The Nation Newspaper

Tag: retirees

  • Retirees appeal to Ambode over entitlement

    Retirees of Lagos Television and Radio Lagos/Eko FM have appealed to Lagos State Governor Akinwunmi Ambode to compel the Lagos State Pension Commission (LASPE) to pay the over 250 workers of the corporations, who were absorbed into the main service in 2016, their terminal benefits.

    The retirees, in a letter addressed to the governor, dated July 17, appealed to him to compel the agency to pay their entitlements, having served the state meritoriously.

    According to the letter, “since the transfer to the mainstream in 2016, we have been drawing our salary from the main service and we expect that our terminal benefits should also be taken care of by the same source and not LTV and Radio Lagos/Eko FM.

    “We were shocked recently when the commission directed that our processed terminal benefits be sent back to the corporations for settlement.”

    The retirees appealed to the governor to assist them so that their benefits will be paid through the same source they have been collecting salary before retirement.

  • Govt releases N795m for pension payment

    About N795 million has been released for the payment of accrued pension of retirees in Lagos State.

    The Lagos State Pension Commission (LASPEC) said yesterday that the gesture was in fulfilment of monthly pension settlement embarked on by Governor Akinwunmi Ambode.

    LASPEC said the fund was released for 213 public service retirees under the Contributory Pension Scheme (CPS).

    It said 9,804 retirees had been paid their accrued pension arrears of N40,245 billion.

    The cash, it said, was  paid into the beneficiaries’ Retirement Savings Accounts (RSA) from the inception of the Governor Ambode administration to date.

    “His Excellency has remained committed to pensioners’ welfare despite the huge funding obligations facing the administration.

    “For this reason, funds are released monthly into the RSA of employees. The accrued rights are gradually being cleared,” LASPEC said in a statement by its Director-General, Mrs. Folashade Onanuga.

    The commission said there was a move by the National Pension Commission (PenCom) to execute the Pension Law on guaranteed Minimum Pension for life.

    “The law will be executed for retirees under the Programmed Withdrawal benefit option, as it will be recalled that the annuity option offers pension for life for the annuitants,” the statement said.

     

  • 70,0000 retirees get N152b pension

    Premium Pensions Limited has paid over N152 billion to over 70,000 retirees since 2005 as benefits, its Executive Director, Mrs Kemi Oluwashina has said.

    She made this known during a seminar in Lagos where she presented a paper titled: “Repositioning the Nigerian economy- the insurance and pension industry perspective”.

    She said the company, a Pension Fund Administrator (PFA) with over N570 billion assets under management (AUM), Premium Pension is one of the top three largest PFAs.

    She said the company has an authorised share capital of N1.3 billion, significantly above minimum regulatory requirement and is 100 per cent owned by Nigerians.

    Speaking on why workers should choose Premium Pensions as their PFA, she said the company has strong historical investment returns, excellent customer service and operational efficiency–excellent use of technology platforms (online, mobile app, multi-lingual call centre with IVR, smsetc) and highly skilled and motivated workforce.

    She stressed that the company has integrated systems and processes with ISO/IEC27001 certification; operates from all 36 states; has Retirement Savings Account (RSA) Portfolio Return (2012 to H1-2018) and has won Africa Pension Awards in recognition of excellence in corporate governance.

    She said: “RSA portfolio return peaked at 13.16 per cent in 2013 following equity market boom, but subsequently dipped to 8.03 per cent in 2014 in the aftermath of the broad economic down turn. Return performance has since stabilised on the growth path; 2017 fully ear return was 16.25 per cent, while H1-2018 return is 7.58 per cent. Average return on the RSA portfolio between 2012 and 2017 was 12.01 per cent, higher than the corresponding inflation average of 11.8 per cent over the period.

    “The annual returns figures presented are audited, and net of all fees and taxes. Retiree portfolio return reflected more stability, maintaining a range of 10.7 per cent,12.65 per cent between 2012 to 2016. Return in 2017 stands out at 17.13 per cent, reflecting the high yield environment that characterized the fixed income space foremost part of the year.

  • Jigawa pays N724m to retirees

    THE Jigawa State government has paid N724 million to over 429 retirees and families of deceased state and local government workers.

    The Acting Executive Secretary of the Contributory Pension Board (CPB), Musa Muhammad Yalleman, who addressed reporters yesterday on disbursements for the second quarter of the years, said: “No fewer than 429 beneficiaries from the state, local government council and local government education authority have collected their July benefits.

    “Of the amount, over N473 million was paid as retirement benefit to 285 state, local government and local education authority workers and over N209 million was paid as death benefits to relations of 103 workers.”

    He noted that other payments include N40 million paid to 38 relations as death pension balance and N1,114,000.00 million paid to three workers as refund of eight per cent of their contribution.

    Yalleman praised Governor Muhammad Abubakar for the support and cooperation given to the board always, and thanked staff and management of the board, as well as the Office of the head of service, for their dedication in prompt payment of staff benefit.

  • Minister approves N700m for retirees 

    The 75 staff members of the Federal Capital Development Authority (FCDA) who were affected by the 2004 compulsory retirement exercise can now heave a sigh of relief as the Federal Capital Territory Administration (FCTA) has approved the payment of over 700 million to the affected staff.

    FCT Permanent Secretary, Sir Chinyeaka Ohaa, disclosed yesterday in Abuja while receiving the retirees on behalf of the FCT Minister, Malam Muhammad Musa Bello.

    According to the Permanent Secretary, the entitlements of the 75 beneficiaries would be paid directly into their accounts within two weeks.

    The resolution of the matter, which had been a subject of litigation, had been stalled for 14 years running, causing the affected officers all forms of hardship.

    According to a statement issued by the minister’s Chief Press Secretary, Cosmas Uzodinma, the Permanent Secretary further explained that the minister had graciously decided to give succour to the affected staff by applying human face to the issue.

    He said: “The minister has graciously agreed to bring your challenges to an end, by giving human face to your issue.”

    Delivering a vote of thanks on behalf of the beneficiaries, Hajiya Hassana Ibrahim thanked the minister, the permanent secretary and the entire management staff of the FCT Administration for taking the bold step to ameliorate their plight by approving the payment without further delay.

  • CPS: Retirees in 25 non-compliant states face uphill task

    Retired civil servants  in some states will find it difficult to receive their pension benefits as their state governments  are yet to implement the Contributory Pension Scheme (CPS), almost 14 years after its establishment.

    Among the states are Zamfara, Kebbi, Rivers, Imo, Benue, Kwara, Bauchi, Adamawa, Bayelsa, Ebonyi, Enugu, Gombe, Imo, Kano, Kogi, Nassarawa, Oyo, Sokoto, Taraba, Abia and Niger.

    Others are Bauchi, Benue, Borno, Cross-River, Katsina, Kwara, Plateau and Akwa Ibom.

    While pension problems in the states differ from one to another, the case of Yobe is precarious as it is the only state yet to take any step to join the CPS.

    But retirees from Lagos, Osun, Ogun, Ondo, Kaduna, Delta, Anambra, Jigawa, Federal Capital Territory (FCT), Edo and Ekiti are meant to retire into a pleasant lifestyle as the states are remitting both employee and employer proportion of pension contribution to preferred Pension Fund Administrators (PFAs) of their workers.

    Data made available to journalists by the pension regulatory authority, the National Pension Commission (PenCom) showed that some of the states have commenced the process of resolving their pension problems.

    PenCom said only three states, Zamfara, Kebbi and Rivers, have  joined the scheme and are remitting only the employee proportion of pension contribution to Pension Fund Administrators (PFAs) of the  affected workers.

    In Imo, Benue, Kwara, Bauchi and Niger, only self funded agencies are remitting both employee and the employer portion of their contributions.

    However, Adamawa, Bayelsa, Ebonyi, Enugu, Gombe, Imo, Kano, Kogi, Nassarawa, Oyo, Sokoto, Taraba, Abia and Niger have enacted laws at their State House of Assemblies, but are yet to commence remittances.

    On the other hand, states such as Bauchi, Benue, Borno, Cross-River, Katsina, Kwara, Plateau and Akwa Ibom are only at the stage of enacting Bills in their respective states. On the contrary, Yobe State is yet to implement the CPS in any form.

    PenCom at a workshop with journalists said the Commission is doing all it can to ensure that the states implement the scheme to solve the myriads of pension problems accompanying the Defined Benefits Scheme (DBS) operated before the introduction of the CPS by the Federal Government.

    PenCom’s Acting Director-General, Mrs Aisha Dahir-Umar represented by the company secretary at a workshop in Uyo, Akwa Ibom State capital, explained that when it comes to remittance or handling of finances for the states, the constitutional principle of fiscal federalism provides that appropriation from state treasuries has to be endorsed by state Houses of Assembly.

    She said: “If states have not enacted laws nor appropriated monies for remittance, then PenCom does not have any legal power to enforce compliance. We have our own ways of getting the states to do the needful. We have been engaging them through Labour.

    “But we have limitations. Many states have issues with their financials to the extent that they cannot even pay salaries. Salaries must be made first before you talk about pension contribution because it has to be remitted from salaries.

    “But we are trying our best to ensure that as they pay salaries, they remit pensions. We have also been engaging stakeholders especially the Nigeria Labour Congress,”she added.

  • Lagos releases over N1b to retirees

    Lagos State Government has released over N1.24 billion for paying pension entitlements of 183 Public Service retirees under the Contributory Pension Scheme (CPS0 for last March.

    Lagos State Governor, Mr. Akinwunmi Ambode, stated this during the 49th Retirement Benefit Bond Certificate presentation.

    He reiterated his commitment to ensuring the payment of terminal benefits of retired civil servants.

    The governor, represented by the Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson, said since the inception of this administration no fewer than 8,731 retirees were paid over N35 billion.

    He said though funding had been huge, the administration had been consistent in the payment of pension entitlements, adding that this was so because of the Ambode’s commitment and diligence.

    Lagos State Pension Commission (LASPEC) Director-General, Mrs. Folashade Onanuga, said the governor had been committed to retirees’ welfare and that this was so because of the understanding that the state government’s greatest assets are the employees.

    She stressed that their well-being is a priority.

    She assured the retirees that the government would keep in touch with them after they had collected their bond certificates to know how they were faring.

    She said: “Governor Ambode wants to make sure that your labour in service is not in vain and that is why he has promised to continue to reach out to you.On your birthdays, you will get gifts from the state through the Post Service Department in the Office of the Head of Service.”

    Mrs Onanuga advised the retirees to decide on which to opt for – programmed withdrawal or life annuity – to receive their terminal entitlements.

    Mrs. Ego Onwuzubike appealed to her colleagues to understand the conditions when filling forms with their Pension Fund Administrators (PFAs) and ask questions when they don’t understand some things.

    “The two exit options are good, depending on what you want, and no particular one should be forced on any retiree. Read the instruction very well before you fill your forms,” she said.

    Another retiree, Mr. John Oladipupo, lauded the governor for his concern and consistency in payment of terminal dues.

  • ‘Why Taraba is owing retirees N11b’

    Taraba government on Friday said the shortfall in revenue allocation and the need to pay salaries as at when due were reasons the state government was owing retirees N11 billion gratuity.

    The state’s Head of Civil Service, Mr Simon Angyo disclosed this at the state accountability programme ‘Face the Press’, organised by the Senior Special Assistant to Gov. Darius Ishaku on Public Affairs.

    He explained that though the government was promptly paying pension, salaries and other entitlements of workers and retirees, the backlog of gratuity would be cleared as soon as the state’s economy improved.

    Angyo expressed delight over the understanding reached between workers of the state owned University, Polytechnic, School of Nursing, and College of Education, who had earlier embarked on strike over unresolved issues with the unions.

    He said that government had engaged the respective labour unions into negotiations that yielded fruits, leading to the suspension of the strikes.

    “Let me inform you that as we speak, no union is on strike in the state. All the civil servants in the state who were on strike have called off the strikes.

    “We have engaged the umbrella union body for our Polytechnic, College of Education, School of Nursing and the Academic Staff Union of University and have reached a point where all the groups have agreed to call off the strikes.

    “This goes to show the commitment of the state government towards the well being of its workers.”

  • Retirees urge Union Bank to pay N42.77b retirement benefits

    Retirees urge Union Bank to pay N42.77b retirement benefits

    Retirees of the Union Bank of Nigeria, under the auspices of Grand Progressive Association of Contributory Pensioners of Union Bank of Nigeria, have accused the National Pension Commission (PenCom) of collaborating with the bank to deny them their benefits amounting to N42.77 billion.

    The pensioners, numbering 6,748, said the bank has not paid the balance of N42.77 billion, 11 years after they retired. They alleged that PenCom has refused to sanction the bank in accordance with the Pension Reform Act, 2004 as amended.

    In a statement by the group’s Preesident, Yohanna Sodo, and Secretary Augustine Ikaan, the pensioners explained that the Union Bank Legacy Pension Assets/Accrued Rights were carried out on March 31, 2008 by Hogg Robinson Nigeria Limited, which submitted that total Legacy pension asset stood at N46.711billion, while the accrued rights was N26.57billion.

    They further said of the total amount of N73.28 billion, the bank only remitted N30.51 billion, leaving a balance of N42.77 billion, which has not been paid. They also alleged that rather than PenCom exercising the powers conferred on it, the commission has chosen to remain silent on the issue even when it is obvious that Union Bank has flouted the law.

    Relying on Section 11 subsection 1(c) of the Pension Reform Act 2014, the retirees argued that as from June 25, 2004, being the commencement of the Pension Reform Act 2004 as amended in 2014, the Accrued Pension rights to retirement benefits of any employee, who is already under any pension scheme existing before the commencement of that Act and has over three years to retire, shall credit the retirement savings accounts of the employees with any funds to which each employee is entitled, and in the event of an insufficiency of funds to meet this liability, the shortfall shall immediately become a debt of the relevant employer and shall have priority over any other claim.

    They stressed that in line with the Pension Reforms Act, the bank management is required to offset the balance of Legacy Pension and accrued rights, which ought to have been remitted to the Retirement Savings Account (RSA) of the ex-workers in compliance with Section 11 sub-section 1(c) of the Pension Reform Act.

  • Lagos helps retirees manage change from active service

    Lagos helps retirees manage change from active service

    Lagos State Governor, Akinwunmi Ambode has said that the state is helping retirees and pensioners to manage their transition from active service to retirement.

    Ambode, represented by Commissioner, Lagos State Ministry of Establishments, Training and Pensions, Dr. Akintola Benson spoke at the opening session of the workshop tagged: How to Prepare Officers of the Lagos State Civil Service for Retirement, organised by the Civil Service Pensions Office (CSPO) of the ministry.

    He said that the CSPO is saddled with the responsibility of ensuring that pensioners of the state on the ‘pay as you go’ scheme are paid their entitlements as and when due, adding that the CSPO has been responsible for the welfare of pensioners and retirees in the state.

    He disclosed that over the years, the CSPO has put in place various measures to ease the burden of retirees and ensure their comfort.

    He stated that while many employers of labour and indeed, many state governments do not see the need to prepare their employees for a new life, his administration has resolved that everyone who has worked diligently for the state has to be recognised, paid his or her dues and assisted to prepare for future challenges.

    He noted that the state is training its wokers to help recently retired pensioners to manage change.

    He said:“This training is designed to prepare officers of the CSPO to counsel and advise retirees and pensioners on how to manage the transition from active service to retirement. In this address, I wish to point out the general modalities for fulfilling this task. As prospective retirees facing a new future, officers of the CSPO assert and allay their fears about the future. They should encourage them to eschew fear and anxiety and instead embrace faith and hope as they go into a new stage in their lives.

    “While change may bring daunting challenges, you really have nothing to be anxious about. In the first place, you have the advantage of having served an organisation that has made adequate arrangements for your future in retirement. As at the middle of 2017, the Lagos State Government had paid accrued pension rights of approximately N28 billion into the Retirement Savings Account of 6,509 retirees in the preceding 22 months alone. Furthermore, the Lagos State Government has continued to remit money into officers’ Retirement Savings Accounts. In fact, the government has paid the approximate sum of N62 billion into the Retirement Savings Accounts (RSA) of about 13,000 retirees since the commencement of the payment of entitlements in the Contributory Pension Scheme (CPS) dispensation. Indeed, everyone should be proud to note that Lagos State remains perhaps the only state in the federation that is up to date in its monthly remittances into serving employees’ Retirement Savings Accounts.

    “Retirement Benefit Documentation seminars are held bi-annually. The seminar is put together for the core civil servants and other employees in the State Universal Basic Education (SUBEB), Teachers’ Establishment & Pensions Office (TEPO), Government Parastatals and Local Government Staff, who will soon be retiring or have recently retired from the State’s Public Service. It is a programme designed to educate retirees like you on the documentation required to enable them have quick access to your terminal entitlements. Secondly, it is to expose you to the fears and challenges faced by retirees and measures to take to ensure your peace of mind as you transit into another phase of your life.