PenCom Raises PFAs’ Shareholders Funds To N5bn       The National Pension Commission has ordered the Pension Funds Administrators to raise their shareholders’ funds from N1bn to N5bn. Some operators disclosed this to our correspondent on Thursday. According to the commission, the total number of workers with pension accounts...

2,210 Workers Withdrew N3.18bn From Voluntary Pension Contributions – PenCom       A total of 2,210 workers withdrew N3.18bn from their Retirement Savings Accounts with their respective Pension Fund Administrators in six months after making additional voluntary contributions, the National Pension Commission has said. PenCom said this in...

Pension Funds Gained N119.68bn From Equity In Q4, 2020 – PenCom       Pension fund investment gained N119.68bn from equity in the fourth quarter of 2020, the National Pension Commission has revealed. Figures obtained on Monday from the PenCom report titled ‘Net realised gains/(losses) on equity/bonds in fourth...

PFAs Pay 11,796 Disengaged Workers N5.33bn       The Contributory Pension Scheme (CPS) has continued to relieve pressure on workers who lose their job, by paying them 25 per cent out of their pension. According to the National Pension Commission (PenCom), 11,796 workers who lost their jobs were...

Insurers Make N10.1bn From Life Annuity In Q4, 2020       Insurance companies providing Retiree Life Annuity (RLA) to retirees under the Contributory Pension Scheme (CPS) received N10.1 billion premium, in the fourth quarter of 2020. Life Annuity is a series of monthly or quarterly payments paid to...

States, Others Not Funding 3.5m Workers’ Pension – PenCom       The National Pension Commission has faulted states and some private companies for not funding 3.5 million pension accounts opened by their workers as of the end of 2020. The implication of this default is that the workers...