In response to the recent request from Pension Fund Administrators on issues surrounding the payment of 25%, the Commission has made the following statement/clarification;

1. PFAs shall continue to demand the status of the Accrued Pension Rights of the retirees as well as any outstanding obligation prior to the commencement of the Act in 2004 with their respective employers, especially in the private sector, before forwarding such to the Commission. In essence, submissions for all categories of retirees under the age of 50 with request for access to 25% of their RSA balance should be accompanied by the PFA/Employers’ confirmation on the status of accrued rights due to the affected retirees before and after commencement of the Pension Reform Act 2004.
2. Withdrawal of 25% shall only apply to RSA holders whose employment was terminated by the employer and provided they have been out of work for not less than 6 months, and all cases of voluntary resignation of appointment before the age of 50 years shall be rejected.

For additional information on this, please do not hesitate to call our multilingual Contact Centre on (01) 271-6000 or send an e-mail to pensionsolution@stanbicibtc.com

The National Pension Commission (“PenCom”) has mandated all Pension Funds Administrators (PFAs) managing N100 billion and above on behalf of contributors to create at least 11 departments to carry out their operations.
The departments that have been made mandatory include Contributions/ Collection, Investment, Benefits Administration, Business Development/Relationship Management and Finance.
Other required departments to be created are Information Technology, Compliance, Risk Management, Internal Audit, Administration/Human Resources and Legal/Company Secretary.
The commission also reviewed upwards the post qualification experience for members of the top management of PFAs.
To read more please click here: http://www.pencom.gov.ng/download/circular/Circular.pdf

The National Pension Commission (“PenCom”) announced a rise in assets under management to N2.2 trillion as a result of registering 4.7million contributions under the contributory Pension Scheme.
The commission went further to reiterate that its investment strategy is guided by “the principles of prudence, conservatism, stringence and consultative processes which involves effective monitoring of the pension portfolio to ensure compliance with regulations and good conduct by pension operators as well as mitigate potential risk”.
On a different note, it was further disclosed that of the 1.3 million contributors to the National Social Insurance Trust Fund (NSITF) scheme, only 62,406 people have applied for the transfer of their contributions to PenCom. Employers were therefore urged to encourage their employees to who participated in the NSITF scheme to contact their Pension Fund Administrators (PFAs) for the transfer of their contributions.
For information on applying for transfer of your NSITF contributions, please see attached checklist (hyperlink the word ‘checklist’)
To read more please click here: http://www.thenigeriandaily.com/2011/09/21/nigeria-5-million-contributors-raise-n20bn-monthly-pencom/