Tag: pension

Premium Pension Limited has  cleared 14 customers who applied to access 25 per cent of their pension savings as Equity Contributions for Residential Mortgage. 

The company paid N216.86 million. 

The company’s Head, Corporate Communications, Aliyu Mohammed Ali, said the payment was in line with the Guidelines on accessing Retirement Savings Account (RSA) balance towards payment of Equity Contributions for Residential Mortgage for RSA Holders released by the National Pension Commission (PenCom) last September.

The Managing Director/Chief Executive Officer of the company Mr. Umar Sanda Mairami, stated that the arrangement was designed to facilitate home-ownership by RSA holders, deepen the mortgage sector through provision of sustainable long-term finance, and spur socio-economic development by narrowing the lingering housing deficit.

He said the company understands that owning a home is an essential part of financial security and retirement planning for our members, and we are pleased to have played and will continue to play a crucial role in making this dream a reality.

He said: “The payment of Equity Contribution for Residential Mortgage has been a long-awaited development for pension contributors, and we are proud to be among the first Pension Fund Administrators (PFAs) to successfully implement this new Guideline.  Our team of experts worked tirelessly to ensure that our members’ Mortgage payments were processed promptly and efficiently, and we are delighted to have achieved this great milestone.” 

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He pledged the company’s commitment to continue to assist eligible members in accessing part of their pension savings to own a house in line with the Guidelines.

“Premium Pension, which started operations in 2005, has always been at the forefront of pension administration in Nigeria, and the company has remained committed to providing innovative solutions that meet the evolving needs of its members.

“It will be recalled that last year we became the first PFA fully owned by Nigerians that has achieved over N1 trillion AUM without any form of business combination.

“The company prides itself as being a pacesetter in the pension industry, in several performance metrics. One of such is the attainment of Information Security Management (ISMS) certification ISO 27001 under the auspices of the British Standard Institute (BSI) in 2015 and a second certification from the same BSI in Quality Management System (QMS), ISO 9001 in 2018. Both certifications were renewed in 2021. 

“In one of the most important service assessment points like investment returns, the company has consistently remained in the top quartile with the RSA Fund II being one of the best performing, since inception,” he added.

FAITH:  Good day, I want to  complain about data recapture.

Since June 19, I have been trying to get my data captured with Leadway Pension but it is yet to be done. They kept giving me  excuses.  Help me. Thank you.

ORIRE: Good day, l need your assistance. I have disengaged from service but Stanbic IbTC Pension is yet to pay me my contributions.

OKPARA: Good day, please the following staff members of Michael Okpara University of Agriculture, Umudike Imo State – Nnenna; and Amogu were employed in December, 2019.

Prior to this time, we had no Retirement Savings Account (RSA) but later enrolled with FCMB Pensions. We have observed that deductions from our salaries from December 2019 to November 2022 have not been credited to our RSAs. We request that you look into the matter to find solution to the matter.

Thanks for your kind and positive response.

MOJISOLA: My late wife, Mojisola, worked at the Ministry of Defence. Her PFA is Access Pension Limited, formerly Guarantee Pension Limited.

The PFA asked me to give then a true certified copy of my Letter of Administration and after that, I would wait for 18 months.

 I am suffering because I have spent my savings. Also, my late wife’s aged mother is there to take care of. Please, help me.

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EYEREGBA: I am Eyeregba, I am  working at Cappa & D’Alberto, Lagos.

I sent a complaint via email to info@pencom.com.gov.ng on August 1, 2023 on that fact that my pension contribution for December 2021and February 2022 had not not remitted to my account.

I attached evidence of the non-remittance in the mail.

Please I have not received any feedback after two weeks while my savings is not yet recovered.

My PFA is Stanbic IBTC Pension. Formerly, I was with FCMB Pension.

 HASHIM:  I requested for the transfer of my NSITF fund to my TRUSTFUND account long time ago but no response from your end. This is despite submitting the necessary documents.

Thank you.

ANNONYMOUS:  Good day, my wife, Queendaline, passed away in 2019 on active service. We applied for her pension benefits and we are awaiting PenCom’s approval.

DR. OLOSE: My name is Dr Olose.

 I was told about N11million was withdrawn from my RSA account with Leadway Pensure and returned to PenCom at your request.

At present, no remittances are made to my RSA account from PenCom. Kindly help me.

GANIYAT: Good day, Ganiyat has been waiting for approval of her pension. Her PFA, Stanbic IBTC, Pension said they needed PenCom’s approval before they could pay her entitlement. Kindly help me.

ABBAS: Good day, my name is Abbas. I am under the PFA Premium Pension.

I retired from service on the May 3, 2022 at the Federal Polytechnic, Kaduna. I have been processing my documentation for my retirement benefits.

But there is a problem with my NIMC: the correction on the date of birth. As a result, I could not do my data recapturing with my PFA. I have corrected it at the NIMC headquarters here in Kaduna.

Three months after, I went back to my PFA to proceed with my data capturing but it was still showing my old date of birth, whereas it showed corrected at NIMC office.

I went back to my PFA with a validation slip showing my new date of birth. They said the issue is from PenCom.

Please help me.

ADABA: Good day, my name is Adaba. I applied for 25 per cent of my pension savings since June and I was informed by my pension managers that my application has been sent to PenCom for approval since, 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 to you if you can help me to hasten the approval by tomorrow.

God bless you.

LAWAN: I have applied for my father’s pension benefit for more than a year but I haven’t heard anything from PenCom.

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

ANNONYMOUS: Hello, Omobola Pension. I want to confirm how many days it takes PenCom to approve a Programme Withdrawal application after it has been submitted by PFA to commission.

Ms IRIOWEN: Good day, my name is Iriowen. I retired from the Lagos State Ministry of Health in March 2014.

  NLPC is my pension fund managers. But my efforts  to move my funds to another company to do life annuity have proved abortive.

 I was told that PenCom is not approving such at the moment. I will be very grateful for your cooperation

PENCOM: Dear Ms. Nwaosa, the Commission has not stopped the approval of transfers from Programmed Withdrawal to Retiree Life Annuity.

Kindly visit your Pension Fund Administrator (PFA) to process the transfer and report the PFA to PenCom if they do not accede to your request.

BITYONG: I retired in 2021 but what I am receiving as monthly pension is N33,000, even though, I have about N4.1 million.

I have a lot of problems to solve. I went to Stanbic Pensions to see if I could withdraw from my balance. They said I should complain to PenCom as they could do anything  without an approval by the commission.

Kindly help so that I can establish a business.

PENCOM: Dear Mr Bityong, please note that the purpose of pension is to pay you monthly or quarterly to sustain you in retirement. The Law does not permit you to take all the money in your Retirement Savings Account (RSA).

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However, when it is determined that the monthly pension will not be up to one-third of the prevailing minimum wage, then the funds in the RSA can be accessed enbloc.

SHITTU: My name is Shittu. My PFA is Access Guarantee Pension. I have applied for 25 per cent of my pension since last month. It is over a month. I have been calling Access Guarantee Pension Customer Service, but they keep telling me stories. Please I want to know what is causing the delay.

 Also, I want to know if there’s anything you can do to help me out. Thank you.

PENCOM: Dear Mr. Muritala, kindly provide your Retirement Savings Account (RSA) PIN to enable the Commission address the complaint.

EMEKOMA: Good day, please I am due for payment and I have been following up with Stanbic IBTC, but was told that PenCom server is down and that is why I have not been paid. Please any information of when the server will be fixed. Thank you.

PENCOM: Dear Mr. Emekoma, the problem has been resolved. Kindly send your Retirement Savings Account (RSA) PIN to enable the Commission treat your complaint

MOORE: Good day, my data recapture could not be done because your portal is not open. I have applied since June of this year. Please help me.

PENCOM: Dear Mr. Moore, please proceed to your Pension Fund Administrator and carry out the Data Recapture Exercise with the correct NIN and RSA details.

MRS AJIBADE: Good day, I am Mrs Ajibade. l retired from Obafemi Awolowo University Teaching Hospital Complex (OAUTH), lle-lfe on May 13, 2022.

l finished my enrolment on July 18, 2022. Since then I have not been able to collect my entitlement while those who retired after me have been been paid.

My PFA is Crusader Sterling Pension. Please help me. I will be looking forward to hearing from you.

PENCOM: Dear Mrs. Taiwo, please note that the Commission is in the process of making payment and once it has been concluded, your Pension Fund Administrator will contact you.

CHIBUZOR: Good day, I am a retiree who has been processing his 25 per cent benefit with Stanbic IBTC. I was told there is network problem concerning data recapture. Your response will be highly appreciated.

PENCOM: Dear Mr. Chibuzor, please be informed that your Data Recapture Exercise has been successful. You may please proceed with the request of 25 per cent of your pension benefits with Stanbic IBTC Pension Fund Administrator.

ISA: Hello, my name is Isa. I retired since June 2007 through a downsizing exercise. I have not yet get my pension contribution.

My PFA is ARM Pension. I did the usual verification some time back.  But yet I have not been paid.

PENCOM: Dear Mr. Isa, kindly provide the Commission or your Pension Fund Administrator with your severance pay slip as at the time of down sizing in order for the Commission to resolve your complaint.

RABE: Hello, my name is  Rabe. I  left since June 2007. But I have not  got my pension contribution. My PFA is ARM Pension. I did the usual verification some time ago.  Yet, I have not been paid.

PENCOM: Dear Mr. Abdullahi, kindly provide a correct PIN to enable the Commission resolve your complaint.

HAYATUDEEN: Good morning ma, I am Ibrahim Yahaya Hayatudeen, a retired Immigration Officer. I retired on April 30, 2020. My last duty post was Kastina State Command.

My PFA is FCMB. I chose  Leadway Annuity for Life and I submitted my agreement letter to FCMB Kastina State branch since on May 23, 2023, and till date I didn’t hear anything from them. All they told me yesterday was my money had since been transferred to PenCom and they are waiting for approval.

Kindly assist me in this situation. I want to know the position of things. I hope to hear a positive response from you.    

PENCOM: Dear Mr. Hayatudeen, please note that your request to transfer to Retiree Life Annuity has been approved by the Commission. Kindly liaise with your Pension Fund Administrator to ensure the process is completed.

YAHUZA: My name is Yahuza. My date of retirement is April 26, 2022 from the Nigerian Correctional Service. I corrected my date of birth from June 26 to April 26, 1962.

NIMC have corrected there data. I will like Pencom to update theirs too so that my PFA can process my retirement benefits. 

PENCOM: Dear Mr. Aliyu, kindly provide a correct PIN to enable the Commission resolve your complaint.

The old pension scheme also referred to as the Defined Benefit Scheme (DBS) covers the administration of pensioners who retired before June 30, 2004.

Although riddled with maladministration in the past, the Pension Transitional Arrangement Directorate has been working tirelessly to pay all outstanding pension liabilities owed workers under the scheme.

The Directorate has a mandate to also pay monthly pensions to pensioners under the scheme until the last person passes on.

Here are key facts about the scheme:

What does PTAD stand for?

PTAD is an acronym for Pension Transitional Arrangement Directorate. PTAD is a  Treasury Funded Extra-Ministerial Department under the Federal Ministry of Finance. PTAD is responsible for the management of pensions under the old pension scheme, (Defined Benefit Scheme) for pensioners who did not transit to the new Contributory Pension Scheme (CPS) which is in effect in Nigeria.

What is the difference between the Defined Benefit Scheme (DBS) and the Contributory Pension Scheme (CPS)

The DBS is the pension scheme that was in effect in Nigeria until June 2007 when it was replaced with the Contributory Pension Scheme (CPS) as stipulated in the Pension Reform Act (PRA) 2014. Under the DBS, the total pension obligation is borne by government whereas under the CPS, the accumulated pension at retirement is based on a pension plan wherein the employer and employee contributed in varying percentages to build a retirement fund for the employee. In addition, with the CPS, the pension fund exists from the onset and payments can be made as at when due unlike the DBS which is wholly dependent on government treasury for funding.

Who are the Pensioners under PTAD management?

Federal Public Sector employees eligible to retirement benefits, and who retired on or before the 30th June, 2007, and have worked in any of the pension groups listed below, are under PTAD management in accordance with section 43 (3) of the PRA, 2014 –

The Civil Service Pension Department (CSPD)

The Police Pension Department (PPD)

The Custom, Immigration and Prisons Pension Department (CIPPD)

The Treasury Funded Parastatals Pension Department (PaPD)

What of State Pensioners?

There also some state Pensioners who are entitled to Federal Share of Pensions. To be a State Pensioner with Federal Share, a retiree must have been in the employment of one of the regions of Nigeria before 3rd day ofbMarch, 1976 and retired before the 3rd day of March, 2011.

The following public sector employees irrespective of when they retired are however NOT under PTAD’s jurisdiction:

Judicial Officers of the Supreme Court and Court of Appeal.

Military

The Intelligence and Secret Services of the Federation

What is retirement age?

The Federal Government approved the 35 years of pensionable service or 60 years of age for retirement whichever that comes earlier.

What is the qualifying length of service for Pension and Gratuity?

Answer: The qualifying length of service for gratuity is now five (5) years, while pension is ten (10) years with effect from 1st June, 1992. Before then, the qualifying length of service for gratuity and pension was 10 and 15 years respectively. An officer who retires voluntarily after qualifying years of service cannot draw pension until he attains the age of forty five (45).

What are the circumstances under which Pension and Gratuity may be granted?

Section 3 (1) and (2) of the Pension Decree No. 102 of 1979 stipulates the circumstances under which pension and gratuity may be granted as follows –

on voluntary retirement or withdrawal after qualifying years of service;

Statutory retirement. This is where the officer attains the statutory age of 60 years or has worked for 35 years on a pensionable appointment;

compulsory retirement;

on the advice of a properly constituted Medical Board certifying that the officer is no longer mentally or physically capable of carrying out the functions of his office;

on total permanent disability while in service; or

on abolition of office under section 7 of Pension Decree No. 102 of 1979.