States Refuse To Remit Pensions For Workers – PenCom         Most states governments are not remitting pension contributions into their workers’ Retirement Savings Accounts with their respective Pension Fund Administrators. The National Pension Commission disclosed this in its 2019 third-quarter report, which was recently released. It also observed...

PenCom To Sanction PFAs For Refusing Retirees Annuity     The National Pension Commission has said it will sanction Pension Fund Administrators that refuse to approve annuity for retirees who are collecting pensions to them under the Programmed Withdrawal. It stated this in a circular entitled, ‘Procedure for...

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,...

Pension Fund Now N11.09trn     Pension Fund Administrators (PFAs) have recorded N666 billion increase on pension fund assets in six months. The total pension fund hits a record high of N11.09 trillion as at June 2020 from N10.8 trillion recorded in May. Besides, the number of Retirement Savings...

331,003 Job Losers Withdraw N116.87bn From Pension Accounts       A total of 331,003 workers who lost their jobs have withdrawn N116.87bn from their Retirement Savings Accounts under the Contributory Pension Scheme. This amounted to 25 per cent of the total balance in their RSAs with Pension Fund...

Total Pension Assets Rise To N11.08trn     Despite the effect of the coronavirus pandemic on different sectors of the economy, the total pension assets under the Contributory Pension Scheme rose to N11.08tn as of the end of June. The National Pension Commission disclosed this in its report...