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  • Pension complaints and solutions

    Pension complaints and solutions

    OLOSE: My name is Dr Olose. About N11million was withdrawn from my RSA account with Leadway Pensure and returned to PenCom at your office request, according to Leadway. At present, no remittances are made to my RSA account (from PenCom). Kindly help me.

    PENCOM: The complainant’s erroneous withdrawal is being processed.The PFA will contact the complainant once it is concluded.

    FAITH:  Good day, I want to lodge a complaint about data recapture. I have been trying to get my data captured with Leadway Pension but it is yet to be done since June 19. They just keep giving me excuses. Help me. Thank you.

    PENCOM: The complainant has been recaptured.

    MOJISOLA: My late wife, Mojisola, worked at the Ministry of Defense. Her PFA is Access Pension Limited, formerly Guarantee Pension Limited. The PFA asked me to give then a true certified copy of my Letter of Administration. They said I should go to court and get it done and, after that, that I would have to wait for 18 months.

    Please, help me. I am suffering because I spent all I have. Also, my late wife’s aged mother is there for me to take care of and I don’t want her to pass on without  taking  good care of her.

    PENCOM: The complainant wife’s death benefit has been paid; therefore, he should liaise with the wife’s  PFA

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

    I sent complaints via email to info@pencom.com.gov.ng on August 1, 2023 on my pension contributions 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 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 will help us expedite the resolution.

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

    I submitted the application on August 4, 2023. Since then, I have not heard from PenCom. I need your assistance for a speedy process.

    Thank you.    

    PENCOM:  Dear Sir, the documentation to process the certificate was incomplete. Kindly visit www.pencom.gov.ng to see the required documentation for processing of the Pension Clearance Certificate.

    MOHAMMED: Dear sir, we are the administrator of our late father, Mohammed’s estate. He worked at the Nigeria Immigration Service (NIS) 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 NIS. We don’t know where to go or what to do. Help us.

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

    ANONYMOUS: 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 Pen Com record.

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

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

    AMINU: My name is Aminu, I submitted my application of transfer for Annuity to ARM Pension Limited for over two weeks. 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 on 6 December, 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 position owing to outstanding car loan. (I can present my acct statement if need be). I contacted my PFA, Stanbic IBTC, but they said such request doesn’t normally get approved. Kindly assist me.

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

    ANONYMOUS: Good day, I retired from FMC Markudi in 2020. But my monthly pension has not been paid. Kindly help me.

    PENCOM: Dear Sir/Madam, you are advised to approach your Pension Fund Administrator for further clarifications.

  • Pension complaints and solutions

    Pension complaints and solutions

    FADARE: Dear PenCom, we are a group of journalists and ex-staff members of National Mirror Newspapers. We worked for the organisation from 2010 to 2013. But, unfortunately, our pensions were never remitted to our respective 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.

    THE NATION: The newspaper will intervene by sending your complaint to PTAD. Watch out for the pension page on Wednesdays for your response and subsequently every Wednesday for pension news.

    ODUWAN: My name is Oduwan. I retired from service in September 2022 and I am yet to receive my pension benefit. Please, help me to find out the status of my payment. I am in additional Batch 62A and my PFA is Access Pension.

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

    VIVIAN: Hello, I am a retiree. I retired on July 31, 2016 from Delta State SUBEB, and got my accrued right to process my lump sum and pension at Oak Pension Limited on November 8, 2023; after eight years.

    Till date, l am yet receive my lump sum nor annuity sum, whereas my contemporaries that choose programme Withdrawal as their mode of payment in Oak have gotten their money. Is it my sin to warrant this unholy treatment because I opted for Annuity? I plead with PenCom to intervene and not allow the situation degenerate into litigation. Thank you.

    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.

    EYIMOGA: Hello, 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 the 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 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 Company without further delay.

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

    AWASE: I am Awase. I wrote to complain about the delay in the processing of my provisional agreement which I submitted to Access Pension on December 13, 2023 to purchase Annuity for life.

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    I am much aware of my rights to choose between Programme withdrawal and Annuity for life. I, therefore, appeal to you to use your good offices to compel Access Pension to process and transfer my RSA balance to Leadway Assurance Company without further delay.

    Please, use your good offices to solve this problem. The frustration is too much.

    I retired since on October 20, 2015. Since then, I have not been capture on their system. Thank you.

    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: 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

    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 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

    ANONYMOUS: Good day, I retired from Federal Medical Centre (FMC), Markudi in 2020. But my monthly pension has not been paid.

       Kindly help me.

    PENCOM: You are advised to approach your Pension Fund Administrator for further clarifications.

    MEFE: Good day, I have requested for 25 per cent of my pension for months, yet no response. Last month, I was told to wait for Pencom’s approval but I have not got any response from Pencom. I have a huge debt to pay and this money is my only hope.

    Please, help me.

    PENCOM: Dear Mr. Mefe, the Pension Fund Administrator had already submitted 25 per cent request for approval and the Commission has granted approval since  November 24, 2023.

    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 to make enquries.

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

    PENCOM: Dear Mr. Bolarinwa, you are advised to approach your Pension Fund Administrator for further directives.

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

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

    PENCOM: Kindly approach the Pension Fund Administrator of your employees for assistance with the Online Enrolment Application.

    CHRISTIAN: My name is Christian. I retired from 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 fromJanuray 1, 2015. Variation to reflect this rank was raised accordingly by the IPPIS Section of the FMW. HQ Mabushi Abuja FCT 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 now no payment was made.

    Read Also: Tiers of govt share N1.1tr from Federation Account revenue

    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 submitted my application of transfer for Annuity to ARM Pension Limited for over two weeks. But they have not attended to me. Kindly assist me.

    PENCOM: Your Pension Fund Administrator had submitted your request for Retiree Life Annuity approval and the Commission had granted it on 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 position owing to an outstanding car loan. (I can present my account statement, if need be).

    I contacted my PFA, Stanbic IBTC, but they said such request doesn’t 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 attainment of 50 years in line with Section 7 of the Pension Reform Act 2014.

  • ‘How our initiatives, achievements shaped the industry in 2023’

    ‘How our initiatives, achievements shaped the industry in 2023’

    • Pension assets grew by N2.67 in 10 months

    In 10 months of last year, pension assets increased by N2.67 trillion from N14.99 trillion as in December 2022 to N17.66trillion in October 2023.

    Also, the Contributory Pension Scheme (CPS) membership increased by 278,800 new Retirement Savings Accounts (RSAs) from 9.86 million in December 2022 to 10.14 million last October.

    The Director-General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, made this known in a statement entitled: “Growth of Pension Fund Assets and CPS Membership”.

    She stated that PenCom marked last year as a momentous period in the history of pension regulation and administration.

    She said while they demonstrated commitment to effective oversight and innovation, they executed noteworthy initiatives, shaping a positive trajectory for the pension landscape.

    According to her, the initiatives, which manifested in a sustained growth of pension fund assets and CPS membership, paved the way for significant growth of the pension fund assets in 2023.

    Third Pension Enhancement

    Giving account of the year, the PenCom boss said the Pension Enhancement, which started in 2017, is the periodic enhancement of pensions for retirees under the CPS.

    “The third edition of the Pension Enhancement was conducted between February and July 2023. The exercise covered existing retirees under the Programmed Withdrawal mode of access who had accumulated significant growth in their Retirement Savings Accounts (RSAs).

    “Based on the analysis of retirees’ data, 111,187 retirees qualified for the third edition of the enhancement. Implementing the Pension Enhancement is a significant indicator that the CPS provides better retirement opportunities, enhancing the amount of pensions received by retirees.

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    “Pension Enhancement is another clear departure from the Defined Benefits scheme of the past, where retirees’ pensions were somewhat fixed. Previous Pension Enhancements were conducted in 2017 and 2020.”

    Additional Benefits Schemes under CPS

    The DG said: “PenCom unveiled the Framework for the Establishment of Additional Benefits Schemes under the CPS to boost retirement benefits for workers. The Framework aligns with Section 4(4)(a) of the Pension Reform Act (PRA) 2014, which allows employers to pay additional benefits to their employees upon retirement.

    “Accordingly, any employer may wish to provide additional benefits, such as gratuity, to its employees upon retirement. The Framework outlines the modalities for establishing and managing Additional Benefits Schemes for employers interested in increasing their employees’ retirement benefits under the CPS.”

    Accessing RSA for Residential Mortgage

    She continued: “PenCom continued to implement the Guidelines on Accessing Retirement Savings Account (RSA) Balance towards Payment of Equity Contribution for Residential Mortgage by RSA Holders in line with the provisions of Section 89 (2) of the Pension Reform Act 2014 (PRA 2014).

    “Section 89 (2) allows RSA holders to apply a percentage of their pension savings towards payment of equity contribution for a residential mortgage.

    “PenCom’s implementation of the Guidelines facilitated many workers in realising their dream of homeownership in 2023. A total of 1,737 pension contributors have so far accessed N18.601 billion from their RSA balances towards payment of equity contributions for residential mortgages in 2023.”

    Online Enrolment/Registration

    “As in the previous year, PenCom conducted the 2023 online Verification and Enrolment for retirees and prospective retirees of treasury-funded Ministries, Departments, and Agencies (MDAs) due to retire in 2024.

    “The nationwide exercise started on October 2, 2023. To simplify the process for prospective retirees and retirees, PenCom provided two options for registration for enrolment: The Self-Assisted option and the Pension Desk Officer (PDO)/PFA-Assisted option.’’

    Pension Clearance Certificates

    “PenCom commenced the issuance of PCC to organisations in 2012 in line with the Pension Reform Act, 2014 (PRA, 2014), which mandates all organisations with at least 3 employees to participate in the CPS. The PCC is evidence of compliance with the PRA 2014 and serves as a prerequisite for suppliers, contractors, or consultants soliciting any contract or business from the Federal Government’s Ministries, Departments, and Agencies (MDAs). Accordingly, PenCom issues PCCs to organisations that apply and have fully complied with the requirements. Consequently, from January to December 2023, PenCom issued 30,293 PCCs to private organisations that applied and fully complied with the set requirements.’’

    Uncredited Pension Contributions

    “PenCom observed that some employers remitted pension contributions of their employees with incomplete documentation. Consequently, PFAs were unable to credit the RSAs of the affected employees. PenCom and PFAs posted the list of affected employers and employees with uncredited contributions on their websites. On September 6, 2023, PenCom issued a  statement directing employers and employees on the list to provide PFAs with the requisite information to facilitate the crediting of pension contributions into the employees’ RSAs before the end of December 2023.’’

    Commission’s Corporate Strategy

    “PenCom developed and commenced implementation of the Commission’s refreshed Corporate Strategy. The strategy introduced several innovations hinged largely on improved service delivery to stakeholders. A highpoint of the strategy was the creation of a Consumer Protection Department to ensure that pension contributors and retirees are served effectively and efficiently. Through the department, PenCom has given more impetus to the expeditious resolution of complaints and issues from pension contributors and retirees.’’

    Mrs. Dahir-Umar affirmed that many of PenCom’s critical stakeholders such as Labour Unions, the pensioners’ union, the employers’ association, and the business community have  expressed confidence in how PenCom regulates the pension industry in Nigeria.

    It would be recalled that during the Annual Directors Conference organised by the Chartered Institute of Directors (ClOD) last November 16, 2023, in Abuja, Mr Olusegun Aganga, the Managing Director of Goldman Sachs, commended PenCom for effectively regulating the pension industry.

    “Aganga, also a former Minister of Finance, stated that the pension industry is one of the best-regulated sectors in Nigeria.

    “PenCom remains committed to the effective regulation and supervision of the pension industry to ensure that retirement benefits are paid as and when due,” Aganga had assured.

  • Pension complaints and solutions

    Pension complaints and solutions

    ANNONYMOUS: Good day, I retired from Federal Medical Centre (FMC), Markurdi on April 30, 2020.

      But my monthly pension has not been paid.

    PENCOM: Dear Sir/Madam, you are advised to approach your Pension Fund Administrator for further clarifications.                                     

    AKINGBOLA: Good day, my name is Akingbola. I retired from the active service of 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 gotten 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 under review by the Benefit and Insurance Department.

    ANNONYMOUS: Hello, I am from Maritime Academy of Nigeria, Oron. I cannot enrol and verify 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 StanbicIBTC. At present, I wanted to transfer my contribution to Stanbic but I was told to write to PenCom. Kindly guard me 

    PENCOM: Dear Mr. Adeyemi,  kindly approach StandbicIBTC for data recapture to facilitate the merging the two PINS.

    Standbic IBTC would guide him in 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  retired 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 Federal Government Girls College (FGGC), Keana, Nasarawa State.

    I want my date of birth to be corrected as 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.         

    SALIU: My name is Saliu. I understand it takes five working days for approval to come from you when a PFA forward its application.

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

    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 even though it is 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  need your help. We are leaving the country and we need money for upkeep on our way. We are banking on my 25 per cent pension savings. But 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.

    MOHAMMED: Dear sir, we are the administrators of our late father Mohammed. He worked with Nigeria Immigration Service (NIS) from 1987 and was sacked by the Presidential Taskforce in 2006.

    Since then, we have not collected any Kobo from the National Pension Commission or NIS. We don’t know where to go or what to do, sir. Help us out.

    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 members of the company refused to attend to me.

    He said my date of birth is different from the one in PenCom’s 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 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 – moving from one office to another but all my efforts proved abortive. Kindly help me.

    PENCOM: Kindly provide your name and PIN.

    OLOWOYEYE: Good day, I wish to inform you that the Access PFA has responded to my calls. I grateful for your intervention. Thanks a lot.

    THE NATION: The newspaper is excited that your complaint has been resolved.

    ANNONYMOUS: Good day, I am Omobulejo. I retired on August 15, 2020 from the Vintage Press Limited in Lagos.

    I regularised my documents with my PFA; StanbicIBTC confirmed this in November 2021 that there were okay. Since then, they sent me messages to me 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

    OLOWOYEYE: Good day, I

     wish to inform you that  Access PFA have responded to my calls. I am grateful for your intervention.Thanks a lot.

    THE NATION: The newspaper is excited to hear that your complaint has been resolved.

    YAJI:  Good day, my name is Yaji. My complaint is on the delay of my late father benefits, Inspector Yaji. His PFA is Leadway Pensure Nigerian Limited. He died on July 16, 2013. We are yet to be paid his death benefits.    

    PENCOM:  Dear Sir, the request was returned to the Pension Fund Administrator because there was no Death Certificate attached, which is one of the requirements for processing death benefits.

    Kindly provide the death certificate to the PFA for resubmission of the request.

    PRECIOUS: My name is precious Schutmann Nigeria Limited. My complaint is that we applied for application for the Certificate of Compliance for 2019 to 2022. Our Employer Code is PR0000153777.

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

    PENCOM:  Dear Sir, the documentation to process the certificate was incomplete.

    Kindly visit www.pencom.gov.ng to see the required documentation for processing for Pension Clearance Certificate.

    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: I need your help. We are leaving the country and we need money for upkeep before 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 administrators of our late father Mohammed. He worked at the Nigeria Immigration Service (NIS) from 1987 and was sacked during the Presidential Taskforce in 2006.

    Since then, we have not collected one Kobo from either the National Pension Commission (PenCom) or NIS. We don’t know where to go or what to do. Help us out. – Bawa

    PENCOM: Please, provide the PFA and PIN numbers 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 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 was different from the one in PenCom’s record.

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

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

    SALIU: My name is Saliu. I understand it takes five working days for approvals to come from you when a PFA forwards application.

    I want to find out why it’s not so with my application. It is over two weeks, according to Leadway Pension, since my application had been sent to you. What is delaying your reply to it?

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

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    ANNONYMOUS: 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 my efforts prove 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 Limited in Lagos.

    I regularised my documents with my PFA, Stanbic IBTC, and they were confirmed in November 2021  as okay.

    Since then, they send me messages, asking me to be patient. For how long will I be patient? I have no job at hand. Thank you.

    PENCOM: Please visit your PFA to re-submit your application.

    ANNONYMOUS: l recently retired from one of the MDAs. What do I do to get my benefits?

    PENCOM: Please, visit your PFA and ensure that you have the required documents, have undergone  enrolment and data recapture (if applicable).

    Your PFA will provide more information to you and guide you through the process.

    OBADARE: My name is Obadare. I am a retiree from Radio Nigeria. I did my PenCom verification in September 2022, but I am yet to be paid my pension. Kindly look into my case.Thank you.

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

  • Pension complaints and solutions

    Pension complaints and solutions

    AMINU: My name is Aminu. I submitted my application for 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 submitted your request for Retiree Life Annuity approval and the Commission granted the approval on 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 at 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 position owing to outstanding car loan. (I can present my acctount statement, if need be).

    I contacted my PFA, Stanbic IBTC, but they said such request was not 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 attainment of 50 years in line with Section 7 of the Pension Reform Act 2014.

    ANONYMOUS: Good day. I retired from Federal Medical Centre, Markudi  in 2020. But, my monthly pension has not been paid. Kindly help me.

    PENCOM: Dear Sir/Madam, you are advised to approach your Pension Fund Administrator for further clarification.

    MEFE: Good day, I requested for 25 per cent for months now and I have been waiting. Last month, I was told to wait for Pencom’s approval but I have not got a response  from Pencom. I have a huge debt to pay and the money is my only hope.

    PENCOM: Dear Mr. Mefe, the Pension Fund Administrator had already submitted 25 per cent request for approval and the Commission had granted approval on November 24, 2023.

    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 to make enquries.

    ASP. RTD. BOLARINWA: Dear Omobola, my name is ASP Bolarinwa (retired). I have retired from service in September 2023.

    I was unable to get my discharge certificate due to my inability to offset my bank loan because I have to present a non-indebted letter to process it. I don’t know if I can withdraw out of my savings to offset It.

    PENCOM: Dear Mr. Bolarinwa, you are advised to approach your Pension Fund Administrator for further directives.

    ANNONYMOUS: Good day, I am from Maritime Academy of Nigeria, Oron. PDO: I can’t enrol and verify 2024 retirees on PenCom 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 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 FCT 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 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.

    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.

    FAITH:  Good day, I want to lodge a complaint about data recapture. I have been trying to get my data captured with Leadway Pension but it is yet to be done – since June 19. They just keep giving me different excuses.  How can you help? Thank you.

    PENCOM: The complainant has been recaptured.

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

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    The PFA asked me to give then a true certified copy of my Letter of Administration. They said I should go to court and get it done and after that, that I would have to wait for 18 months.

    Please, how you can help me? I am suffering because I spent all that I have. Also, my late wife’s aged mother is there for me to take care of and I don’t want her to pass on without taking care of her.

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

    EYEREGBA: I am Eyeregba. I am currently working in Cappa & D’Alberto Lagos. I sent complaint via email to info@pencom.com.gov.ng on August 1, 2023 in respect of 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 the following to the Commission:

    •Complainant’s Name:

    • Personal Identification Number (PIN):

    • Pension Fund Administrator (PFA) Name:

    •Employer Name (if applicable).

    By providing these details, it will help us expedite the resolution.

    DR OLOSE: My name is Dr Olose. About N11million was withdrawn from my RSA account with Leadway Pensure and returned to PenCom at your office’s request, according to Leadway.  At present, no remittances are made to my RSA account from PenCom. Kindly help me.

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

  • CPS assets grow by N309b

    CPS assets grow by N309b

    • Hit N17.66tr

    The total assets under the Contributory Pension Scheme (CPS) has grown by N309 billion.

    The assets rose to N17.66 trillion as at October, his year from the N17. 37 trillion it recorded the previous month.

    This was shown in figures obtained from the National Pension Commission (PenCom) on ‘Unaudited report on pension funds industry portfolio’ for the period ended October 31, 2023.

    According to the figures, N11.42 trillion of the assets were invested in Federal Government securities.

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    The assets were also invested in state government securities, corporate debt securities, money market instruments and mutual funds, among others.

    Besides, the umbrella body of pension operators, Pension Fund Operators Association (Penop) said, Pension Fund Administrators recorded N7.98 trillion profit from investing contributions made by workers into their Retirement Savings Accounts under the CPS.

  • Pension coverage: Micro pension’s impact on informal sector (Part 3)

    Pension coverage: Micro pension’s impact on informal sector (Part 3)

    The Micro Pension Plan (MPP) is aimed at low-income earners who are often not financially literate and usually have limited or no access to financial services. 

      This innovative pension solution not only caters to the needs of low-income earners but also extends its benefits to self-employed professionals such as architects, lawyers, accountants, artists, and artisans.

      Recognised as a remedy for combating old-age poverty, similar solutions such as the MPP, have made giant strides in countries like India, Kenya, and Ghana.

    Unlike the Contributory Pension Scheme (CPS), which is mandatory, the MPP is a voluntary scheme  funded by the contributor. Participants in the MPP, however, retain the option to participate in the mandatory contributory pension in the future, should they secure formal employment.

    The flexibility and dynamism of the MPP empower Micro Pension Contributors (MPCs) to seamlessly transition into the Mandatory CPS if they secure formal sector employment, as stipulated by Section 2(1) of the Pension Reform Act, 2014. Upon employment, MPCs can easily continue their contributions by providing their Personal Identification Numbers (PINs) and Pension Fund Administrator (PFA) details to the new employer, eliminating the need for opening a new Retirement Savings Account (RSA).

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    Before conversion, MPP contributors have the option to withdraw the total balance of the contingent portion of their RSA. Alternatively, they can choose to leave the contingent portion, which will be merged with the retirement benefits portion of the RSA upon conversion to the mandatory CPS.

    It is essential to note that failure to request conversion within one month of receiving remittances from a new employer may result in automatic status change by the PFA, with notifications sent to the employer and monthly returns forwarded to the Commission.

    Participation in the MPP is exclusive, with no provision for conversion from the Mandatory CPS to the MPP. In addition, once an individual retires from a formal sector employment, participation in the MPP is not allowed. However, the retiree may continue to make voluntary contributions if he secures another employment through his existing RSA.

    The MPP has garnered substantial momentum, evident in the notable increase in enrolments. In the third quarter of the year, the MPP welcomed 6,263 new contributors, propelling the total number of MPCs to 105,455.

    During this period, the cumulative pension contributions from new MPCs amounted to N60.29 million, contributing to a total of N529.32 million received from 105,455 MPCs as at September 30, this year.

    Furthermore, PenCom approved contingent withdrawals totalling N42.7 million for 178 MPCs from the inception of the MPP to the end of the third quarter of the year. Another noteworthy development is the transition of 732 MPCs from the MPP to the mandatory CPS, underscoring the MPP’s impact in expanding pension coverage in Nigeria.

    In conclusion, it should be noted that the MPP undergoes rigorous monitoring and supervision by PenCom to ensure compliance with guidelines and regulations. This has resulted in safety and consistent accumulation of pension assets. PenCom remains steadfast in its commitment to effectively regulate and supervise the pension industry, ensuring timely payment of retirement benefits.

  • Pension complaints and solutions

    Pension complaints and solutions

    ANNONYMOUS: Good day. My complaint has been made by one of my pension account officer, but I am yet to get an update. 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 you are trying to merge to enable the Commission process the complaint

    SANI: My name is Sani. I worked at the 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) have been fully remitted to the Leadway. Ditto my legacy.

    I retired since March 31, 2023 and have submitted the necessary documents for my RSA and legacy to be paid since May.

    Leadway told me that my documents were rejected because I did not add my pay slip. I sent it to them immediately.

    Since then, no payment has been made. Leadway’s response is that PenCom has not approved my documents for payment.

    Please, I want you to intervene so that my benefit can be paid. It is six months that I have been at home without earning salary. Thank you.           

    PENCOM: Dear Sir, please carry out the Enrolment, and submit the 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 and we need money for our upkeep. We are banking on my 25 per cent pension savings. PenCom is yet to approve it. 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.

    MOHAMMED: Dear sir, we are the administrators of our late father Mohammed’s estate.

    He worked at the Nigeria Immigration Service (NIS) from 1987 but was sacked by the Presidential Taskforce in 2006.

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

    PENCOM: Please provide the PFA and PIN 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 member of the company refused to attend to me. He said my date of birth is different from the one in 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 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 my efforts proved abortive. Kindly help me.

    PENCOM: Kindly provide your name and PIN.

    GHAZALI: Good day, a gentle reminder of my earlier submission last week. I applied for the transfer of account from Access Pension to Leadway Assurance. I submitted a request five weeks ago. Thank you.

    PENCOM: The Commission is yet to receive the request. Please visit your Pension Fund Administrator to submit the application.

    INSPECTOR OSEZUA: Hello, my complaint is that I don’t know which pension agency I belong to. I was enlisted into the Nigeria Police Force (NPF) on November 1, 2008. I was told by Fidelity Pensions and Trustfund Pensions that my money has been transferred to PenCom.

    Till date I don’t know which PFA I belong to – whether my benefit is with Pencom or the Nigeria Police Pension (NPF).

    Kindly assist me to know where I belong. Thank you.     

    PENCOM: Dear Sir, please visit your preferred Pension Fund Administrator (PFA) among the two and undergo the Data Recapture.

    SALIU: My name is Saliu. If it takes five working days for an approval by you to a PFA’s application, why is your response to Leadway Pension’s application on my behalf taking so long?

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