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Tag: pension

  • N1.17tr Jan gains takes Pension fund assets to N19.53tr

    N1.17tr Jan gains takes Pension fund assets to N19.53tr

    The pension fund assets have appreciated by N1.17 trillion to N19.53 trillion as at January 31, as against N18.36 trillion recorded last December 31.

    This is contained in the National Pension Commission (PenCom)’s unaudited report on the Pension Funds Industry Portfolio for the period ended January 31.

    PenCom said N12.14 trillion of the fund was invested in the Federal Government’s securities.

    On the breakdown, the commission said N11.59 trillion was invested in bond, while treasury bills gulped N221.81 billion.

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    Others, it added, were agency bonds at N14.86 billion, N124.89 billion worth of Sukuk bonds and green bonds at N181.57 billion.

    The pension regulator stated that N270 billion was invested in state government securities and N1.71 trillion in money market instruments.

    PenCom further said the fund assets in United States Dollars value was N14.39 billion at an exchange rate of N1,356 per a dollar.

    According to the commission, Retirement Savings Account (RSA) subscribers as at the period under review stood at 10.22 million.

  • 280+ children taken; pension arrears= capital offence

    280+ children taken; pension arrears= capital offence

    We had the exciting phrase ‘security architecture’ bounced around in relation to the despicable Chibok ‘assault on the country’s children’.  Now more desperate parents face more torture with further mass kidnappings, 280+ children and teachers last week. At what point do we ‘ADMIT WE ARE IN A STATE OF WAR’ and know militarily that we must surround and destroy the enemy and not just confront the enemy and allow it to relocate to kidnap more children elsewhere tomorrow? Nigeria is well covered by satellite should pay for access to  European Union, United States, Russian, Chinese, Australian, Middle Eastern cross-referenced satellite information covering 200 kilometres around the Ground Zero from seven days before the attacks till today. It is the only remote way to get ‘WHERE THEY CAME FROM’, ‘HOW THEY CAME’ and ‘WHERE THEY HAVE GONE’. But I guess the military is doing this already. We pray for their safe release with minimum trauma.          

    A state in Nigeria has pension arrears since 2007. The governor has announced that the effort to pay is ‘a Capital Project’ meaning that it is being moved from a budget item under ‘Recurrent Expenditure’ to ‘Capital Expenditure’. This is indeed a unique solution to a shameful, disgraceful failure of past administrative performance and an example of bad governance. We must congratulate the governor for tackling this huge burden. Governor Seyi Makinde of Oyo State met a similar criminal accumulated pension debt and has since liquidated it. Congratulations.

    It demonstrates a serial ‘Failure to Practice Good Governance’ or fulfil the serious responsibilities of office on the part of the 2007-to-date governments. Imagine the despair of the thousands retiring from a working life for government. The huge devastation, deprivation, denial of normal life and devaluation of the person -emotionally, economically and socially-, in the Nigerian nuclear and extended family and wider Nigerian society is unimaginable. 

    The state of ‘chronic pensionlessness’ has certainly led to more disease and worsening of disease and more early death of pensioners and their loved ones because medical treatment is  out of reach of the penniless pensioner. The pensioner also loses the respect of the children and grandchildren as they cannot perform simple grandparent tasks like providing ‘sweet, biscuit or akara and emergency supplementary pocket money’. The unpaid pensioner is immediately turned from an earner and retiree to a koboless beggar with no hope and a burden dependent on the children for medicines, food, shelter, transport and clothing.

    So, because pensioners and their family members sometimes die, the non-payment of pensions should be designated ‘Capital Offence’ and past governments and the leadership should be accused of such ‘Capital Offences’ and punished accordingly especially as worldwide politicians and sportspersons and others are in court for past irresponsible offences  when they were younger.

    Past governors and even presidents and their top government officials have a lot of negligent behaviour to apologise and make reparations for. They must forfeit their personal property to partly offset the unpaid pension. Yes, governors complain that previous governments deliberately employed political deadwood just to economically and politically annoy and destabilise incoming governors by giving them an added salary and pension burden.         

    The governor or president faced with a multiyear and multibillion naira backlog of pensions is very frustrated at the irresponsible behaviour of his predecessors in office who, by failing to pay pensions, failed to keep their Oath of Office and are seen to be getting away with negligence, fraud, diversion of funds, and spreading misery and even murder among their voter population.

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    What an insult to Fellow Nigerians  who elected or were forced to allow the leadership  to be ‘selected’ and imposed on the population which looked up to them only to be exposed to malignant criminal leadership failure. No one should be in responsible public office, elected or promoted, if they do not want to meet their sworn obligations to use the available funds for the budgeted needs in recurrent expenditure. Is there a single governor or president who does not know he must pay pensions along with salaries, electricity and water bills? Look at NASS and the presidency. They happily pay outrageous petrol and diesel bills but not electricity bills.  Sadly too many governors and even presidents have allowed both salaries and pensions to become ‘Party Political Pocket Money’ and just another usable item in the long list of mis-usable and abusable items like ‘Maintenance’ under ‘Party Political Propaganda’, Even granted that governors hate leaving things in good order for the next government, they should remember they are ‘governor’ and not ‘God’ denying the Human Rights of citizens to salaries and pensions and shirking their responsibility to honour their oath to provide them.

    Let us not pretend that the pension office like the tax office is somehow without fraud and immune from corruption.

    It was not so long ago that armed forces pensioners were forced to take over streets in Abuja. Recently we are told that 1000 widows of police or armed forces were given their rightful financial dues -how many years overdue?  Why was each widow not paid immediately as aright and honour?

     We are told fine new words ‘N3trillion legacy debts in electricity etc’. Legacy debt is misapplied to criminally ‘unpaid bills’ transferred government to governments as a yoke-a bad governance ‘inheritance’. They are evidence of financial crimes demanding EFCC investigation of the criminal burden passed to subsequent governments.

  • Pension complaints and solutions

    Pension complaints and solutions

    CHRISTIAN: I retired from the Federal Ministry of Works HQ, Mabushi, Abuja  in August 2016 after 35 years.

    Before then, l was promoted to the rank of Chief Executive Officer GL 14 with effect from January 1, 2015. Variation to reflect this rank was raised accordingly by the IPPIS Section of the FMW. HQ, Mabushi, Abuja, about six years ago but no payment was made to me.

    I made several enquiries about the payment of the promotion arrears but no response from the IPPIS. I even resent the promotion letter and other relevant documents to enable them to revisit it if they have not taken any action but no response and no payment.

    One of the staff informed me that our names were sent to the Accountant General of the Federation Office for the payment but till now no payment was made. l would be very much happy if you would use your good office to help me out of this matter. I have health challenges and l need money to treat myself. My name is Christian.

    PENCOM: Dear Mr. Igwemezie, kindly go to the Office of the Accountant-General of the Federation as the IPPIS falls under the office’s purview.

    AMINU: My name is Aminu. I submitted my application of transfer for Annuity to ARM Pension Limited over two weeks ago. But, they have not attended to me. Kindly assist me.

    PENCOM: Dear Mr. Aminu, your Pension Fund Administrator had already submitted your request for Retiree Life Annuity approval and the Commission has granted approval since December 6, 2023.

    AKINGBOLA: Good day, my name is Akingbola. I retired from the Ogun State Universal Basic Education Board on March 16, 2023. I have applied for a refund of my pension benefit from Tangerine/Apt Pension since April 25, 2023 and I haven’t got it.

    Meanwhile, those who retired months after my retirement have been paid. Kindly use your good offices to look into this matter. Thank you very much.

    PENCOM: Dear Mr. Akingbola, the process is under review by the Benefit and Insurance Department.

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

    PENCOM: Dear Sir/Madam, kindly approach the Pension Fund Administrator 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. At present, I want to transfer my contributions to Stanbic. I was told to write to PenCom. Kindly guide me.

    PENCOM: Dear Mr. Adeyemi,  kindly approach Standbic IBTC for data recapture to facilitate the merging of the two PINS. Standbic IBTC would guide him with the process.                             

    ANNONYMOUS: Good afternoon, I’m a staff member of the Nigerian Television authority (NTA). Please, how can I get my outstanding contributions from June 2013 to December 2018, which is 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.                       

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

    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, which 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.        

    SALIU: My name is Saliu, I understand it takes five working days for approval to come from you when a PFA forwards application. I want to find out why it’s not so with my application. It has been 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 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 it take for merging?

    PENCOM: Dear Sir, kindly provide the details of the two Retirement Savings Accounts (RSA) you are trying to merge to enable the Commission process the complaint.

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

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

  • Pension funds net 32% return on equities portfolio

    Pension funds net 32% return on equities portfolio

    • NGX, Pencom, PenOP to deepen collaboration

    A broad index that tracks average pension funds’  portfolios in Nigerian equities has gained 32 per cent so far this year.

    Stakeholders in the capital market and the pension industry yesterday called for greater collaboration to deepen pension funds participation in the capital market.

    The Nigerian Exchange (NGX) in partnership with the National Pension Commission (Pencom) and the Pension Fund Operators Association of Nigeria (PenOP) held a webinar to deepen knowledge of the NGX Pension Broad Index.

    The webinar featured a panel discussion by stakeholders in the pension industry who highlighted the importance of the benchmark for the industry.

    I Acting Chief Executive Officer of NGX, Jude Chiemeka, who was represented by Acting Divisional Head, Capital Markets, NGX, Tony Ibeziako, said that the exchange had been at the forefront of providing indexes for the capital market for decades and will continue to do so to deepen the market.

    He said, “We believe that this webinar will be of immense value to the stakeholders. NGX has been at the forefront of providing benchmarks for the Nigerian capital market for over 40 years. Over the years, the exchange has been proactive in providing more indexes. Now, we have over 20 benchmarks with five of them being sectoral.

    “The year-to-date gains of the NGX pension broad index is 32 per cent.  The NGX thought it to socialize the market with this index hence this all-important webinar. We promise to continue to partner with market stakeholders like PenOP and PenCom to boost the market in Nigeria and Africa.”

    Chairman, NGX Index governance Committee, Abimbola Babalola, said that the benchmark offers pension fund administrators a reference point to measure their performance as well as broaden their choice of securities.

    “With this broad index, PFAs now have a benchmark to compare their performance against. It is also like a guide for investors. Instead of cheery picking, they can look at the constituents of the NGX broad benchmark and decide on which stock to pick,” Babalola, who is also the Head, Market Surveillance, NGX Regulation.

    Head, NGX Secondary Market, Kazeem Alimi, said, “The index is to be able to give a reference and quantify performance.  It brings in the mid-cap and large cap stocks. This is a move that ensures that the benchmark is well ahead of challenges that can come up.”

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    Chief Investment Officer of Shell CPFA, Ehis Uzenebor, said, “The decision to intentionally push for benchmarking is a testament to the growth that the market has achieved. With appropriate benchmarking, fund managers can evaluate themselves.

    The board and trustees can also evaluate how fund managers can. It provides an objective basis for comparison across the industry.

    “When it comes to the role of risk management. If you appropriately benchmark, then to some extent, risk management appears elevated. It is also useful for the regulator in the sense that the regulator is able to ascertain and evaluate the appropriate the relevance of guidelines from time to time.”

    Head, Investment Supervision Department, PenCom, Abdulqadir Dahiru, said, “ We started on this journey with the NGX and it culminated in the NGX Broad Pension Index which provides diversification. From 40 stocks in the NGX Pension 40, we are now talking of 84 securities. We believe it is more representative and gives PFAs choices and helps them measure their performance.

    “I believe that while we are at this, we must look at the issue of capacity building. I think some of our PFAs have weaknesses around their investing team, so I will encourage the market to improve capacity, and understanding so they can go into the market with a bit of certainty.  There are some stocks which we have brought in which PFAs were not even looking at.”

  • Pension complaints and solutions

    Pension complaints and solutions

    MWALIMA: Good day. I am Mwalima. I am serving with the Nigeria Police Force.

    I did a transfer from Premium Pension to NPF Pension since September 2023 but up till now, my funds have not been transferred to NPF Pension. My ETD is December 2023. NPF has not alerted me on any development or  information about how to get my certificate.

     I am appealing for help to facilitae my transfer.

    PENCOM: Dear Mr. Mwalima, please contact the NPF Pension. Your RSA was moved to the PFA in December 2023.

    ROLUYI: Dear Omobola, I am Roluyi. Please, I have retired from the Ministry of Petroleum Resources since February 2023. My PFA is Stanbic IBTC Pension.

    However, I have not heard any message about my pension payment. Do help find out what the problem is.

    PENCOM: Dear Mr Adeleke, please note that January 2023 retirees’ payment is being processed. The payment for February will commence shortly.

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

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

    ANIEMA: Hello, my late mum’s pension has not been paid since she passed away 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 the necessary documents to Stanbic IBTC Pension.

    Kindly assist us so that Favour and her younger siblings can go to the university.

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

    ABUBAKAR: Dear Sir, my name is Abubakar from Ilorin. I worked at the Nigerian branch of the Danish Yoghout Company, FANMILK PLC, for 31 years. It was the illness brought on  me through an accident at my workplace  that made them to lay me off, painfully without compensation.

    I want to use this forum to appeal to the CSR conscience of FANMILK PLC and the Embassy of Denmark  to look into my case. Thank you.

    PENCOM: Not under our purview, NSITF.

    EYIMOGA: Dear Omobola, my name is Eyimoga. I write to complain about the delay in the processing of my provisional agreement, which I submitted to Premium Pension on November 24, 2023 – to purchase annuity for life.

    I am much aware of my right to choose between programme withdrawal and annuity for life and I have decided to go for the latter.

    I, therefore ,appeal to you to use  your good offices to compel Premium Pension to process and transfer my RSA balance to Leadway Assurance without further delay.

    PENCOM: Please, note that the RSA holder was paid via Programmed Withdrawal Approval on Deecember 7, 2023.

    FOLORUNSO: My name is Folorunso. I worked at 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 have now double PEN registration and I am having difficulties in accessing my funds.

    For over a year, 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’s approval.

    Please, what can I do to get the urgent attention of the PenCom’s DG to resolve my 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.

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    I went to Oak Pension Limited on November 8, 2023 to process it after eight years. But, I have not heard from them for over two months.

    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 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.

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

    SANI: My name is Sani. I worked at 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 retired since March 31, 2023 and have submitted  the 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 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.         

    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.

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

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

  • Pension complaints and solutions

    Pension complaints and solutions

    BALOGUN: Hello, my name is Balogun. My employer’s name is Amazuma Services Limited. I don’t know my pension company. Kindly help me.

    PENCOM: Dear Mr. Balogun, you are advised to approach your Pension Fund Administrator (PFA) for enquries.

    ASP. RTD. BOLARINWA: Dear Omobola, my name is ASP Bolarinwa (rtd). I retired in September 2023. However, I was unable to get my discharge certificate due to my inability to offset my bank loan because I am expected to present a non-indebted letter to process it. I don’t know if I can withdraw from my savings to offset it.

    PENCOM: Dear Mr. Bolarinwa, you are advised to approach your Pension Fund Administrator (PFA) for further directive.

    ANNONYMOUS: Good day, I am from Maritime Academy of Nigeria (MAN), Oron.

    I can’t enrol and verify 2024 retirees on PenCom’s Porter. What do I do?

    PENCOM: Dear Sir/Madam, kindly approach the Pension Fund Administrator of your employees for assistance with the Online Enrolment Application.

    CHRISTIAN: My name is Christian. I retired from the Federal Ministry of Works HQ, Mabushi, Abuja in August 2016 after 35 years in service.

    Before then, l was promoted to the rank of Chief Executive Officer GL 14 with effect from January 1, 2015. Variation to reflect this rank was raised accordingly by the IPPIS Section of the FMW HQ, Mabushi, Abuja about six years ago but no payment was made to me.

    I made several enquiries about the payment of the promotion arrears but no response from the IPPIS. I even resent the promotion letter and other relevant documents to enable them to revisit it if they have not taken any action but no response and no payment.

    One of the staff members informed me that our names were sent to the Accountant-General of the Federation Office for the payment but till date no payment was made.

    l would be very much happy if you would use your good offices to help me out of this matter. I have health challenges and l need money to treat myself.

    PENCOM: Dear Mr. Igwemezie, kindly go the the office of the Accountant-General of the Federation as the IPPIS falls under the office’s purview.

    AMINU: My name is Aminu. I have submitted my application for the transfer for Annuity to ARM Pension Limited for over two weeks.

    But I have not been attended to. Kindly assist me.

    PENCOM: Dear Mr. Aminu, your Pension Fund Administrator has a submitted your request for Retiree Life Annuity’s approval and the Commission granted approval since December 6, 2023.

    YUSUF: Good day, my is Yusuf.

    I am soliciting PenCom’s intervention to enable me access 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 debit owing to my outstanding car loan. (I can present my bank account statement if need be). I contacted my PFA, Stanbic IBTC, but they said such a request doesn’t normally get approved. Kindly assist me.

    PENCOM: Dear Mr.Yusuf, please be advised that the 25 per cent temporary access is a one-off payment. However, the RSA holder can access the balance in the year upon the attainment of 50 in line with Section 7 of the Pension Reform Act 2014.

    AKINGBOLA: Good day, my name is Akingbola. I retired from  the service of Ogun State Government (under Ogun State Universal Basic Education Board) on March 16, 2023.

    I have applied for a refund of my pension benefit from Tangerine/Apt Pension since April 25, 2023 but I haven’t got it.

    Meanwhile, those that retired months after my retirement have been paid.

    Kindly use your good offices to look into this matter. Thank you very much.

    PENCOM: Dear Mr. Akingbola, the process is under review by the Benefit and Insurance Department.       

    ADEYEMI: I am Adeyemi. I retired in December 2022. I was with ARM before I joined Stanbic IBTC. A present, I want to transfer my contribution to Stanbic. I was told to write to PenCom. Kindly guide me. 

    PENCOM: Kindly approach Standbic IBTC for data recapture to facilitate the merging the two PINS. Standbic IBTC will guide him with the process.                              

    ANNONYMOUS: Good afternoon, I’m a staff member of Nigerian Television Authority (NTA). Please, how can I get my outstanding contributions from June 2013 to December 2018, which is 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 am unable to do verification due to data capture issue. I have NIN.

    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, which has been corrected by NIMC but not effected by PenCom.

    PENCOM: You are advised to approach your Pension Fund Administrator for submission of documents to initiate the updating of your date of birth.         

    SALIU: My name is Saliu. I understand it takes five working days for approval to come from you when a PFA forward application. I want to find out why it’s not so with my application.

    This is two weeks, according to Leadway Pension that my application has been sent to you. What is holding my application?

    PENCOM: Kindly provide the name of your Pension Fund Administrator (PFA) to enable the Commission attend to 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 update and it has been over three months now. How long does it take for merging?

    PENCOM: Dear Sir, Kindly provide the details of the two Retirement Savings Accounts you are trying to merge to enable the Commission process the complaint.

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

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

    MOHAMMED: Dear sir, we are the administrator of our late father Mohammed. He worked with immigration service from 1987 and was down size during the presidential task force in 2006. Since then, we have not collected Kobo from National Pension Commission or Nigeria Immigration Service. We don’t know where to go or what to do sir. Help us out. Yours faithfully. Bawa

    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 the staff of the company refused to attend to me. He said my date of birth is different from the date of birth in PENCOM record. Meanwhile, I have November 23, 1964 in all my records. What should I do?

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

  • Lagos to clear pension backlog in April

    Lagos to clear pension backlog in April

    Respite may soon come the way of Lagos State pensioners with accrued pension rights. This is because Governor Babajide Olusola Sanwo-Olu has promised to clear the backlog of arrears by April, this year.

    The governor spoke at the 103rd Batch Retirement Bond Certificate Presentation in Lagos.

    By April, he said, stated that his administration would have covered nearly half of the total payments made by previous administrations since the inception of the Contributory Pension Scheme (CPS) in the state.

    He said: “I am pleased to announce that we have made substantial progress in this regard and I am confident that before the end of my tenure, our aspiration for a “Pay As You Go” model will be realised. My administration will continue to run an open government that acknowledges our diversity and promotes inclusion. I want to reaffirm that no matter your age, gender, sex, tribe or special needs, as long as you are an employee of the Lagos State Public Service, whether in active service or retired, your welfare and well-being is top priority.

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    “I am happy to note that Lagos State has continued to be the leading light, not only in the administration of pension benefits but generally in good credible governance. We are a top performer in pension payments among other quality indices of the CPS. This was attested to at the Y2024 Africa Brand Awards and the Y2024 Africa Public Sector Leadership Awards where Lagos State Pension Commission won the Gold Award for Best Employee Welfare Pension Company of the year and the Director-General emerged as the Pensions Personality of the year.

    “Let me assure you that the Lagos State Government, through the Lagos State Pension Commission, is assiduously working to ensure that Public Service retirees not only get what is due to them statutorily, but also continue to receive, through other agencies and programmes, additional support and assistance that will add value to their lives in retirement.”

    Sanwo-Olu expressed confidence in LASPEC DG and members of commission for their diligence and commitment to innovation, excellence, and professionalism. He charged them to keep up the good work and aim for greater accomplishment.

  • Pension complaints and solutions

    Pension complaints and solutions

    FADARE: Dear PenCom, we are a group of journalists and former staff members of National Mirror Newspapers. We worked for the organisation from 2010 to 2013.

    Unfortunately, our pensions were never remitted to our pension account despite having the Retirement Saving Account (RSA) opened with different Pension Fund Administrators (PFAs) at different time.

    We are calling on the Director-General of PenCom, Mrs. Aisha Dahir-Umar to come to our aid by compelling the organisation to remit our pension. The organisation, which is moribund was owned by Dr. Jimoh Ibrahim, the Senator representing Ondo South Senatorial District in the National Assembly.

    The workers involved are Fadare, Isioma, Gambari, Olesin; Ojo, Adeniran, Nwaneri, Frank, Akinlabi, Olomojomoloju, Esan, Ogundare, Kayode, Eferaro, Kusimo, Igbintade, Ebhuomhan, Okwara, Okanlawon; and Salako.

    PENCOM: Dear Mr. Fadare,  the concerned staff members are to write individually attaching the following: PIN, Name and Address of Employer, Period of non-remittances, and a copy of their RSA statement to their letters to enable the Commission further process the complaints.

    ROLUYO: Dear Omobola, I am Roluyo. I retired from the Ministry of Petroleum Resources since February 15, 2023. Stanbic IBTC Pension is my PFA.

    I have, however, not heard any message about my payment. Do please help find out the problem. Thank you.

    PENCOM: Dear Mr Adeleke, please note that January 2023 retirees’ payment is being processed. The payment for February will commence shortly.

    MWALIMA: My name is Mwalima, I am serving with the Nigeria Police Force. I transferred from Premium Pension to NPF Pension since September 2023. But, up till now, my funds have not been transferred to NPF Pension. My ETD is December 31, 2023 but NPF has not alerted me on any development neither do I have any information on how to get my certificate. Kindly help facilitate my transfer.

    PENCOM: Dear Mr. Mwalima, please contact the NPF Pension. Your RSA was moved to the PFA in December 2023.

    OLABISI: Hello, my name is Olabisi.You requested for my PEN and name (Annonymous). PFA: Trust fund. My application has already been submitted. I am yet to be paid 25 per cent for job loss. Thank you.

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

    ANIEMA: Hello, my late mum’s pension has not been paid since she passed on in 2019. Her name is Aniema. 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  the  necessary documents to Stanbic IBTC Pension. We also sent document via SMS to PenCom. Kindly assist us so that Favour can attend university. Ditto her younger siblings too.

    Loking forward to your quick response.

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

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

    PENCOM: Provide PIN and PFA.

    EGWAKHIDE: My name is Egwakhide. I served from 1981to 2016 (that is, 35 years). My complaint is: the short payment of my lumpsum and monthly pension. Thank you.   

    PENCOM: Provide PFA.

    BAKARE: Dear PenCom, I am Bakare Raufu Tunde, a retiree. We were directed to fill in a form last year for palliatives but up till now, we have not recieved anything.

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    PENCOM: It does not apply to CPS retiree.

    HARUNA: Greetings to PenCom and The Nation. My name is Harun. I retired from the Nigeria Custom Service (NCS) in 2014.The 2.5 per cent shortfall approved by former President Muhammadu Buhari has not been credited to my RSA account.

    My PFA is Sigma Pension. Kindly help push it, so that I can get my payment.

    PENCOM: Provide PIN.

    ANNONYMOUS: Hello, I am having problems with my PFA, Access Pension. I was told that I have the right to change my PFA. I also know that I have a right to change to an insurance company for life annuity. However, my PFA is making it seem like it is a crime to do so. I called their office today but they told me vehemently that it is PENCOM that does not want to give approval to my case. Kindly help me.

    PENCOM: Provide PIN

    OPEOLUWA: Hello, my dad’s name is Olabode. He retired since July 13, 2021 but he has not received his pension up till now. He retired from NIPOST. His PFA is Stanbic Ibtc Pension. Please help us. We really want to know why the money has not being paid. The suffering is too                                                                                                                                                                                                                                                                                                                                                                                                                                                           much.

    PENCOM: Provide PIN  

  • Pension complaints and solutions

    Pension complaints and solutions

    FOLORUNSO: My name is Folorunso. I worked at Vanguard and later The Nigerian Tribune.

    On joining Tribune, Stanbic IBTC Pension opened a new RSA account for me, same Stanbic with Vanguard. Now I have double PEN registration and I am having difficulties in accessing my funds. For over a year, I have been 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 approve for me access to my funds. My findings show that it will take another one year to get PenCom’s approval.

    Please, what can I do to get the urgent attention of the Pen Com DG to resolve my pension issue?

    PENCOM: Send the PIN numbers

    ANNONYMOUS: Good day,  I would like to know document to be submitted to claim my pension. I also want to know the percentage of my total RSA due to be paid to me. I am 60 years old. My PFA is Access Pension.

    EFE: My name is Efe. Sequel to your advice to send my PIN, which I did to enable the commission investigate my complaint in The Nation of Wednesday March 22, 2023, nothing has been forthcoming. I want to know my RSA credit, bond and eligibility status to access the 25 per cent.

    PENCOM: The Nation should forward the PIN number to PenCom

    ODUWAN: I retired in September 2022 and after one year. I did not receive any thing from PenCom. Please, help me to know my plight by finding out my status. My PFA is Access Pension

    PENCOM: Please, note that the complainant’s request is being processed. The PFA will contact the complainant once it is concluded.

    ADESAKIN: My name is Adesakin, my employer has not remitted my pension deducted for about 70 months. What can I do?

    PENCOM: NO PFA

    ADJOGRI: Hello, my name is Adjogri. I retired on July 31, 2016 from SUBEB, Delta State, and got my accrued right to process my lump sum and pension. I went to Oak Pension Limited on the November 8, 2023 to process it after eight years. But, I have not heard from them for over two months. l am yet to receive my lump sum neither has my annuity sum been released.

    Meanwhile, my contemporaries who chose Programme Withdrawal with the same Oak Pension have  received their payments. Is it a crime to choose annuity which is what warrant this unholy treatment from Oak Pension?

    The Pension Act provides us the freedom to choose any 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.

    AWASE: Good day, I am Awase. I wrote to complain about the delay in the processing of my agreement  which I submitted to Access Pension on December 12, 2023 to purchase Annuity for Life.

    They have refused to treat my request. I am much aware of my rights to choose between Programme Withdrawal and Annuity for Life. I, therefore, appeal to you to use your offices to compel Access Pension to process and transfer my RSA balance to Leadway Assurance without further delay.

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    Please, help me to solve this problem between Access Pension and I. The frustration is too much. Since I retired on October 20, 2015, I have not been captured on their system and they are not paying me.

    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.

    ABUBAKAR: Dear Nation, my name is Abubakar from Ilorin. I worked at the Nigerian branch of the Danish Yoghout Company, FANMILK PLC, for 31 years.

    It was the illness brought on by my workplace 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

    EYIMOGA: Dear Omobola, my name is Eyimoga. I write to complain about the prevention and delay in the processing of my provisional agreement which I submitted to Premium Pension on November 24, 2023 to purchase annuity for life. I am much aware of my right to choose between program withdrawal and annuity for life and I have decided to go for annuity for life. I therefore appeal to you to use the power in your office to compel Premium Pension to process and transfer my RSA balance to Leadway Assurance without further delay.

    PENCOM: Please, note that the RSA holder was paid via Programmed Withdrawal Approval on 7-dec-2023

  • No pension

    No pension

    • It is disheartening that 26 state govts are yet to join the current pension scheme.

    The underlying principle of a pension scheme is that when workers have diligently served an organisation, establishment or government, and these workers reach an advanced age at which their strength begins to wane, those they have so dutifully served would show appreciation of their service and reciprocate by helping the erstwhile strong workers to cope with their new or emerging vulnerabilities. It usually involves paying a regular sum of money to the affected staff.

    In this country, as governance started to fail, one of its most unconscionable indices became the failure of governments at various levels to honour their pension responsibilities to their retirees.  Retirement therefore started to be something to look forward to with apprehension. Some have argued that the desire to avoid the miserable existence that had come to characterise post-retirement life in Nigeria is one of the factors predisposing workers to corruption, as a means of feathering their nests and making hay while the sun shines, so to say.

    To mitigate the pains of post-retirement life, which resulted from, among other problems, the dependence on unreliable budgetary allocations, various measures have been emplaced. One of such remedial and preventive policies is the introduction of the Pension Reform Act 2004 which had as a component the Contributory Pension Scheme that required both the prospective retiree and the employer to make payments into a retirement fund for each worker. The Pension Act 2004 was revised, repealed and replaced with the Pension Reform Act 2014. One salutary feature of the scheme was to remove bureaucratic bottlenecks and the misapplication of pension funds and thereby make pension matters largely business transactions between pension administrators and beneficiaries, guided by protective legislation to make the process fairly transparent and more accountable.

    It is however discomfiting that as many as 26 out of the nation’s 36 states have not fully subscribed to the more worker-friendly scheme.  This failure continues to subject pensioners to avoidable humiliation and pain, and perpetuates the travesty in which the pledge to pay pensions or pension arrears has now become a veritable election campaign promise by sundry governors.  Pension payments are now therefore at the whims and caprices of these governors.

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     The co-option of some labour union leaderships by scheming state governors has been identified as a reason for the widespread perpetuation of the anti-worker tendency. This is unacceptable and the defaulting states should post-haste join the league of state governments that have, like the Federal Government and the private sector, started implementing the more beneficial pension policy, while necessary revisions of different aspects of the policy continue.

    The implementation of the new pension policy is not the right occasion for exercising the constitutional right of states not to necessarily do what the Federal Government is doing. Therefore, it is hoped that in order not to create the unflattering impression that Nigeria’s state governments are principally a scourge to workers and the citizens at large, the different forums of state governors should begin to demonstrate that they are platforms for sharing and encouraging the adoption of best practices on how to serve the people. They should be forums for advocating for the promotion of the people’s welfare  by ensuring that all state governments adopt the new pension scheme along with supporting such noble policies as granting local governments due autonomy.

    While commending the state governments that have already started implementing the equitable pension policy, it is important to note that adopting certain complementary measures would make the policy to serve the retirees better. Such measures include retirement-targeted housing schemes by state governments and counselling on and facilitation of post-retirement investment opportunities.