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  • Consumer Protection Framework: Pension assets, data and privacy protected (Part 3)

    Consumer Protection Framework: Pension assets, data and privacy protected (Part 3)

    The National Pension Commission (PenCom)’s new Consumer Protection Framework for the pension industry has specified the business conduct of Pension Fund Operators (PFOs), as well as dispute resolution and enforcement mechanisms.

    Outlining pension consumer rights and responsibilities, the commission said part of its focus would be on the protection of consumer pension assets, data, and privacy.

    According to PenCom, the framework mandates robust data protection measures, promotes healthy competition, and enforces ethical advertising practices within the pension industry.

    The Director-General, PenCom, Mrs. Aisha Dahir-Umar stated that this comprehensive approach aims to foster a transparent, secure, and consumer-friendly environment, empowering consumers to make informed decisions about their retirement savings.

    She said the Framework plays a crucial role in safeguarding consumer pension assets, data, and privacy.

    She maintained that by enforcing strict regulations on PFOs on the management, investment, and confidentiality of pension funds and personal data, PenCom ensures that consumers’ interests are prioritised and protected.

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    Protection of Consumer Pension Assets, Data, and Privacy

    in a report stated that the separation of management and custody of pension funds between Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) ensures that consumers’ pension funds are safeguarded. All PFAs must comply with the regulation on Investment of Pension Fund Assets issued by PenCom, which is updated periodically to minimise investment risk exposure.

    She said: “Consumers’ pension and personal information are protected by PFOs. This is not released to third parties without the consumer’s consent, except as required by relevant laws. In terms of data usage consent, PFOs are obligated to maintain the confidentiality of consumers’ personal information and ensure data privacy and security. They must obtain prior consent from Retirement Savings Account (RSA) holders before using their information for promotional offers via email, SMS, phone calls, and other channels. Furthermore, PFOs must ensure the privacy and security of consumers’ data when requests are made by third parties, including government agencies.

    “Appropriate data protection safeguards and security measures, including employee training, must be in place to prevent unauthorised access, alteration, disclosure, accidental loss, or destruction of consumers’ data. To ensure data security and access control, PFOs must implement policies and controls to protect consumers against fraud. These policies include the use of robust software and transaction monitoring systems. For example, segregation of duties ensures that no single individual can both initiate and complete a transaction. PFAs have established access control systems to restrict and monitor access to consumer databases, ensuring that consumers’ data are securely stored and accessed only by authorised personnel. Periodic audits of control systems are required to ensure their adequacy and effectiveness in preventing breaches. When engaging with third-party agents, PFOs prioritise the safety and security of consumers’ data, allowing the use of consumer data solely for the specific requested purpose.”

    Competition and Free Market

    Mrs.  Dahir-Umar further said promoting competitive markets is essential to providing consumers with a wide range of choices among PFAs and encouraging the offering of diverse pension-related products within the boundaries set by the Pension Reform Act (PRA) 2014, noting that this approach fosters innovation and helps drive high service quality within the pension industry.

    “Consequently, consumers should be able to search, compare, and switch between products and service providers to make informed decisions that best suit their needs. Pension consumers have the option to move their RSAs from one PFA to another, choose a mode of withdrawing retirement benefits, and select their preferred investment fund within the scope of the PRA 2014. Encouraging a free-market environment is vital for effective service delivery. Therefore, PFOs are required to promote healthy competition while refraining from unethical and de-marketing practices, ensuring fair and beneficial outcomes for all consumers. Engaging in practices that tarnish the image or services of competitors is strictly prohibited.

    “For fair play, PenCom ensures that PFO advertisements align with approved product features. Advertisements must not mislead, misrepresent, or exaggerate the benefits of products and services. All advertisements should disclose full information about the products and services being advertised in clear and explicit language. When promotional materials refer to rates of return, PFOs must indicate applicable charges and state the features of the products/service,” she added.

  • Your hard-earned pension safe, Fed Govt assures Nigerians

    Your hard-earned pension safe, Fed Govt assures Nigerians

    • There’s enough safeguard, protection for savings

    There is a firm safeguard for pension funds which makes it impossible for anybody to tamper with them, the Federal Government has assured Nigerians.

    “There are rules and well laid out limitations about what pension fund assets can be invested in and what it cannot be invested in,” Finance and Coordinating Minister of the Economy Mr Wale Edun said.

    He added: “The Federal Government has no intention whatsoever to go beyond those prescribed limits, or outside those bounds, which are there to safeguard the pensions of workers.”

    Edu spoke against the backdrop of fears being raised in some political and Labour quarters that the Federal Government was interested in using the funds for infrastructure development.

    Former Presidential candidate Atiku Abubakar, the Trade Union Congress (TUC) and the Nigeria Labour Congress (NLC) are among those making the claims.

    Edun had after Tuesday’s marathon Federal Executive Council (FEC) meeting hinted at plans by the government to deploy about N20 trillion pension fund on infrastructure.

    The comment drew the ire of some Nigerians.

    The minister made the government’s position known on the pension funds, in a video posted yesterday.

    He said: “It has come to my notice that stories are making the rounds that the Federal Government plans to illegally access the hard-earned savings and pension contributions of workers. Nothing could be further from the truth.

    “The pension industry, like most of the financial industry, is highly regulated. There are rules and well laid out limitations about what pension fund assets can be invested in, and what it cannot be invested in.

    “The Federal Government has no intention whatsoever to go beyond those prescribed limits, or outside those bounds, which are there to safeguard the pensions of workers.

    “What was announced at the Federal Executive Council was merely for information purposes only. No approval was sought for any action whatsoever.

    “The information was that there was an ongoing initiative, drawing in all the major stakeholders in the long-term savings industry – those that handle funds that are available over a long period – to see how, within the rules and regulations set by the law, that could be used maximally, most effectively, to drive investment in key growth areas including infrastructure, housing, and of course, to find a way to provide Nigerians with affordable mortgages.

    “Within this context, there is no attempt, nor is it being considered to offer unsafe investments for pension funds or even insurance funds or any investment funds.

    “No attempt whatsoever to increase the risk. No attempt whatsoever to lower the returns that would otherwise be earned.

    “It is important to remember that the Federal Government possesses the ability to provide guarantees where stocks are needed in order to unlock funding that will lead to growth, creation of jobs, and alleviation of poverty.

    ‘’It is an ongoing conversation, a challenge, a test for the best and the brightest in the financial industry to come up with solutions that, while safeguarding the long-term savings, do provide an avenue that can help to boost growth in the economy.’’

    In a letter to Edun, the NLC and TUC said his announcement had “ignited deep apprehension and unrest among workers”.

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    They added that “the revelation that the government has already accessed nearly 70 per cent of the entire pension fund value is not merely alarming but  utterly unacceptable.’’

    NLC President Joe Ajaero and TUC Deputy President Tommy Okon signed the letter in which the workers also demanded to know the Pension Board that would superintend any discussion with the government since there is none in place.

    They vowed to “resist any action that seeks to undermine the retirement savings of Nigerian workers.’’

    The letter reads: “We write this letter with grave concern and unwavering determination on behalf of the NLC and the TUC.

    “The recent announcement by you, Honourable Minister, regarding the government’s intention to utilise the substantial pension funds of N19.66 trillion for infrastructural development, has ignited deep apprehension and unrest among Nigerian workers, who are the primary contributors and eventual beneficiaries of these funds.

    “Allow us to underscore the severity of the matter at hand. The revelation that the government has already accessed nearly 70 per cent of the entire pension fund value is not merely alarming; it is utterly unacceptable. Nigerian workers have entrusted their hard-earned savings for retirement security, not as a means for government projects.

    “It is imperative to halt any further plans to tap into these funds, especially given the lack of transparency and accountability in past government borrowing practices.

    “Your proposal to further leverage these funds for the purported betterment of housing and infrastructural sectors raises serious questions about fiscal prudence and responsible governance.

    “Where does the government intend to source the additional N20 trillion it seeks to acquire, especially considering the ambiguity surrounding previous borrowing practices?

    “The lack of clarity on this matter only fuels scepticism regarding the feasibility and sustainability of your initiative.

    “Nigerian workers rightfully demand assurances that their retirement funds will not fall victim to further Federal Government borrowing, especially when the PENCOM Board has not been constituted as envisaged by the statutes.

    “One is left to wonder which board superintends over such discussion with the government. Seeking to borrow from this fund is not backed by the Pension Act.

    “Despite the government’s assurances of widespread consultation with major stakeholders in the pension industry, it is disheartening to note that the NLC and TUC, representing the owners of the entire pension fund contributions, have neither been consulted nor informed about the government’s intentions.

    “This lack of transparency undermines the sanctity of pension funds, which should be treated with the utmost reverence and protection at all times.

    “It is incumbent upon the government to prioritise alternative sources of funding that do not imperil the financial security of Nigerian workers.

    “We insist that any initiative aimed at leveraging pension funds for national development must be executed with utmost transparency, accountability, and respect for the rights and interests of workers.

    “Furthermore, we strongly oppose the notion of the government engaging in fierce competition with other users of funds in the Pension fund market.”

  • Pension complaints and solutions

    Pension complaints and solutions

    KWAMI: I am Kwami. I have not been paid my pension. I want Access Pension to transfer my contribution to AIICO Insurance Plc. What is going on with Access Pension?

      I submitted my provisional agreement two months ago, precisely January 2024 authorising Access Pension to transfer my money to AIICO. Why is the PFA refusing to do so to enable me purchase annuity plan.

      Also, I want know if Access has submitted my provisional agreement to PenCom for approval.

      Finally, I want to know if PenCom has approved it.

    PENCOM: Dear Mr. Kwami, please note that your request has not been submitted to the Commission. Kindly liaise with your PFA.

    AORNAN:  Good day, I strongly need your help.

    My dad, Aornan,  a staff member of Federal Government Girls College, Gboko, died in service on July 8, 2015.

    He was even on his way from work when he had an accident. He didn’t susrvive it.

    My brother and I are his next of kin, but we have not been paid. I would be very happy if you could help me on this matter.

    PENCOM: Dear Sir, kindly liaise with your late dad’s Pension Fund Administrator (PFA) to ensure the necessary documents are submitted for the processing of his benefits.

    However, in case the documents have been submitted to his PFA, do provide his RSA PIN and other details to enable the Commission verify further.

    ELIZABETH: My name is Elizabeth. I worked at NIPOST Bayelsa for 16 years and transferred my service to the Bayelsa State Government where I retired in 2020.

     I came to the PenCom office in Abuja to complain in respect of the non-payment of my benefit.

    I have done everything about clearance with my documents at Premium Pension office in Bayelsa State.

    Finally, I did my capturing on the October 6, 2023.

    But, Premium Pension has refused to pay me my contribution.

    I look forward to hearing from you for the payment of my benefits.

    UFOT: Good day, my name is Ufot. I wish to complain about my unpaid pension by my former employer of over three years.

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    My former employer is Caverton Helicopters Offshore Support Group, based at Murtala Muhammed International Airport, Ikeja. My PFA is ARM Pension. I have not retired as I am still under 60.

    Caverton Offshore Support Group put me on furlough and even before they put me on leave without pay, they had not been paying my pension contributions to my PFA for over three years, yet they were deducting my contributions from my salary without adding their part to remit to my pension administrator.  

     I would appreciate it if you could compel them to pay my contributions of many years as it runs into a couple of millions.

    If you require any proof, I can provide it. Thank you.

    PENCOM: Dear Mr. Ufot, kindly write a letter of non-remittance to the Compliance and Enforcement Department of the National Pension Commission, stating the necessary information such as name and address of the employer, period in which remittances were not made and any other useful information for your complaint to be resolved.

    FATAI: I applied to my PFA, Stanbic IBTC, for my pension benefit for more than a year.

    Since then, I have been receiving messages from them thanking me for my patience and informing me that they are yet to get approval from PenCom. I want to sue them. Do I add PenCom or LASPEC too?

    PENCOM: Dear Mr. Fatai, please be advised that your request is yet to be forwarded to the Commission. Kindly get in touch with your PFA.

    DSP BASSEY: I am DSP Bassey. I am with ARM Pension. Should I join the NPF Pension too?

    PENCOM: Dear Mr. Bassey, please note that it is not compulsory that you move to NPF Pensions but it is advisable you discuss with your employer.

    OKPOSO:  I retired on September 22, 2022 from Cfao Nigeria Plc. Please, assist me on the payment of my pension which covered July 2023 to March 2024. Best regards.      

    PENCOM: Dear Pastor Okposo, kindly forward your RSA PIN as well as other information to enable the Commission investigate further.

  • Pension complaints and solutions

    Pension complaints and solutions

    ANNONYMOUS: Good afternoon. I’m staff member of the Nigerian Television Authority (NTA). Please, how can I get my outstanding contributions from June 2013 to December 2018, which were not remitted to my RSA account?

    PENCOM: Dear Mr. Adamu, kindly liaise with the Office of the Intergrated Payroll Personal System (IPPIS) Accountant-General of the Federation.                       

    SAMINU: My name is Saminu. I am a retiree from NIPOST. I was unable to do verification due to data capture issue. I have NIN. Help me.

    PENCOM: Dear Mr.Saminu, you are advised to approach your Pension Fund Administrator for Data Recapturing.                           

    EGBE: I am Egbe, a teacher at Federal Girls Government Colege (FGGC) Keana, Nasarawa State. I want my date of birth to be corrected. It has been corrected by NIMC but not yet effected by PenCom.

    PENCOM: Dear Mr. Egbe, you are advised to approach your Pension Fund Administrator (PFA0for submission of documents to initiate the process of updating your date of birth.       

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    ANNONYMOUS: Good day, since I retired from Federal Medical Centre (FMC), Markurdi on April 30, 2020, my monthly pension has not been paid.

    PENCOM: Dear sir/madam, you are advised to approach your Pension Fund Administrator (PFA) for further clarifications.                                     

    AKINGBOLA: Good day. My name is Akingbola. I retired from the Ogun State Universal Basic Education Board on March 16, 2023.

    Thereafter, I applied for the payment of my pension from Tangerine/Apt Pension on April 25, 2023 but I haven’t got it. Meanwhile, those who retired months after me have been paid. Kindly use your good offices to look into this matter. Thank you very much.

    PENCOM: Dear Mr. Akingbola, the process is being reviewed by the Benefit and Insurance Department.

    ANNONYMOUS: Hello, I am from Maritime Academy of Nigeria (MAN), Oron. I cannot enrol and verify 2024 retirees on PenCom portal. Kindly help me.

    PENCOM: Dear sir/madam, kindly approach the Pension Fund Administrator (PFA) of your employees for assistance with the Online Enrolment  Application.               

    ADEYEMI: I am Adeyemi. I retired in December 2022. I was with ARM before I joined Stanbic IBTC.

     I want to transfer my contributions to Stanbic. I was told to write to PenCom. Kindly guide me.

    PENCOM: Dear Mr. Adeyemi,  kindly approach Stanbic IBTC for data recapture to facilitate merging the two PINS. Stanbic IBTC will guide you.                             

    SALIU: My name is Saliu. I learnt it takes five working days for you to okay an application forwarded by an PFA.

    I want to find out why it’s not so with my application. It is two weeks, according to Leadway Pension, that my application has been sent to you. What is holding it?

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

    ANNONYMOUS: Good day, my complaint has been made by one of my pension account officer on my behalf, but I am yet to get an update and it has been over three months. How long does the merging take?

    PENCOM: Dear sir, kindly provide the two Retirement Savings Accounts  (RSAs) you are trying to merge to enable the Commission process the complaint.

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

    PENCOM: Kindly provide your Retirement Savings Account (RSA), Personal Identification Number (PIN) and PFA to enable the Commission process the complaint.

    MOHAMMED: Dear sir, we are the administrators of our late father Mohammed. He worked at the Nigeria Immigration Service (NIS) from 1987 to 2006, when he was retired by the Presidential Taskforce.

    Since then, we have not collected one kobo from either the National Pension Commission or NIS. We don’t know where to go or what to do. Help us.

    PENCOM: Please provide your PFA and PIN to enable the Commission investigate your complaint.

    ANNONYMOUS: I am Oforlea. I retired on September 14, 2022.

    My date of birth, November 23, 1964, which was wrongly captured in my NIN as November 23, 1965, which has been corrected.

    I later went for recapturing at Premium Pension but the staff member of I met refused to attend to me. He said my date of birth was different from that  in the PenCom record.

    Meanwhile, I have November 23, 1964 in my records. What should I do?

    PENCOM: Please send the complaint to info@pencom.gov.ng.

    ANNONYMOUS: I am a police officer.  My pension has not been paid into my account since 2017.

    I have been on this for the past three years – moving from one office to another – but my efforts have proved abortive. Kindly help me.

    PENCOM: Kindly provide your name and PIN.

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

    PENCOM: Please visit your PFA to resubmit your application.

  • Pension complaints and solutions

    Pension complaints and solutions

    SALAMI: Kindly help me to resolve my contributions withdrawal from Stanbic IBTC Pension.

     Upon attaining age 50 in 2023, I  applied for withdrawal. After submitting the documents required, Stanbic IBTC told me that they were unable to proceed with my contribution calculation because my last employer, May & Baker, said I didn’t clear with them, following the termination of my appointment in 2013.

      All my explanations to IBTC fell on deaf ears. We have been on the matter since April, last year. My pension contribution was not from May&Baker alone. I see this as a ploy by IBTC to deny me my right to access my fund.

     Kindly assist me with a view to getting justice.

    PENCOM: Stanbic IBTC responded, stating that the RSA holder did not provide the pay slip to enable the processing of his request. Kindly, visit the PFA and submit the required document.

    BAHAGO: Good day. Please, I want to know if I can collect my remaining balance or loan of my pension. My monthly pension is below N8,500 and my total balance is also below N1million. I was asked to look fup to your reply in The Nation every Wednesday.

    I am in my village and I have no access the newspaper. What do I do? My PFA is ARM Pension. Thank you.

    PENCOM: Dear Mr. Bahago, please visit any branch of ARM Pension close to you to advise you on the options available to you on your request.

    KWAMI: Hello, my name is Kwami. I have not been receiving pension because Access Pension refused to transfer my contributions to AIICO Insurance to enable me purchase an annuity plan.

    I submitted my provisional agreement in January 2024 authorising access pension to transfer my savings to AIICO but they are yet to do so. What is going on with the company? What’s holding them back from sending my money to my company of choice for annuity?

    I will like to know if Access Pension has submitted my provisional agreement to PenCom and if PenCom has approved it? What’s delaying the transfer. Warm regards.

    UFOT: Good day, my name is Ufot. I wish to complain about my unpaid pension by my former employer of over three years.

    The name of my former employer is Caverton Helicopters Offshore Support Group with office at Murtala Mohammed International Airport, Ikeja.

    My PFA is ARM Pension. I have not yet retired as I am still under 60. Caverton Offshore Support Group put me on furlough and even before they put me on leave without pay, they had not been paying my pension contributions to my PFA for over three years. Yet, they were deducting my pension from my salary without adding their own before remitting to my pension administrator. I would appreciate it if you could compel them to pay my contributions for years as it runs into a couple of millions. If you require any form of proof, I can provide them. Thank you.

    ATOLAGBE: Good day. My name is Atolagbe. I retired on January 15, 2023 from the National Population Commision.

    I need your assistance on my contribution with Stanbic IBTC Pension.

    Since then, Stanbic IBTC has not called me for the payment of my pension and gratuity. They told me that PenCom had not yet reconciled my account.

    But, I need to pay my house rent and children school fees.

    URUA: Hello. My PFA is Stanbic IBTC. I retired from MOD in February 2023 and up till now, I have not been paid my gratuity or pension.

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    Life is tough with high cost of living. My children have stopped school because I have no money to pay their fees.

    When will I be paid my gratuity and pension?

    ALAWODE: Good day, I worked with Tantalizers Plc and I still work with Tantalizers franchise (Chi-Osa Plc). I used to get information on y account under Pal Pension but I lost the SIM card that I used to receive messages on my account.  When I contacted Pal Pension about my issues, their response to give a new number did not solve the issue. Before pension emerged, we registered with NSITF Scheme and I learnt people have been paid off.

    I want to process my payment too, if it is true. I have my certificate and documents that may be necessary. Kindly help me.

    DSP BASSEY: I am DSP Bassey. I am with ARM Pension. Must I be with NPF Pension?

    FATAI: I applied to my PFA, Stanbic IBTC for my benefit for more than a year.

    Since then, I have been receiving messages from them, thanking me for my patience and informing me that they are yet to get approval from PenCom. I want to sue. Am I to sue PenCom or LASPEC?

    THE NATION: The newspaper will intervene by sending your complaints to PenCom. Therefore, KWAMI, UFOT, ATOLAGBE, ATOLAGBE, URUA ,ALAWODE, DSP BASSEY: and FATAI should watch out for the pension page on Wednesdays for your response and subsequently every Wednesday for pension news.

  • Pension net asset value reaches N19.8tr

    Pension net asset value reaches N19.8tr

    The net asset value of Nigeria’s pension fund has risen to N19.8 trillion as at end of February 2024 from N19.53 trillion recorded in January, The Nation has learnt.

    The fund has shown resilience amid tough economic conditions growing by N229 billion or 1.17 per cent in one month.

    The fund comprises of RSA ‘Active’ Funds I, II III and V; RSA Retiree Fund IV; Closed Pension Fund Administrators (CPFAs); Approved Existing Schemes; Fund VI Active and Retiree Fund.

    Besides, membership of the Contributory Pension Scheme (CPS) also increased to 10.26 million workers and retirees during the period under review from 10.22 million.

    This was contained in the Unaudited Report on Pension Funds Industry Portfolio for the Period Ended 29 February 2024 released by the National Pension Commission (PenCom) last week.

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    A breakdown of the fund further showed that Pension Fund Administrators under the supervision of PenCom mainly invested the pension fund assets in Federal Government Securities (FGN), which accounted for N12.37 trillion of total assets.

    The composition of investments in FGN Securities includes FGN Bonds at N11.74 trillion; Treasury Bills at N285.9 billion; and Agency Bonds N9.1 billion; Sukuk N132.5 billion; and Green Bonds N199.7 billion.

    Further analysis reveals the value of investments in quoted ordinary shares (domestic and foreign) stood at N2.19 trillion of total assets.

    The PFAs also invested N264.6 billion in State Government Securities; Corporate Debt Securities, N2.3 trillion and Money Market Instruments, N1.61 trillion.

    Amid other investment in Real Estate, Infrastructure Fund, Commercial Papers, Foreign Money Market Instrument, Mutual Funds, Open/Close Funds, Reits, Supra-National Bonds, Private Equities, the PFAs closed with a Fixed Deposit/ Bank Acceptance N1.22 trillion and a Cash & Other Assets of N360.6 billion.

  • Pension complaints and solutions

    Pension complaints and solutions

    KWAMI: I am Kwami. I need help to get Access Pension to transfer my benefit to AIICO Insurance Plc.

    I have not been paid my monthly pension. What is going on with Access Pension? I submitted my provisional agreement precisely in January 2024, authorising Access Pension to transfer my money to AIICO. Why is the PFA refusing to transfer to accede to my request to enable me purchase annuity plan?

    Kindly do justice to my request. I want know if Access Pension has submitted my provisional agreement to PenCom for approval. Secondly, I want to know if PenCom has approved it.

    AORNAN:  Good day, I strongly need your help. My dad was a staff member of the Federal Government Girls College, Gboko. His name was Aornan and he died on  July 8, 2015. He was still working before he died. It was even on his way back from work when he had an accident and died. My brother and I are his next of kin but we have not been paid.

    I would be very happy if you help me on this matter.

    ELIZABETH: Hello Omobola. My name is Elizabeth.

    I am one of the complainants about my benefits at the PenCom office, Abuja. I have done everything about clearance with my documents at Premium Pension office in Bayelsa State.

    I finally did my capturing on October 6, 2023. I am still looking forward to hearing from you for the payment of my benefits. Premium Pension has refused to pay me my contribution. I worked with NIPOST Bayelsa for 16 years and transfered my service to Bayelsa State government where I retired in 2020.

    THE NATION: The newspaper will intervene by sending your complaint to PenCom. Therefore, Kwami, Aornan and Elizabeth Watch out for the pension page on Wednesdays for your response and subsequently every Wednesday for pension news.

    AMINU: My name is Saminu, a retiree from NIPOST. I am unable to do verification due to data capture issue. I have NIN.

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    PENCOM: Dear Mr.Saminu, you are advised to approach your Pension Fund Administrator for Data Recapturing.                           

    EGBE: I am Egbe, a teacher at FGGC, Keana, Nasarawa State. I want my date of birth to be corrected. Please note that it has been corrected by NIMC but not effected by PenCom.

    PENCOM: Dear Mr. Egbe, you are advised to approach your Pension Fund Administrator for submission of documents to initiate the process of updating your date of birth.        

    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 my pension contribution for December 2021 and February 2022 not remitted to my account. I attached evidence of non-remittance in the mail.

    Please, I have not received any feedback on my complaint after two weeks and my money is not yet recovered.

    My PFA is Stanbic IBTC Pension but I was formerly with FCMB Pension.

    PENCOM: The complainant did not attach relevant document that would enable the Commission to process his request. Therefore, there would be need to forward Complainant’s Name; Personal Identification Number (PIN); Pension Fund Administrator (PFA) Name; and Employer Name (if applicable). By providing these details, it will help us expedite the resolution.

    PRECIOUS: My name is Precious from Schutmann Nigeria Limited. My complaint is: We applied for the Certificate of Compliance for 2019 to 2022. Our Employer Code is PR0000153777.

    I submitted an application since August 4, 2023 and I have not heard anything from PenCom. I need your assistance for speedy process. Thank you.   

    PENCOM:  The documentation  is incomplete. Kindly visit www.pencom.gov.ng to see the required documentation for processing of Pension Clearance Certificate.

    ANNONYMOUS: I am Oforlea. I retired on September 14, 2022. My date of birth is November 23, 1964 but it was wrongly captured in my NIN as November 23, 1965, which has been corrected.

    I later went for recapturing at Premium Pension but the staff member of the company refused to attend to me. He said my date of birth is different from the date of birth in PenCom’s record.

    Meanwhile, I have November 23, 1964 in all my records.

  • Lagos govt pays N4.48b pension benefits to 1,455 retirees

    Lagos govt pays N4.48b pension benefits to 1,455 retirees

    Another 1,455 Lagos State retirees have received N4 billion as pension payment, being their past service benefits prior to the commencement of the Contributory Pension Scheme (CPS) in 2007.

    This makes the 104th retirement bond certificate presentation.

    The government paid N3.149 billion to 1,013 retirees in its 103rd presentation in February. Governor Babajide Sanwo-Olu, during the presentation, promised that another N4 billion outstanding would be paid in March, while the government would try to clear all backlogs by April.

    Director-General of the Lagos State Pension Commission (LASPEC) Babalola Obilana expressed the government’s appreciation to the retirees for their committed service.

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    He said: “On behalf of Mr. Governor and the government, I extend my heartfelt gratitude to all of you present at this memorable event. Lagos State is thankful for your accomplishments and the enduring contributions you have made throughout your distinguished careers. You have exemplified the values that define Lagos State – integrity, commitment and excellence. Your dedication and hard work has contributed to the dream of a ‘Greater Lagos’. You are a source of inspiration for us all, and your legacy will undoubtedly continue to resonate within the public service.

    “Today, the administration of Governor Sanwo-Olu will present another set of 1,455 retirees with N4,004,753,066.15, being their past service benefits prior to the commencement of the Contributory Pension Scheme (CPS) in 2007.”

  • Pension complaints and solutions

    Pension complaints and solutions

    MRS IGWE: Good day, I am Mrs lgwe. There is a mistake in my gender in my NIN and l have corrected it from male to female. But PenCom is yet to acknowledge same to enable me complete my capturing.

      Kindly help me to complete my retirement process. I am under NUPEMCO, University of Maiduguri.

    PENCOM: Dear Madam, please visit your PFA to conclude the Data Recapture.

    SALAMI: Kindly help me to resolve my contribution withdrawal from Stanbic IBTC Pension. Upon attaining age 50 in 2023, I made an application for withdrawal. After several correspondence and having submitted the necessary documents required, Stanbic IBTC told me that they are unable to proceed with my contribution calculation because my last employer, May & Baker, said I didn’t do clearance following the termination of my appointment in 2013.

    All my explanation to IBTC fell on deaf ears. We have been on the matter since April, last year. My pension contribution was not from May&Baker alone, I see this as a ploy by IBTC to deny me my right to access my fund.

    Kindly assist me to get justice.

    PENCOM: Stanbic IBTC responded stating that the RSA holder did not provide pay slip to enable processing of his request. Kindly visit the PFA and submit the required document.

    SULE: Good morning, ma. My name is Joshua Ojonimi Sule. I have a pension account with FCMB Pension. Just three weeks ago, my company asked us to go and do recapture in our pension companies. All my colleagues have done their recapture successfully except me because FCMB Pension management indirectly refused to do my recapture for over two weeks, stating that their network was down. But I later found out that the network was not down for other services except recapture.

    I am in their office and they are still saying the same things. What do I do, madam?. Thanks

    PENCOM: Dear Mr. Sule, please provide your Retirement Savings Account (RSA) PIN to enable the Commission investigate the complaint.

    BAHAGO: Good day, please I want to know if I can collect my  balance or loan of my pension. My monthly pension is below N8,500 and my total balance is also below N1million.

    I was asked to look for your reply through The Nation every Wednesday. I am in village and I have no access to the newspaper. What do I do? My PFA is ARM Pension. Thank you.

    PENCOM: Dear Mr. Bahago, please visit any branch of ARM Pension close to you to advise you on the options available to you on your request.

    BAWA: Dear Omobola, we are the administrator of our late father Mohammed. He worked at the Immigration Service from 1987 and was retired by the Presidential Taskforce in 2006.

    Since then, we have not collected one Kobo from either the National Pension Commission or the Nigeria Immigration Service. We don’t know where to go or what to do. Kindly help us.

    PENCOM: Please provide the PFA and PIN number to enable the Commission investigate your complaint.

    ANNONYMOUS: I am Oforlea. I retired on September 14, 2022. My date of birth is November 23, 1964 but it was wrongly captured in my NIN as November 23, 1965, which has been corrected. I later went for recapturing at Premium Pension but a staff member of the company refused to attend to me. He said my date of birth is different from that  in PenCom’s record.

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    Meanwhile, I have November 23, 1964 in my records. What should I do?

    PENCOM: Please, send the complaint to info@pencom.gov.ng.

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

    PENCOM: Kindly provide your name and PIN.

    ANIEMA: Hello, my late mum, Aniema, pension fund has not been paid since she passed on 2019.

    Until her untimely death, she worked at the Federal Science and Technical College (FSTC), Akwa Ibom State.

    Her daughter who is next of kin, is Asuquo. I have submitted the necessary documents to Stanbic IBTC pension and we sent same via SMS to Pencom.

    Kindly assist us so that her daughte, Favour and her younger siblings can attend university. We have been looking out for The Nation every Wednesday. Thank you.

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

    OLABISI: My name is Olabisi.You requested for my PEN PIN. I have sent the information. My PFA is Trustfund. My complaint is that I submitted my application on 25 per cent loss of job yet I have not been paid. Thank you.

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

  • Non-Interest Fund hits N54.27b in pension assets

    Non-Interest Fund hits N54.27b in pension assets

    • Sustains growth

    The Non-Interest Fund (Fund VI) has demonstrated remarkable growth, soaring to N54.27 billion in pension assets.

      The fund was  launched by the National Pension Commission (PenCom) in September 2021.

    PenCom Director-General, Mrs. Aisha Dahir-Umar, made this known in a document obtained by The Nation.

    She attributed the sustained growth to the robust Operational Framework of the Non-Interest Fund (Fund VI).

    Introduced as part of the Multi-Fund Investment Structure, she said Fund VI empowers pension contributors and retirees to select a fund that aligns with their investment preferences.

    She said since its inception, the Non-Interest Fund has garnered  acceptability by pension contributors and retirees.

     While the Fund’s assets stood at N7.79 billion in September 2021, she said the Fund has grown to N54.27 billion by the end of January, this year, translating to an impressive leap of over 500 per cent or N46.48 billion over the period.

     The PenCom boss further stated that the growth trajectory underscores the effectiveness and appeal of the Non-Interest Fund among pension stakeholders.

    The Fund, according to her, offers RSA holders the choice of how their pension contributions are invested. It is expected that with sustained enlightenment on Fund VI, its assets will continue to grow. 

     Multi-Fund Investment Structure

     She said: “At the commencement of the Contributory Pension Scheme (CPS), active contributors’ funds were being invested solely in the RSA ‘Active’ Fund. PenCom thus conceived the Multi-Fund Investment Structure to align the age and risk profiles of contributors. Introduced in July 2018, the Multi-Fund Investment Structure separated the RSA Fund into six Fund types (Funds l to Vl). As a result, pension contributors and retirees are allowed to make specific choices regarding the investment of their pension funds.

    “The Multi-Fund Structure is consistent with allowing individuals to make their own choices under the Contributory Pension Scheme (CPS). These choices include selecting a Pension Fund Administrator (PFA) to open a Retirement Savings Account (RSA) and choosing a fund under the RSA Multi-Fund Structure, the transfer of an RSA from one PFA to another, among others.”

     Non-Interest Fund

    On Non-Interest Fund, she said Section 7.3 of the Regulation on Investment of Pension Fund Assets issued by PenCom, established the Non-Interest Fund (Fund VI) among the Fund types to be managed by licensed PFAs.

    “It is a Fund which complies with the provisions of Islamic Commercial Jurisprudence and any other established non-interest principles, as approved by the Financial Regulation Advisory Council of Experts (FRACE) or any other body constituted by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission.To boost confidence amongst pension contributors and retirees, the FRACE has certified that the Operational Framework issued by the Commission complies with non-interest finance principles.

     “Some of the objectives of the Operational Framework issued by PenCom include promoting financial inclusion within the Nigerian Financial System, establishing standards and procedures for managing Fund VI by licensed PFAs, and assisting in expanding the coverage of the CPS by attracting employees who are interested in non-interest funds. Sequel to the issuance of the Operational Framework by PenCom, PFAs were required to create and maintain the Non-Interest Fund for interested RSA holders. The Fund shall be separated into two funds, for active RSA holders and retirees.

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    “The permissible instruments for the Investment of Fund VI assets include Corporate/Supranational Sukuks, Government Sukuk (including Islamic Treasury Bills and Euro Sukuk) issued by the Federal Government of Nigeria, CBN or FGN agencies and Infrastructure Sukuk backed by FGN/CBN guarantee. Other instruments are compliant Money Market instruments, ordinary shares, private equity funds and real Estate funds.”

    How to transfer your pension savings to the Non-interest Fund

    On how to transfer pension savings to the Non-interest Fund, Mrs. Dahir-Umar said the Non-Interest Fund is optional for pension contributors and retirees.

    “Consequently, RSA holders in Funds I, II, and III and retirees in Fund IV are eligible to transfer their RSA contributions to the Non-Interest Fund (Fund VI) by making a formal request to their PFA in line with the provisions of the RSA Multi-fund Implementation Guidelines and Section 7.6 of the Investment Regulation dealing with Transfers between Fund Types within a PFA.

    “Therefore, eligible RSA holders who are interested must visit their  PFAs to request the transfer of their pension funds from their existing Fund to the Non-Interest Fund by completing and signing a Consent Form to be issued by the PFA. The personal presence of the RSA holder is required due to the need for authentication. Consequently, regardless of the Consent Form’s availability, the process cannot be concluded until the RSA holder visits the PFA and appends his/her signature to the form. After that, the PFA will move the funds from the existing Fund to the Non-Interest Fund and advise the RSA holder accordingly.”

    As the Commission and Pension Fund Administrators (PFAs) intensify enlightenment, it is expected that the growth of the Non-interest Fund will be sustained, she stressed.