Nigeria. Pension Authority to end Annuity Funds Controversy
The National Insurance Commission (NAICOM) and the National Pension Commission(PenCom) are making frantic moves to resolve the controversy surrounding the N167.8 billion Annuity Funds Arrangement, LEADERSHIP Friday can exclusively reveal.
It was gathered that the two regulators met recently to deliberate on grey areas, a parley which would lead to the release of a framework that will regulate the administration of Annuity Business in the country.
The framework known as Joint Service Agreement, according to findings, will explain in details how to pay the commission of agents and brokers who facilitate Annuity Business deals, as the current arrangement does not stipulate who pays the commission between the Pension Funds Custodians (PFCs) and the Life Assurance companies.
Friday investigations further revealed that the two regulators will differently examine the terms of the Service Agreement and later harmonize their respective position, after which the template will be made public, hopefully, within the next six weeks.
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