Group Life: The Sour Side Of A Relief Package

Nigerian workers have been known to withstand the poorest working conditions in their workplaces. Based on the need to to sustain themselves and family members, some have had to go through very gruesome experience to remain in their jobs amid meagre payment. Amid these agonies, poor implementation of the group life insurance cover further puts the family in more pains in the event of death SUNDAY OJEME reports In the last 13 years of the country’s democratic government, not much has changed for Nigerian workers in terms of welfare. Except…

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Premium Pension Receives Two ISO Recertification

Premium Pension Limited, one of the leading Pension Fund Administrators (PFAs) in Nigeria, received two International Standard Organisation (ISO)’s recertifications recently. The ISO recertifications are on Information Security Management System (ISMS) ISO 27001:2013 and Quality Management System (QMS) ISO 9001:2015. Going through the websites of Pension Fund Administrators in Nigeria, Premium Pension is the only operator with two ISO certifications. Premium Pension became the first among all the PFAs in the country to receive ISO 27001 Information Security Management System Certification under the auspices of British Standard Institute (BSI) in…

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Pension Assets: Investment In FG Securities Gulps N444bn In 5 Months

  As pension assets under the contributory pension scheme continue to grow, investment in Federal Government’s securities has also sustained its increase being the highest and most attractive portfolio for the fund managers Findings by New Telegraph revealed from the data released by the National Pension Commission (PenCom) in August that as of May this year, the total investment in Federal Government’s Securities peaked at N8.347 trillion from N8.107 trillion in January. A breakdown of the investments showed that within the five-month period, a total of N444 billion was added…

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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.   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 clamour was all about…

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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…

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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,…

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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…

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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…

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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…

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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…

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