Tag: pension

  • ‘Fed Govt’s retirees must wait for accrued rights payment to get pension’

    ‘Fed Govt’s retirees must wait for accrued rights payment to get pension’

    • Access to lump sum raised to 50%

    The National Pension Commission (PenCom) has said Federal Government’s retirees should wait for accrued pension rights payment before they can receive their pension.

    Thousands of workers are being owed for as long as three years after retiring.

    PenCom Director-General, Ms. Omolola Oloworaran, who stated this at a forum in Lagos, said allowing retirees to access their Retirement Savings Accounts (RSAs) without the payment of accrued pension rights might hinder the government from releasing the funds.

    She explained that agitations on the non-payment of the accrued rights often help in pressuring the government to execute its responsibility to retirees, adding that even retirees might be silent having accessed their RSA without accrued rights.

    She further stated that the Pension Reform Act PRA (2004) does not provide for retirees to access their RSA without the components of accrued pension rights.

    Oloworaran said PenCom has continued to face delays in the payment of accrued rights, noting that N44 billion was approved under the 2024 budget to settle accrued pension rights for retirees from March to September 2023.

    She further stated that PenCom is working with the Federal Government to ensure that retirees receive their benefits promptly.

    In another development, the Commission has lifted the restriction of lump sum access to a maximum of 50 per cent of RSA balance to enable retirees with sufficient funds to obtain a significant lump sum amount.

    PenCom stated this in Guidance Note on the Revised Programmed Withdrawal Template Version 2 to Pension Fund Administrators.

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    PenCom stated that retirees can now enjoy a lump sum from the balance standing to the credit of their RSA, provided that the amount left after that the lump sum withdrawal shall be sufficient to procure an annuity or fund Programmed Withdrawal that will procure an amount not less than 50 per cent of their yearly remuneration as at the date of retirement.

    It said the revised Programmed Withdrawal template also removed the retirement age limitation and now accepts 65 years and above to accommodate the broader categories of retirees in the various sectors.

    PenCom submitted that the new rule applies only to employees who retire under the Contributory Pension Scheme (CPS) and are yet to be programmed as at the release date of the revised Programmed Withdrawal template version 2.

    It said it also covers retirees who choose the Programmed Withdrawal as their preferred mode of retirement benefit payment or Retiree Life Annuity (RLA) option at retirement as at the release date of the programmed withdrawal template version 2.

    PenCom stated that the guidance note seeks to provide PFAs with a standard procedure for calculating retirement benefit such as lump sum, monthly/quarterly pensions and pension arrears, using age, gender, final salary, the RSA balance, pension arrears and the A55 adjusted mortality table for eligible retirees.

  • Inconsistent, illegible data, others affecting pension, says expert

    Inconsistent, illegible data, others affecting pension, says expert

    Inconsistent, incomplete and illegible data, and untimely data as well absence of data are issues among Pension Fund Administrators (PFAs) and the National Pension Commission (PenCom) that need to be resolved before they can achieve success on the Micro Pension Plan (MPP).

    Others include published data errors, audited accounts issues, unresponsive PFAs, information restrictions and not up-to-date websites.

    A pension analyst, Michael Oyebola, who is also the founder of Money Counsellors, a research, data and information platform, identified these errors during a Micro Pension Seminar in Lagos. The seminar had the theme, “The Role of Technology in Micro Pensions”.

    He maintained that the regulator and operators needed to scale these non-technical for technology to work and, consequently, micro pension.

    Speaking on the topic, “Unlocking Financial Freedom for All”, Oyebola said there was the need to have a solid foundation to make technology work for customer acquisition.

    He noted that each PFA and the industry eco-system play a critical role in nurturing, educating, converting, nurturing again, and respecting customers.

    He stated that other areas that needed to be looked were digital payments and financial inclusion, technological infrastructure which includes digital ID systems for secure transactions and platform-based solutions that also includes technology-driven platforms for micro-pension schemes.

    He added that technology also helps to enhance accessibility and usability, leading to self-service mobile apps and provides financial literacy and education for education on pensions.

    Read Also: Fed govt begins payment of 20% pension increment to pensioners

    Oyebola listed challenges as technical infrastructure and accessibility, financial literacy, regulatory and policy challenges, operational challenges, data security and privacy including support and maintenance.

    He further stated that the estimated number of the total workforce in Nigeria in 2023 is 73.3 million, according to the World Bank.

    He said: “According to the International Labour Organisation (ILO), the informal workforce population in Nigeria is estimated to be 83.2 per cent of the total workforce (60.99 million). The diverse group of workers is Freelancers and Gig Workers, Artisans and Tradespeople, Small-scale Retailers and Vendors, Transport Operators, Agricultural and Rural Workers, Domestic Workers, Craft and Creative Sector Workers, Construction and Casual Laborers, Health and Social Workers in Informal Settings, Informal Educational Sector Workers.’’

    He posited that information and technology are paramount, noting that the industry needs to work together to achieve results.

    He said his company launched Money Counsellors to provide information, data, and analysis for informed decision-making and have recently launched an app that has been approved by the industry committee on Micro Pensions as a service provider.

  • Fed Govt begins payment of 20% pension increment to pensioners

    Fed Govt begins payment of 20% pension increment to pensioners

    • NUP hails Tinubu, PTAD for increment

    The Nigeria Union of Pensioners (NUP) has confirmed the payment of 20 per cent pension increase for retirees under the Defined Benefit Scheme (DBS).

    The union hailed President Bola Tinubu for the increment and the introduction of a minimum pension of N32,000 for retirees.

    The 20 per cent pension increase, backdated to January 2024, has been paid to many DBS pensioners, while the minimum pension of N32,000, approved in July 2024, has also reached several beneficiaries.

    According to the NUP, these initiatives reflect President Tinubu’s “love and commitment to ensuring pensioners in the country are supported and their rights protected and promoted.”

    In a statement signed by its National President, Comrade Godwin Abumisi, the union praised the President for implementing significant measures to alleviate the economic challenges faced by retirees under the DBS.

    The NUP also expressed gratitude to the Pension Transitional Arrangement Directorate (PTAD) and its new Executive Secretary, Tolulope Odunaiya, for ensuring the timely disbursement of the pension increments.

    “This is the first of its kind that pensioners will receive any form of pension increase without protests in different forms. We hail you, Mr. President. We appreciate her promise to ensure that the 20% pension increase is paid before the end of December 2024 and her strict implementation of President Tinubu’s policy direction on pensioners’ welfare,” the statement read.

    However, the union raised concerns over discrepancies in the payment process.

    It said that despite progress, not all pensioners have received their entitlements.

    “As of today, the 20per cent pension increment arrears have not been fully paid to all DBS pensioners. Furthermore, 70per cent of pensioners are yet to receive the N32,000 minimum pension,” the NUP said.

    The NUP called on PTAD to address these discrepancies promptly, urging the agency to review its records and rectify any errors in the payment process.

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    “We demand that PTAD pay serious attention to ensuring no DBS pensioner is omitted or deprived of their rights in the name of system failure or man-made error in the payment processes,” it said.

    The union said that it was optimistic about the Tinubu’s administration’s commitment to pensioners.

    The NUP emphasised the significance of these reforms in improving the quality of life for retirees, particularly during challenging economic times.

    “We are grateful for the 20per cent pension increase and the ₦32,000 pension award that is today a minimum pension.

    “The approval of these measures is a testament to the government’s understanding of the economic realities facing pensioners and its determination to provide relief,” the union noted.

    As the administration continues its efforts to support pensioners, the NUP urged all stakeholders to work collaboratively to address the remaining issues.

    They expressed hope that ongoing reforms would ensure a brighter future for all retirees in Nigeria.

  • Pension complaints and solutions

    Pension complaints and solutions

    Aiminhiefe: Good day, my name is Aiminhiefe. I worked in Auchi Polytechnic from April 1985 to March 2023 and retired as Chief Lecturer on March 20, 2023 under the Contributory Pension Scheme (CPS). My complaint is that I am yet to have my accrued pension right released to my PFA, Stanbic IBTC.

    PENCOM: Please be informed that the retirement benefit of the above-named retiree has been paid. Kindly liaise with your Pension Fund Administrator (PFA) for more information. Thank you.

    ALEXANDER: Hello, my name is Alexander. I retired in March 2023 from Auchi Polytechnic but I am still waiting for my pension and gratuity to be paid after carrying out the necessary process long ago. I will be very delighted to know the reason for the delay because my mates and I who retired at the same time are suffering. Thank you.

    PENCOM: Please be informed that the retirement benefit of the above-named retiree has been paid. Kindly liaise with your Pension Fund Administrator (PFA) for more information. Thank you.

    STEPHEN: Good day, I completed my tenure as Executive Director, Engineering on March 31, 2023 but up till now, I am yet to receive my pension and gratuity. My PFA is Premium Pension. God bless you.

    PENCOM: Please be informed that the retirement benefit of the above-named retiree has been effected. Kindly liaise with your Pension Fund Administrator (PFA) for more information. Thank you.

    MUSA: Dear Omobola, my name is Musa. I retired from the Federal Polytechnic Auchi, Edo State in March 2023 from Auchi Polytechnic Auchi and my PFA is TrustFund. Kindly ask PenCom why they have not paid me my pension benefits. Thank you.

    PENCOM: Please be informed that the retirement benefit of the above-named retiree has been effected. Kindly liaise with your Pension Fund Administrator (PFA) for more information. Thank you.

    AKINTOYE: Kindly look into the matter of the late Akintoye. Her next-of-kin is Oluwaseun. My PFA is Crusader Pension. All documents were submitted to the pension office in September 2020.

    MRS MATTHEW: Good day, I want you to help me to effect the payment of  my late husband’s benefit. He worked in the aviation authority before he died on October 5, 2019. They threw me out of the quarters on April 3, 2020. The benefit is with First Guarantee Pension Limited. I am really suffering with my children, and we are barely surviving. I am appealing to you to help me. You are my last hope. Thank you. Mrs. Matthew.

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    PENCOM: Please be informed that the death benefit of the deceased has been paid. Kindly liaise with his Pension Fund Administrator (PFA) for more information. Thank you.

    GREAT: Hello, My name is Great. My late wife served in the Ministry of Defence and passed away in March 2019.I have been following up with my late wife’s gratuity since then. I have submitted the necessary documents. Yet, I have not been paid. The last time I went to Access Pension in Lagos, I was told that they were waiting for the benefit to be released to them from Abuja. Thank you.

    YUSUF: While thanking you for your good work, I wish to appeal to you to look into my complaint of non-implementation of my level 13 salary with FRCN where I retired on April 20, 2019 on level 12. The level 13 promotion was after my retirement in April.2019 and was back-dated to January 2019. My PFA is Premium Pension.

    BRAIMAH:  Good day, my name is Braimah. I retired from the Nigeria Customs Service in June 2022 . When I approached my PFA, Premium Pension, for the payment of my benefits in 2023, my annuity application was rejected and I was told to stay a year on Programmed Withdrawal so that I could apply for annuity after a year of earning on Programmed Withdrawal. It is a year, so I submitted an annuity agreement via DHL from Auchi to Abuja as there is no Premium Pension office here in Auchi. I discovered my application was rejected. I have been calling to know why but no response.

    UCHARA: Hello, I want to start Voluntary Contribution (VC). I spoke with my Pension Managers (IBTC), but they are unable to help me out. What am I to do to start? Thank you.

    ABDULLAHI: I am Abdullahi, serving with Civil Defence from 2005 to date. I was short paid. My PFA is Stanbic IBTC. Kindly help me. Thank you.

    JAMIUDEEN: Good day, my name is Jamiudeen. I retired from the National Population Commission on May 1, 2023. I have been to my pension manager, Stanbic IBTC Pension, for my accrued right and gratuities, but they always told me that it has not been paid.

     I need money urgently to do the surgery of my right leg at Igbobi Orthopaedic Hospital, Lagos. I was infected with the wound while in active service of Censor 2006 and since then, I have been spending my money on the leg.

    The commission did not take care of me. I spent my cooperative savings on the leg until I was told that a surgery was needed to be carried out on my skin grafts. Since then, I have been waiting for my pension to take care of my leg.

    Kindly help me so I can be paid as soon as possible. I cannot feed myself and the children or pay school fees and house rent.

    PENCOM: Payment was made on May 24, 2024. The RSA holder is advised to approach his PFA to confirm.

  • Pension Week: Lagos celebrates pensioners in style

    Pension Week: Lagos celebrates pensioners in style

    The Pension Week kicked off on Monday in Lagos State amid pomp and pageantry.

    The pensioners showed up for the celebration at a well-lit decorated and air conditioned hall at Agidingbi, Ikeja. They were gorgeously dressed in various native attires full of life. They hung out, played games, danced and enjoyed some drama scenes.

    The Week was organised by the Lagos State Pension Commission (LASPEC). Pensioners who retired as far back as 2001 were given special invitation cards to attend the event.

    The pensioners have cause to celebrate because apart from prompt lump sum and monthly pension, they enjoy free health service, among other social benefits.

    Also, after clearing its pension backlog of N70 billion owed 21,500 pensioners in July, this year, the Lagos State government can boast that it is the best pension-compliant and friendly state in Nigeria.

    LASPEC said the week marked a significant occasion for them, as it afforded them the chance to reflect on the contributions of their pensioners to the growth and development of the state.

    Apart from social benefits like free healthcare, they were informed that they would soon have access to free transport.

    The state Head of Service, Mr. Bode Agoro said he finds the Week very important, as it provides the state the opportunity to acknowledge and reflect on the dedication, hard work, selfless service and sacrifices of senior citizens while in active service and after their glorious exit from the public service.

    He said while it also gives them an avenue to express their gratitude, it is fitting to set aside a week to appreciate and celebrate the invaluable contributions of the senior citizens to  the state.

    He noted that the government is committed to ensuring that their pensioners receive support, because their welfare is important to Governor Babajide Olusola Sanwo-Olu.

    He pointed out that the governor recognised the contributions of pensioners.

    He said: “It is in line with our commitment to improving the lives of our pensioners, Governor Babajide Olusola Sanwo-Olu’s administration, through the Office of the Head of Service has put in place various initiatives that will ensure continuous physical and psychological engagement of our retirees, to keep them active at all times, as well as improve their quality of life.

    “These initiatives being implemented through the Post-Service Directorate of the Office of the Head of Service include consistent felicitation with retirees on their birthdays through phone calls, text messages and delivery of gifts at their door steps; organising of quarterly training, sensitisation and skill acquisition programmes to impact retirees with requisite knowledge of starting and successfully running profitable ventures in retirement; and organising of health screening to monitor the wellness of our retirees.

    “Also, this Administration has strengthened its partnership with healthcare providers, particularly the Lagos State Health Management Agency (LASHMA), to ensure that our pensioners have access to quality medical care.

    “Other initiatives are holding of interactive session of the Head of Service with retirees to offer avenue to them to express their opinions regarding retirement matters; collaborating with relevant MDAs to facilitate mentorship and empowerment that will aid smooth take off of businesses for retirees who have undergone skill acquisition programmes; paying periodic visits and presenting essential health items to retirees at the recreation and wellness centres within the five Administrative Divisions of the state; and, hosting of bi-monthly webinars where retirees are enlightened about management of their health, finance, business ideas and issues relating to life after retirement.”

    He assured that the government is dedicated to providing support for the pensioners and they would continue to ensure that they have access to resources and services that will guarantee them comfortable life.

    Agoro expressed gratitude to the Director-General, LASPEC, Mr. Babalola Obilana; the Executive Director, Finance and Investment, Mr. Olumuyiwa Oshin and staff members of the commission in ensuring better service to retirees.

    Obilana said the celebration served as a reminder that retirement is not an end, but rather a new chapter that deserves to be filled with peace, comfort, and joy.

    Extending appreciation to Sanwo-Olu for providing funds for them to settle pensioners, he said his leadership and vision have been instrumental in ensuring that the state remains a leading light in governance.

    He said:  “This week is a time for us to pause and appreciate the monumental contributions made by those who have spent decades of their lives in service to this great state. Our pensioners have played an irreplaceable role in building the foundation upon which Lagos stands. From its humble beginnings, to its current position as the economic capital of Nigeria and West Africa, pensioners have been instrumental in shaping its progress and success.

    “Lagos State owes much of its success to the dedication of our pensioners. Whether they served in the public sector, the educational system, healthcare, transportation, or other critical sectors of the economy, the work of these individuals has laid the foundation for our progress. Our pensioners have contributed to the design of policies, the execution of development projects, the administration of government functions, and the nurturing of the Public Service Institutions that continue to serve our citizens today.

    “Throughout your careers, you have given your time, energy and expertise to building the vibrant Lagos we see. As teachers, doctors, engineers, administrators, and public servants, you have worked tirelessly to ensure that the wheels of governance turned efficiently. As you enjoy the fruits of your hard work in retirement, we owe you a debt of gratitude, and this celebration is one way of recognising that debt.”

    He continued: “Pensioners are not just retirees; they are a living repository of knowledge, wisdom, and experience. The Public Service was built on the principles of hard work, discipline, and dedication, values that have been passed down from one generation of public servants to the next. The history of Lagos State is, in many ways, your history. Today, as we mark Pensioners’ Week, we honour your legacy and reaffirm our commitment to ensuring that your contributions are never forgotten.

    “One of the key priorities of LASPEC is to guarantee that pensioners are treated with the dignity and respect they deserve. We understand that the journey does not end once a public servant retires. In fact, it is at this point that their need for continued care, attention, and support becomes even more pronounced. Therefore, our mandate at LASPEC goes beyond mere administration of pension benefits, it is about ensuring that every pensioner receives the financial security, healthcare and other forms of support that will enable them to enjoy a peaceful and dignified retirement.’’

    “I am pleased to inform you that under the leadership of Governor Sanwo-Olu, we have made significant strides in improving the welfare of pensioners. Over the years, we have continued to meet our obligations with regards to pension payment, and we have introduced numerous reforms to ensure a seamless and transparent process for the payment of pensions. This administration has prioritized the payment of pension arrears and in July of this year, Mr. Governor cleared the backlog of outstanding accrued rights. This has gone a long way in easing the burden for many pensioners.”

    The DG further stated that at LASPEC, they are also committed to ensuring that the pension management process remains transparent and efficient.

    “We recognise that many pensioners still face challenges in accessing their entitlements, and we are working to streamline processes, increase awareness, and provide assistance to ensure that all pensioners receive their due benefits promptly and without difficulty. We have also strengthened our communication channels, ensuring that pensioners can easily contact us for inquiries, complaints, or suggestions,” he stressed.

    The pensioners lauded Sanwo-Olu and LASPEC chief for showing that they cared for them.

    Chairman, All Lagos State Retired Head of Service and Permanent Secretaries,  Otunba Nurudeen Ojora  said the week reinforces what pensioners stand for and has done in the past for the state.

    Ojora said it is a good thing to know that the government is remembering pensioners.

    He however noted that the Week also reinforces the need for them and the government to do more.

    “We have asked ourselves what more we can be in terms of pensioners’ welfare. We talk of health issues and the challenges we face in our hospitals when we seek the free healthcare the government has provided for us.

    “A situation where a pensioner has to visit the hospital for three days in a week before he or she can be treated is not too good. This can defeat the government’s effort. So, we are going to suggest to the government that these are the areas they need to address.

    “We believe that the government can establish a desk in each of the hospitals so that when pensioners go there, they know who to meet and can immediately attend to them,”, he submitted.

    He advised pensioners of other states who are being owed years of unpaid pension to pray for their government to do better for them.

    He also said while governors are politicians who may not really understand why they should spend billions on pensions, the civil servants, the Accountant-General and Commissioner for Budget should advise them better on what pension is.

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    Expressing what it feels like to retire in Lagos State, Olushina, who retired as Permanent Secretary, Ministry of Information in 2022, said he was happy to have retired in the state.

    He said: “We see what is happening to our fellow pensioners from other states and I thank God every day for what Lagos is doing.

    “We hear stories of other states where pensioners are owed over five years. How do they want people to survive? We have to give kudos to the government of Lagos State.”

    Another pensioner, Mrs. Adebukola Oluwaseyi, said when she got the special invitation to attend the event, she felt elated because it was an indication that the government remembered her.

    Mrs. Oluwaseyi, who retired in 2019 as a teacher, said inflation has reduced the value of their monthly pension and called on the government to increase their pension.

    “My impression about the programme is that it is a good one. The payment of pension today is different from that of those days when we had to stand in the sun. Here we are seated enjoying food and drinks. This is very good but we’ll ask for more rights by increasing our monthly pension. I retired in 2010. Prices are on the increase.

    Another pensioner, Mrs. Eunice Adetunji, retired in 2003, added: “I feel great today. After retiring in 2003, I never knew the state still remembers me. We thank the government for remembering us. We look forward to a better pension.’’

  • Lagos sensitises workers to pension

    Lagos sensitises workers to pension

    Lagos State has sensitised employees of local governments on importance of Contributory Pension Scheme (CPS).

    Director-General of Lagos State Pension Commission (LASPEC), Babalola Obilana, said the sensitisation was important to ‘discuss updates and improvements to CPS, as well as emphasise its crucial role in enuring a secure and sustainable future for public servants’.

    According to him, the CPS was established to guarantee that every employee has a reliable and sustainable source of income upon retirement. “The scheme is based on a straightforward principle – both employees and employers contribute a portion of the employee’s salary into a pension fund, which is then managed by a designated authority’, Obilana noted.

    He added: “Over the years, the administration of the CPS in Lagos State has evolved, with several key updates aimed at improving efficiency, transparency, and accessibility. These changes reflect our ongoing commitment to safeguarding pension funds and ensuring that your benefits are both protected and accessible when you need them most.

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    “A development has been the strengthened collaboration between LASPEC, Pension Fund Administrators (PFAs), and Annuity Service Providers (ASPs). LASPEC is working to streamline processes, ensuring your pension benefits are accessible. This collaboration is essential to ensuring your retirement savings are properly managed and continue to grow over time.

    “However, some public servants are yet to open their RSAs. This has implications for your future financial security. Without an RSA, your contributions remain in an Escrow Account, rather than being invested and managed to generate growth…’’

    This situation limits potential of your retirement savings, but also complicates the pension payment process when you retire.

    “I cannot stress enough the importance of opening your RSA without delay. If you have not done so, I urge you to take action. The team at LASPEC will guide you through registration, assist with documentation, and give information about PFAs …’’

  • Pension complaints and solutions

    Pension complaints and solutions

    ISHOLA: Good day, my name is Ishola. I am on a 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 to visit PFA to recapture his PIN and provide details of the two PINs to enable us work on deactivating one.

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

    PENCOM: Please be advised that Stanbic IBTC have 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 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 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 all the time. Please help me and my fellow pensioners who were affected out of this dilemma. I am waiting to hear a good response from your office.

    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 the 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 chose 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 degenerate into litigation. Thanks in anticipation.

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    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: Madam, I strongly need your help. We are leaving the country and we need money for upkeep on the way. We are banking on the 25 per cent of my 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.

    OLABISI: Hello, you requested for my PIN, name and PFA and I have provided them. I have also submitted my application. But, I am yet to be paid 25 per cent of my savings for job loss.

    PENCOM: Dear Mr Olabisi, please contact your PFA to direct you on the next steps as the application is incomplete.

    ABUBAKAR: Dear madam, my name is Abubakar from Ilorin. I worked at the Nigerian branch of the Danish Yogurt company, FANMILK PLC, for 31 years. It was an illness brought on me at my workplace via an accident that made them lay me off without compensation. I beg to use this forum to appeal to the CSR conscience of FANMILK PLC and the embassy of Denmark. Thank you.

    PENCOM: Not under our purview, NSITF.

    FOLORUNSO: My name is Folorunso. I worked at the Vanguard Newspaper and later joined The Nigerian Tribune. On joining Tribune, Stanbic IBTC Pension opened a new RSA account for me, the same Stanbic with Vanguard. I have double PEN registration and am having difficulties accessing my funds.

    For over a year, I have kept writing STANBIC and the DG of PenCom but to no avail. After much pressure, STANBIC claimed to have harmonised the two PEN account numbers and it is left for PenCom in Abuja to give approval for me to access my funds. My findings show that it will take another one year to get PenCom approval. Please what can I do to get the urgent attention of the PenCom DG to resolve my pension issue?

    PENCOM: send the PIN numbers.

  • ‘Pension administrators’ role critical to contributors’ financial wellbeing’

    ‘Pension administrators’ role critical to contributors’ financial wellbeing’

    The role of pension administrators is critical with pension administrators responsible for building investment with the contributors’ fund under the Contributory Pension Scheme (CPS) to secure financial wellbeing in retirement, the Managing Director/CEO, Leadway Pensure Olusakin Labeodan, has said.

    He said this while delivering a paper on: “The Role of Pension Funddministrators: Educators and Enablers” in Lagos.

    Labeodan said it is a delicate task as families thrust their future wellbeing in the capacity to make the right investment decisions whilst safeguarding their contributions.

    However, he stated that they are also expected to hold the contributors’ hands during this long journey, noting that they can only make pivotal decisions with the right information and support.

    He said: “Beyond expertly managing funds, PFAs must also serve as educators and enablers, empowering pension holders to make choices aligned with their financial goals. This is not merely about offering options; it’s about fostering a culture of financial literacy, inclusion and empowerment. PFAs should demystify the fund structure and actively communicate the benefits of each fund.

    “Many contributors, for instance, need to be made aware that they have the right to switch between RSA funds or adopt a more growth-oriented strategy while still young enough to reap the benefits. A more transparent and user-friendly approach to educating clients could significantly improve their long-term financial security. Changing the Narrative: Your Pension, Your Choice.

    “For pension holders, this is a call to action. Gone are the days when defaulting passively into a fund was enough. The world of wealth creation has changed, and so has the potential to grow your pension. In times of economic uncertainty, taking control of where your pension is invested can offer greater security and peace of mind. The power to choose your pension’s investment direction is essential to financial autonomy. Contributors must understand that involvement in this decision can substantially affect their retirement outcomes. Ultimately, the question is not whether Fund I is right for you—it’s whether you are ready to engage with your pension in a way that reflects your future ambitions”, he added.

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    He stressed that taking control of your retirement plan now could unlock the financial freedom contributors seek in the future, after all, their pension is not just an account, it is their future.

    “At Leadway Pensure, securing a prosperous retirement is about saving consistently and owning your financial journey. We encourage all contributors to explore the full spectrum of available investment options and actively shape their retirement future, including making Additional Voluntary Contributions (AVC).

    “With proper planning, active participation in your pension investment can be the difference between a comfortable retirement and a financially secured one”, he said.

  • Pension complaints and solutions

    Pension complaints and solutions

    JAMIUDEEN: Good day, my name is Jamiudeen. I retired from National Population Commission on May 1, 2023. I have been to my pension manager, Stanbic Ibtc Pension for my accrued right and gratuities. They always told me that it has not been paid and I need money urgently to do the operation of my right leg at Igbobi Orthopedic hospital. I was infected with the wound while in active service of Censor 2006 and since then I have been spending my money on the leg. The commission did not take care of me. I spent my cooperative money on the leg until I was told that an operation is needed to be carried out on my skin grafts. Since then, I have been waiting for my pension money to take care of my leg. Kindly help so I can be paid as soon as possible. I cannot feed myself and the children or pay school fees and house rent.

    PENCOM: Payment was made on the May 24, 2024. The RSA holder is advised to approach his PFA to confirm.

    SANI: My name is Sani, I worked with West African Postgraduate Medical College, Yaba, Lagos. We chose Leadway Pensure Pfa Limited at Number 121/123 Funsho Williams Avenue, Surulere, Lagos. My pension contributions employer/employee has been fully remitted to the Leadway. Also my Legacy has been fully remitted to the Leadway. I have retired since March 31, 2023 and have submitted all the necessary documents for RSA and Legacy to be paid to me since May, 2023. Leadway told me that my documents were rejected because I did not put my pay slip. I sent the pay slip to them immediately. Since then no payment has been made to me. Leadway’s response is that PENCOM has not approved my documents for them to pay me. Please, I want you to intervene so that my money can be paid to me. It is six months that I am at home without earning salary. Thank you.    

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    PENCOM: Dear Sir, please carry out the Enrolment exercise, and submit the Enrolment slip, you may wish to visit www.pencom.gov.ng for guidance on how to get enrolled.

    ANIEMA: Hello, my late mum’s pension fund has not been paid since she passed in 2019. Her name is Aniema. Until her untimely death, she worked at Federal Science and Technical College (FSTC), Uyo, Akwa Ibom State. Her daughter who is the next of kin is Favour. I have submitted all the necessary documents to Stanbic IBTC Pension. Kindly assist us so that favour can start university and her younger siblings too.

    PENCOM: Dear Sir, the death benefit has been processed/paid in July 2023. The named beneficiary is advised to contact PFA.

    FOLORUNSO: My name is Folorunso. I worked with Vanguard Newspaper and later joined The Nigerian Tribune. On joining Tribune, Stanbic Ibtc Pension opened a new RSA account for me, same Stanbic with Vanguard. I now have double PEN registration and I am having difficulties in accessing my funds. For over a year now, I have kept writing both STANBIC and the DG of PENCOM but to no avail. After much pressure, STANBIC claimed to have harmonised the two PEN account numbers and it is left for PENCOM in Abuja to give approval for me to access my funds. My findings show that it will take another one year to get PENCOM approval. Please what can I do to get the urgent attention of the PENCOM DG to resolve my pension issue?

    PENCOM: send the PIN numbers

    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 Ltd on November 8, 2023 to process it after eight years.

    But I have not heard from them. l am yet receive my lump sum neither has my annuity sum been released. Meanwhile, my contemporaries that choose programme withdrawal with the same Oak Pension have all received their payments. Is it a sin to choose annuity which is what warrant this unholy treatment from Oak Pension? 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 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.

  • Pension complaints and solutions

    Pension complaints and solutions

    AIMINHIEFE: Good day, my name is Aiminhiefe. I worked in Auchi Polytechnic from April 1985 to March 2023 and retired as Chief Lecturer on March 20, 2023 under the Contributory Pension Scheme (CPS) retirees. My complaint is that I am yet to have my accrued pension right released to my PFA, Stanbic IBTC.

    ALEXANDER: Hello, l am Engr Alexander. I retired since March 2023 from Auchi Polytechnic but till now we are still waiting for our pension and gratuity to be paid after having carried out the necessary process long ago. I will be very delighted to know the reason for the delay because I and my mates who retired this same time are suffering. Thank you.

    UCHARA: Hello, I want to start Voluntary Contribution (VC). I spoke with my Pension Managers (IBTC) they are unable to help me out. What am I to do to start? Thank you.

    STEPHEN: Good day, I completed my tenure as Executive Director Engineering last year March 31 2023 but up till now, I am yet to receive my pension and gratuity. My PFA is Premium Pension. God bless you

    MUSA: Dear Omobola, my name is Musa. I retired from Federal Polytechnic Auchi Edo State since March 2023 from Auchi Polytechnic Auchi (16 months now) and my PFA is TrustFund. Kindly ask PenCom why they have not paid me my pension benefits. Thank you.

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    AKINTOYE: Kindly look into the matter in respect of late Akintoye. Her next of Kin is Oluwaseun. My PFA is Crusader Pension. All documents were submitted to pension office in September 2020.

    ABDULLAHI: I am Abdullahi, serving with Civil Defence 2005 to date. I was short paid. My PFA is Stanbic Ibtc. Kindly help me. Thank you.

    MRS MATTHEW: Good day, I want you to help me with my late husband benefit from the aviation authority. They have sent me out of the quarters since April 3, 2020 and my husband died on October 5, 2019. The money is with First Guaranty Pension Ltd. I am really suffering with my children, and we are barely surviving. My late husband died year 2019. I am appealing to you to help me. You are my last hope. Thank you. Mrs. Matthew.

    GREAT: Hello, My name is Great. I have been following up with my late wife’s gratuity since 2019. I have submitted all necessary documents I was asked to submit, till date, I have not seen anything. The last time I went to Access Pension in Lagos, I was told that they were waiting for the money to be released to them from Abuja. She served with Ministry of Defence and passed away in March 2019. Thank you.

    YUSUF: While thanking you for your good work, I wish to still appeal to you to look into my complaint of non-implementation of my level 13 salary with FRCN where I retired on April 20, 2019 on level 12. The level 13 promotion was after my retirement in April.2019 and was back-dated to January 2019. My PFA is Premium Pension.

    BRAIMAH:  Good day, my name is Braimah. I retired in June 2022 from the Nigeria Customs Service. When I approached my PFA, Premium Pension for my benefits in 2023, my annuity application was rejected and I was told to stay a year on programmed withdrawal that I can apply for annuity after a year of earning on programmed withdrawal. It is a year now so I submitted annuity agreement via DHL from Auchi to Abuja as there is no Premium Pension office here in Auchi. I just check and I realised my application was rejected. I have been calling to know why but no response.