Benefit management: Evaluating regulators’ path to sanity

To contain the unhealthy competition between pension fund managers and life insurance providers as regards management of retirees’ benefits, the National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) recently took the bold step to address issues therein that are propelling friction in that regard. Sunday Ojeme reports   Long before now, there existed a silent motor park type struggle for passengers between the pension fund managers as represented by Pension Fund Administrators (PFAs) and life insurance providers in the way they prospect clients for pension management.   The…

Read More

Factions: Uneasy calm as pensioners maintain conflicting stance

  The registration of a new pension body, Federal Parastatals and Private Sector Pensioners’ Association of Nigeria (FEPPAN) in the first quarter of 2019 by Minister of Labour and Employment, Sen. Chris Ngige, is still generation friction among the retirees.   Recently, majority of the affected pensioners under the Sectoral Units and Parastatals urged the Federal Government to respect their decision to remain under the Nigeria Union of Pensioners (NUP).   This was contained in a communique signed by the Chairman of all Sectoral Unions and Parastatals, Alex Abu, after…

Read More

Sigma Pensions boss advises youths on retirement

The Managing Director and Chief Executive Officer, Sigma Pensions, Mr. Dave Uduanu, has urged youths to plan towards saving for their retirement early in a bid to achieving financial independence. He said this while speaking to youths at a master class session powered by Sigma Pensions at the Junior achievers Conference in Lagos. Uduanu also urged the participants to be disciplined in spending starting before they become working adults an also lectured extensively on the importance of starting to save towards retirement. He said: “By starting pension saving immediately you start working,…

Read More

Retirement: Evaluating PenCom’s safety net for informal sector

For those in the informal sector of the economy, the plan by the Federal Government to get them adequately integrated into the nation’s financial system recently took another leap with the micro-pension plan initiative. Sunday Ojeme reports For a long time, operators in the the various financial institutions have designed products and deployed same to get the grassroots fit into the financial inclusion plans of government. Such efforts led to the establishment of sub-banking sectors like the defunct community banks, series of saving scheme arrangement, micro-finance banks as well as…

Read More

Fidelity Pension advises on early retirement plans

The management of Fidelity Pension Managers Limited has advised Nigerians to plan their retirement early and effectively as part of building a fruitful future. Giving the advice during Customers Interactive Forum at the University College Hospital (UCH), Ibadan, Oyo State, the Group Head, Operations of the Pension Fund Administrator (PFA), Mr. Olumuyiwa Afolabi, said that Fidelity Pension had made services easier and accessible to all clients to enable them retire happily. He said the interactive forum became necessary to create the platform to understand the challenges that customers face, and…

Read More

PenCom kicks over alleged Pension Act violation

The management of National Pension Commission (PenCom) has deplored reports that it violated aspects of the revised Pension Reform Act 2014. The allegations were listed in House of Representatives Resolution against the commission. Reacting to the allegation during the House of Representatives Ad-Hoc Committee Public Hearing to Investigate the Activities of PenCom and Violation of the Pension Reform Act (PRA) 2014 held at the National Assembly Complex, Abuja, the Acting Directing-General, Mrs. Aisha Dahir-Umar, said it was unfounded, stressing that the members of staff and management team of the commission…

Read More

CPS: Male contributors maintain 59% dominance

  Latest report by the National Pension Commission (PenCom) has revealed that male workers have continued to lead in their pension contributions under the new pension scheme, New Telegraph has learnt.   According to checks, the data, compiled by the commission as at September 30, 2018, shows that the male contributions to their Retirement Savings Accounts (RSAs) is 59 per cent higher than that of females.   While the number of male contributors stands at 5,846,166, that of the female c is 2,425,782. The total makes up the current figure…

Read More

NSITF: PenCom effects N43.81bn transfer into workers’ RSAs

Following its prudent supervision of activities at the Nigeria Social Insurance Trust Fund (NSITF), the National Pension Commission (PenCom) perfected the transfer of N43.81 billion from the fund to workers’ Retirement Savings Accounts (RSAs) during the third quarter of the current year.   According to a report obtained by New Telegraph, the amount covers 635 NSITF members’ applications received during the quarter under review.   The report noted that all applications were processed and computed amounts were transferred to the RSAs of the NSITF members.   “From inception to date,…

Read More

CPS: Retirees’ account active fund records net growth of N181.43bn

The Net Assets Value (NAV) of the Retirement Savings Account ‘Active’ Fund under the Contributory Pension Scheme (CPS) has recorded a net growth of N181.43 billion (3.39 per cent).   Findings by New Telegraph revealed that the figures under the scheme’s portfolio performance moved from N5.35 trillion as at March 31, 2018 to N5.53 trillion as at June 30, 2018.   In the same vein, the RSA ‘Active’ fund recorded a Weighted Average Rate of Return (WARR) of 8.17 per cent (annualised) as at second quarter 2018, representing a significant…

Read More