Tag: PenCom

Pensioners to receive incremental benefits — PenCom

Aminu Imam
PenCom on pensioners

The National Pension Commission, (PenCom), has given a hint that it is working towards ensuring that public service retirees get pension increments as provided for in the nation’s Constitution. PenCom’s Acting Director-General,  Ms. Omolola Oloworararan, who gave this hint in Lagos, said  “We are working to ensure that pensioners under the CPS and other pension arrangements benefit from pension increments provided for in the1999 Constitution (as amended)”. The 1999 Constitution of the Federal Republic of Nigeria (as amended) guarantee pensioners’ rights to periodic reviews of their pensions ¹. Unfortunately, the…

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Nigeria’s Pension Scheme is a ‘modern slavery’ trap leading to poverty”- Retirees lament

Aminu Imam
Retirees lament

…Urge FG’s ‘immediate intervention” Retired Federal Directors, under the Contributory Pension Scheme (CPS) have criticised the scheme, describing it as a “modern slavery tool” that traps retirees in poverty. In an issued statement yesterday, signed by Lawrence Ojabo, the association’s media and advocacy representative, the retirees urged the Federal Government to abolish the CPS. They argued that the scheme, which forces retirees into annuity plans or programmed withdrawals managed by Pension Fund Administrators (PFAs) under PENCOM’s supervision, fails to provide adequate financial support. They cited cases where retirees received only…

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5.1m Pension contributors to undergo data recapture – PenCom

Aminu Imam

Ø  Recovers N553.03m from defaulting employers No fewer than 5.1 million pension fund contributors are set to undergo fresh data recapturing. This became necessary after findings showed that they submitted either incomplete or no data during the previous data recapturing exercise. In a data released by the pension industry’s regulatory body, the National Pension Commission (PenCom) at the weekend, 5.1 million Retirement Savings Account (RSA) holders had incomplete documentation as at Q4 2020. According to its report, findings show that, of the 9.27 million RSA holders, only 4.1 million pension…

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