, Nigeria’s pension assets increased by N530.79 billion representing 3.17 per cent from June 2023. Out of the net pension asset of 17.29 trillion, N11.47 trillion is invested in Federal Government’s Securities. This comprises N10.99 trillion in Federal Government Bonds, N211.77 billion in Federal Government Treasury Bills, N11.02 billion in Agency Bonds (Nigeria Mortgage Refinance Company), N154.76 billion in Sukuk Bonds, and N98.55 billion in PenCom Green Bonds.”

The remaining investments, she added, are in money market instruments, corporate debt securities, quoted equities, among others.

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She stated that in line with global best practice, the Federal Government’s securities are considered safe and are usually a significant portion of pension fund investments.

“In Nigeria, Federal Government’s bonds are considered the safest investment in the domestic debt market due to their backing by the ‘full faith and credit’ of the Federal Government. They are deemed risk-free, ensuring certainty in interest and principal payments. Furthermore, the interest income earned from these bonds is tax exempt.

“Since the establishment of the Contributory Pension Scheme (CPS), the Federal Government has consistently met its obligation to repay pension funds invested in its bonds along with all accrued interests, without any defaults.”

“It is important to clarify that investments in Federal Government’s securities are not direct loans to the government; PFAs have the liberty to divest from these securities according to the Regulation on Investment of Pension Fund Assets.

“It is significant to note that investments in Federal Government’s bonds are not exclusive to PFAs as other institutional investors also invest in the bonds.

“The PRA 2014 underscores that PFAs must manage pension funds in the best interest of retirement savings account holders. All investments in eligible securities and corporate entities are ‘ring-fenced,’ meaning they belong exclusively to the RSA holders and other pension beneficiaries and cannot be appropriated to any individual or related party of the PFA.

“To ensure compliance with the PRA 2014, each PFA is required to establish an Investment Strategy Committee and a Risk Management Committee.

These committees play a crucial role in formulating internal investment strategies and assessing acceptable risk profiles for investment portfolios.

“They are vital components of a comprehensive risk management system that ensures the safety and stability of pension fund investments. It is noteworthy that pension funds invested in Federal Government bonds have aided in deepening Nigeria’s financial sector and provided a platform for attaining strategic programmes of Government in the areas of infrastructure and real sector of the economy. It is evident from the vibrant pension industry in Nigeria today that the objectives of the pension reform have been significantly achieved in the areas of accumulation of long-term savings for Nigeria, as well as transparency and efficiency in funds management and benefits administration”.

Mrs. Dahir-Umar further stated that generally, pension funds around the world invest in a diverse range of assets, noting that in Chile, from where Nigeria adopted the CPS, Government bonds account for the highest investments using pension funds.

“Similarly, Pension asset managers in many countries prioritise investments in defensive assets, including fixed interest securities such as bonds and treasury bills. These assets offer stable income at a lower risk level, which suit the moderate risk appetite of pension funds.

“Consistent with the investment culture in Nigeria’s pension landscape, countries such as Singapore, Korea and India have invested 90 per cent of their pension funds in defensive assets, mostly Government bonds. Asset allocation decisions are made to achieve safety and fair returns.

“In summary, the strategic investment of pension funds in Federal Government securities demonstrates a prudent approach by PFAs, aligning with the overarching goal of ensuring the safety and fair returns for the retirement savings account holders and other pension beneficiaries”, she added.

Adebayo: Good day, my complaint is about my mother’s death benefit that has not been paid for the past 11 years. Her name is Adebayo. She died in active service at the Police Service Commission.

Please let me know if you need more information.

Thank you for your anticipated assistance.

PENCOM: Dear Sir, your mother’s death benefit is being processed. The PFA will contact the named beneficiary once the process has been completed.

OLAJUWON: Good day, my name is Olajuwon. I requested for my 25 per cent lump sum benefit from Leadway Pensure and they  said they couldn’t process it because my former employer misspelt my middle name as “Enitan” instead of “Eniitan” which is on Leadway system.

They said the change is as a result of change of name that I recently did.

I worked with my former employer for over eight years before leaving.

Kindly assist me.

PENCOM: Dear Ms. Olajuwon, kindly approach the PFA with the evidence of the change of name to guide you through the process to rectify the issue.

INSPECTOR YAJI: Hello, I have a complaint about the delay of my late father’s benefits.

He is Inspector Yaji, who was attached to Leadway Pensure, and died on July 16,  2013.

Painfully, 10 years after, we are yet to be paid of his benefits.

PENCOM: Dear Mr. Yaji, please note that the documentation to process your father’s death benefit is incomplete. You are to approach the PFA of the deceased to submit required documents.

EZUGWU: Good day, my name is Ezugwu, a retired Assistant Comptroller- General of Immigration Service.

Since I retired, I have been able to  upload my slip. Happily, that has been done now by Premium PFA.

But I want to draw the attention of my schedule officer to it, so it can be attended to. Thank you.

PENCOM: Dear Mr. Ezugwu, the request for your retirement benefit is being processed. Your PFA will contact you once it is processed.

FADA: Hello, my name is Fada. My PFA is Legacy Pension.

I applied for my 25 per cent some weeks ago, but up till now, I have not seen any payment.

When I contacted them, they said they had done their part and were waiting for approval from PenCom and that it would take about five working days before it would be approved.

It is over five days and I have not heard from anyone. I have a patient in the hospital and I need money for his treatment.

Please help me. Thank you.      

PENCOM: Dear Mr. Fada, your request was approved on September 13, 2023.  Kindly approach your PFA.

JACK:  Hello, my name is Jack. My Pension Administrator is Stanbic IBTC Pension Managers.

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For over four months, the National Pension Commission is yet to approve my retirement pension fund.  There has been several re-filing and re-submission, yet no positive feedback, according to Stanbic IBTC on my pension fund. What do I do? Do I engage Lawyers to take up this matter in court? Because I am tired of waiting for PenCom’s over-due approval and non-remittance of my pension fund. Thank you.

PENCOM: Dear Mr. Jack, you are yet to undergo the enrolment, Kindly approach your PFA for Enrolment and Verification to process your retirement benefit

JAKALAMMA: Good day, my name is Jakalamma from Jalingo, Taraba State.

I worked at Mainland Resources, a security company and was disengaged on April 4, 11, 2022.

An excess of N77,760.10 was paid into my pension account after my disengagement. I wrote a consent letter to PenCom to withdraw the  amount from my pension account and send it to Mainland Resources account. But up till now, therehad been no response from PenCom. Please help and respond to the mail sent from FCMB Pension on this. Thank you. PENCOM: Dear Mr. Jakalamma, your employer should write to your PFA requesting for refund of the excess pension contributions.

JOSEPH: Hello, my name is Joseph. I am the Next-of-Kin (NOK) to the late Mr. Jaya. He worked at the Federal Polytechnic, Kaduna. His benefits have not been paid.

PENCOM: Dear Mr. Jiya, kindly provide the name of your Pension Fund Administrator to enable the Commission process the complaint.

AKINBIYI: Good afternoon, my name is Akinbiyi. I retired in August 2022. My request for payment approval was forwarded to PenCom for action on August 28, 2023. But I am yet to get an update.

PENCOM: Dear sir, kindly provide the details of your Pension Fund Administrator and Retirement Savings Account PIN to enable the Commission process the complaint.

ANNONYMOUS: Good day, we would like to get a PenCom Certificate. Our staff have different PFAs. What can we do to get the certificate? Thank you.         

PENCOM: Dear Sir, kindly make the remittances into the Retirement Savings Accounts of your employees with their Pension Fund Administrators.The evidence of the remittances should be attached to your application for the Pension Clearance Certificate along with the other required documents.

BITRUS: Good day, I am Bitrus. My PFA is NPF Pension. I have a problem rolling into the NPF Pension. NPF Pension said my account is not funded, so I visited the office of my former PFA, which is Premium Pension in Asaba, and they responded that my data capture was successful. But NPF Pension cannot access my pension account. Kindly help me find out what the problem is because I am confused.

PENCOM: Dear Sir, kindly approach NPF (PFA) and undergo the data recapture  to ensure that your RSA is transferred to NPF PFA.

OLAYINKA: Good day, my name is Olayinka. My employer is the Nigerian Defence Academy (NDA), Kaduna and my PFA is Leadway Pensure. l want to know the status of the reconciliation of my account. I completed my verification about two months ago and it was forwarded to PenCom for reconciliation.

PENCOM: Dear Mr. Olayinka, your organisation joined IPPIS in 2011 prior to your First Appointment in April 2012, your remittances prior to the time were done by the Office of the Accountant-General of the Federation. You should approach the IPPIS office for reconciliation of your RSA.

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JOHN: Good morning, I was informed by my PFA that my application had been forwarded to PenCom for approval since August 25 but I am yet to get any feedback. I understand it takes five working days for approval to be granted. This was due last Friday. My PFA is Stanbic IBTC Pensions. Kindly assist me by looking into the approval. I will be ready to provide more information if necessary. Thank you.

PENCOM: Dear Sir, please note that your payment has been processed and paid on September 5, 2023. Kindly approach your bank for confirmation

SOSAN: Good day, my name is Sosan. My PFA is Stanbic IBTC. My complaint is that I have been waiting for approval for my Voluntary Contributions for weeks, and I would like to get your attention to this.

PENCOM: Dear Mr. Sosan, please note that your Voluntary Contribution was paid on September 12, 2023. Kindly approach your bank for confirmation

Ms Manjalo: I am Ms Manjalo. I submitted my provisional agreement to Premium Pension for my transfer to annuity pension with Leadway Pensure since June 6, 2023 but no action has been taken by Premium Pension up till date. I made calls for reminders but no response. In July, one Bilkisu Mammam Mahmoud called to convince me to remain with them but I insisted on going to annuity. Since then no actions have been taken and she no longer picks my calls. I want you to intervene because I should be entitled to my rights. Thank you in anticipation of a swift response.

PENCOM: Dear Ms. Manjalo, kindly note that the request was approved on September 14, 2023, please approach your PFA for confirmation.

ELEZIEANYA: Good day, My name is Elezieanya. I applied for 25 per cent payment through my PFA, Norrenberger Pension, on August 11, 2023. I was informed that the request is pending with PenCom. Kindly give approval to enable me to meet my financial demands.

PENCOM: Dear Mr. Elezieanya, kindly note that the request was approved on September 12, 2023.You should approach PFA for confirmation.

INUWA: My complaint is about my father’s death benefit. My PFA is Trustfund Pension.

PENCOM: Dear Mr. Inuwa, your father’s death benefit is being processed. The PFA will contact the named beneficiary once the process has been completed.

Japan’s Government Pension Investment Fund, one of the world’s most powerful investors, is overhauling the way it chooses active managers, in a bid to secure the higher returns needed to support a rapidly ageing population.

As its sheer size makes it harder to achieve above average performance, the world’s largest pension fund is leaning increasingly on data science to find those managers who can beat the market.

“If asset owners can develop a scientific method for selecting active funds that stably generate excess returns, I think the proportion of active management in the capital market will increase,” says Eiji Ueda, GPIF’s chief investment officer. “GPIF is currently in the process of implementing such an approach.”

He notes: “We have selected 19 funds in North America and 14 funds in developed countries [excluding Japan], and are considering selecting a Japanese stock fund next”. In North America, GPIF ran investment simulations to winnow down a list of 1,400 funds.

That push has seen the number of active foreign equity funds awarded mandates by GPIF increase from seven at the end of 2021 to 25 at the end of last year — a figure Ueda says could increase again, if risks remain manageable.

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The vast majority of its investments in bonds and equity are still being passively managed, with about 16 per cent in the hands of active managers.

Ueda, who has kept a low profile since taking over as CIO, remains confident he can push asset management companies into providing more data, which in turn he can use to make better decisions.

The fund, he says, is “planning the development of an IT infrastructure, so that we can take advantage of our ability to collect vast amounts of investment data in making investment decisions”.

A former Goldman Sachs bond trader, Ueda joined in 2020, taking over from Hiromichi Mizuno. With markets roiled by the Covid-19 pandemic, Ueda has implemented what people familiar with the matter say is an increasing focus on risk management.

GPIF, established as an independent agency in 2006 to invest the financial reserves of Japanese public pensions schemes, has more than ¥200trillionn ($1.3trillionn) at its disposal, and targets a real investment return of 1.7 per cent above nominal wage growth. But that performance matters more than ever as Japan’s demographics act as an experiment for the world: last month, for the first time, people over 80 made up more than 10 per cent of the population.

•Culled from Financial Times

EJIOGU: Good day, my monthly stipend for August 2023 has not been paid by PAL Pension.

PENCOM:  The complainant monthly pension has been paid. He should liase with his bank

QUEENDALINE:  Good day. My wife, Queendaline, died in active service in 2019. We applied for her pension benefits and we are awaiting PenCom’s approval.

PENCOM: The complainant’s wife’s   death benefit has been paid. Therefore, he should liase with his late wife’s PFA.

ADABA: Good day. My name is Adaba. I applied for 25 per cent of my pension since June and was informed by my pension managers that my application has been sent to PenCom for approval since Tuesday morning but up till now, it has not been approved by PenCom.

Please assist me to speed up the approval so that I can receive the fund. I have been out of job since February and my family is really suffering.

I will be very grateful if you can help me to hasten the approval.

God bless you.

PENCOM: The complainant is to provide the name of the Pension Fund Administrator to enable the Commission process the complaint

LAWAN: My name is Lawan. I have applied for my father’s pension benefit for more than a year, but up till date, I haven’t heard anything from the commission.

PENCOM: The complainant request is being processed. The PFA will contact the complainant once it is concluded.

MWALIMA: Good day. Please I am Mwalima from NPF Pension. I have a problem in enrolling into the PFA.

It said my account is domiciled with my former PFA, Premium Pension’s office in Asaba. I visited them but the response I got is that the capturing they did for me was successful. 

But NPF Pension cannot access my account.

I am confused about what to do. Kindly help me find out what the problem.

OLAYINKA: My name is Olayinka. My PFA is Leadway Pensure. Please, l would like to know the status of the reconciliation of my account.

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I completed my verification about two months ago and it was forwarded to PenCom for reconciliation.

JOHN: Good morning. I was informed by my PFA that my application has been forwarded to PenCom for approval since August 25 but I am yet to get feedback.

I understand it takes five working days for one to get approval.

My PFA is Stanbic IBTC Pensions. Kindly assist.

I will be ready to provide required information. Thanks.

ANNONYMOUS: I was given approval to withdraw N200,000 but was surprised to receive only N86,000.

Please help me look into this.

BABAJIDE: Good day. My name is Babajide. My PFA is Stanbic IBTC. My complaint is that I have been waiting for approval for my voluntary contributions for weeks. Kindly help me.

MANJALO: I am Manjalo. I submitted my provisional agreement to Premium Pension on my transfer to annuity pension with Leadway since June 6, 2023 but no action has been taken by Premium.

I made calls for reminders but no response. On July 1, one Bilkisu called to convince me to remain with them but I insisted on going to annuity.

Since then, there has been no action taken and she no longer picks my calls. I want you to intervene because I should be entitled to my rights.

APEH:  I am Apeh. My RSA balance is less than N5million. What would be my lump sum payment to me now that I have retired?

I would prefer to access the entire money because it is my only source of sustenance.

Please I need your help. Thank you and God bless.

ELEZIEANYA:  Good morning. I applied for 25 per cent payment through my PFA Norrenberger Pension on August 11, 2023.

I was informed that the request is pending at PenCom. Kindly  approve to enable me meet my financial demands.

LEONARD: My name is Leonard. I worked with Atlas International Engineering Services Limited for 13 years before I retired in June 2022.

I realised that my former employer short paid my pension contribution for over 10 years by paying only one quarter of what is due as required by PenCom guidelines.

I reported this matter to PenCom’s Head office in Abuja on February 2023 but uptill date, no  action against Atlas international Engineering Services Limited has been taken.

I am aware that Pencom sent a letter to Atlas demanding explanation within 21 days of receipt of Pencom’s letter.

Atlas refused to collect the letter from the despatch rider twice and the Recovery Agent then sent the letter via Atlas email addresses including those of the directors, yet no acknowledgment by Atlas.

I was informed that the Legal Department of Pencom in Lagos would be handling the matter. Till date, no further attempt has been made and I am left with the option of taking the matter to the National Industrial Court for legal action.

Please advise me or help follow up with your Legal Department in Lagos. Awaiting your kind advice please.

PENCOM: The Commission is still engaging Atlas International Engineering Services Limited.

• Commission sensitises CSOs on developments

Pension assets have recorded a significant increase of N2.08 trillion.

  The Director-General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, brokethe news during a conference for Civil Society Organisations (CSOs) organised by the commission in Abuja.

  She said the assets hit N17.07 trillion as of last July,  from N14.99 trillion at the end of last year.

While underscoring the importance of promoting continuous interaction and information flow between PenCom and CSOs on recent developments in the industry, she said there had been a robust growth in the pension industry in the year despite economic challenges.

She stated that the Contributory Pension Scheme (CPS) has secured over 10 million Retirement Savings Account (RSA) holders.

Notwithstanding, she noted that the industry still holds growth potential, especially as more Nano, Micro, Small, and Medium Enterprises (NMSMEs) join the CPS through the Micro Pension Plan (MPP).

She said: “The MPP’s key objective is to curb old-age poverty by enabling participants to contribute during their working years.  The MPP fosters long-term savings to provide financial security during retirement.

“The Commission actively supports Pension Fund Administrators (PFAs) in devising incentives such as health insurance for MPP participants”.

Meanwhile, the conference featured three presentations on various aspects of the industry.

The first presentation, entitled: “Enhancing customer service in the Contributory Pension Scheme: PenCom’s New Strategy Plan,” emphasised the Consumer Protection Department’s (CPD) role in ensuring effective customer service in the pension sector.

The CPD protects RSA holders’ rights and service delivery.

The second presentation, entitled: “Enhancing service delivery to Improve the Micro Pension Plan’s Prospects in Nigeria,” underscored the drive to enhance service delivery in micro pensions.

The objective was to make pension plans more inclusive, accessible, and beneficial for individuals in the informal sector and other underserved populations.

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This initiative strives to bolster financial security during retirement, promote financial inclusion, and contribute to overall economic development while ensuring efficiency, transparency, and a customer-centric approach in micro pension plans.

Lastly, the third paper, entitled: “RSA for Mortgage Financing: A Beacon of Hope for the informal sector,” detailed how RSA holders can access up to 25 per cent of their RSA balance as an equity contribution to procure residential houses through a mortgage.

The DG said this initiative aligned with the Pension Reform Act (PRA) 2014, which stipulates that pension assets can be utilised for residential mortgage equity contributions.

PenCom has developed and released guidelines to PFAs to facilitate this process. From March to September 2023, 377 RSA holders accessed N4.74 billion to pay equity contributions for their residential mortgages.

“The sensitisation conference for Civil Society Organisations organised by PenCom proved enlightening, shedding light on the thriving pension industry and showcasing transformative initiatives to secure the financial future of millions in Nigeria.

“The engagement stressed the importance of collaborative efforts between government agencies and civil society to achieve a prosperous and secure retirement.

“The conference, which marked the third in its series, is aimed to highlight the critical roles CSOs play as a link between government agencies and the public. PenCom recognises the value of enlightenment and engagement with civil society for a more robust and inclusive future pension industry,’’she said.

Participants expressed satisfaction with the performance of PenCom, commending the organisation for its supervision and regulation of the industry.

Their appreciation underlined the pivotal role of PenCom in fostering a trustworthy and sustainable pension system in the country. The positive sentiment shared by participants evidenced the organisation’s steadfast commitment to upholding the highest standards of regulation and supervision, ultimately, advancing the interests of pensioners.

 By Tuedon Iyomere

No fewer than 5,967 Micro Pension Contributors (MPCs) have been registered by 17 Pension Fund Administrators (PFAs), a report by the National Pension Commission (PenCom) has shown.

According to the report, this brings the number of registered MPCs to 99,192 as at June 30, this year.

The report  shows that within the period, Stanbic IBTC Pension Managers Limited, Access Pensions Limited and ARM Pension Managers (PFA) Limited registered the largest number of MPCs with 3,155, 1,836 and 443.

Guaranty Trust Company (GTCO) is one of the PFAs that had the least RSA numbers with only six MPC in the same period.

From inception of the MPP, ARM Pension Managers (PFA) Limited, Stanbic IBTC Pension Managers Limited and Tangerine APT Pensions Limited registered the largest number of MPCs with 23,433, 20,493 and 7,540.

The report stated that the total pension contributions received from MPCs in Q2 was N52,911,995.07. This brought the contributions to N469,028,731.63.

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A breakdown of the contributions received in Quarter Two showed that Stanbic IBTC Pension Managers Limited, ARM Pension Managers (PFA) Limited, and Fidelity Pension Managers Limited had the highest contributions with N23,649,238.59, N10,119,379.83 and N6,260,20.

Crusader Sterling Pensions Limited stood had the lowest contributions with N65,000.

Radix Pension Managers Limited did not receive any contribution.

Stanbic IBTC Pension Managers Limited, ARM Pension Managers (PFA) Limited and Fidelity Pension Managers Limited accounted for the largest amount with N208,058,754.26, N68,097,754.47 and N47,010,387.14 representing 44.36 per cent, 14.52 per cent and 10.02 per cent.