PenCom Reviews Annuity Guidelines, Addresses PFAs, Insurers’ De-marketing

The National Pension Commission and the National Insurance Commission, on Tuesday, signed off the revised regulation on retiree life annuity, and the guidelines on Group Life Insurance Policy for employees and Contributory Pension Scheme retiree pack.

The ceremony, which held in Abuja, included the signing of a memorandum of understanding between PenCom and NAICOM.

PenCom disclosed this in a statement on Tuesday entitled ‘National Pension Commission and National Insurance Commission sign off the regulation on retiree life annuity and guidelines on group life insurance policy for employees.’

Part of the agreement was to address issues of de-marketing by pension and insurance agents in the pension business.

The statement said, “The revised regulations and guidelines provide clarity on the provisions of the Pension Reform Act 2014 in areas relating to retiree life annuity with focus on guiding stakeholders to make informed decision, ensure safety of retiree life annuity funds and assets;

“Address concerns of mis-selling and de-marketing by pension and insurance operators as well as bringing stability into the financial sector of the economy.”

PenCom said the event was the outcome of the collaborative efforts of PenCom and NAICOM.