July 2019

05Jul

Welfare Effects of a Non-Contributory Old Age Pension: Experimental Evidence for Ekiti State, Nigeria

By Maria Laura Alzua, Natalia Cantet, Ana Dammert, Damilola Olajide Many countries in the developing world have implemented non-contributory old-age pensions. Evidence of the impact of such policies on the elderly in Sub-Saharan Africa is scarce, however. In this paper, we provide the first evidence from a randomized evaluation of an unconditional, non-contributory pension scheme targeted at the elderly in Ekiti State, Nigeria. Our findings show that treated beneficiaries self-reported better quality of life, more stable mental health, and...

July 5, 2019
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June 2019

20Jun

Nigeria eyes share of pensions for mortgage industry

Nigeria's National Pensions Commission and the Central Bank of Nigeria are currently exploring a framework where workers under the contributory pensions scheme can access 25 per cent of their contributions for personal home investments. Niyi Falade, CEO of Crusader Sterling Pensions joins CNBC Africa for more. Watch the video @CNBC Africa

June 20, 2019
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18Jun

Nigeria: Going Beyond N9tr Asset With Pencom’s Micro-Pension Plan

A significant growth in the pension industry's asset size beyond the current value of N9.03 trillion is a new target. But it is riding on the expected success from the extension of the Contributory Pension Scheme (CPS) to the informal sector, while the flexibility of the operation is one of the incentives to encourage participation. The National Pension Commission (PenCom) would drive this new target with Micro Pension Plan (MPP), which allows the informal sector contributors under the CPS...

June 18, 2019
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May 2019

27May

Nigeria. PenCom Invests N8.744tn Pension Assets in 24 Asset Classes

The National Pension Commission (PenCom), said it invested the accumulated N8.744 trillion pension assets in 24 different asset classes with federal government securities taking the lion share of 72.91 per cent of the total funds. A breakdown of this showed that federal government bonds which got 51.29 per cent share and investment in treasury bills got 20.40 per cent. PenCom, in a recent publication on its website stated that as at January 31,2019, other asset classes in...

May 27, 2019
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April 2019

26Apr

Nigeria inaugurates School of Pensions, Retirement Planning

Nigeria has commissioned the first Abuja School of Pensions and Retirement Planning (ASPRP) to provide tertiary education for the acquisition of vital skills and capacity in pension administration and management.n and management. The school, a private sector-driven monotechnic, is approved by the Ministry of Education, having met the requirements of the National Board for Technical Education (NBTE). Malam Muhammad Bello, Minister of the Federal Capital Territory, said the establishment of the school was a proof of FCT administration’s commitment...

April 26, 2019
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23Apr

Nigeria. ‘PenCom’ll not pay to fraudsters’

The National Pension Commission (PenCom) said it has put stringent measures in place to prevent payment of pension to fraudsters. Its Acting Director-General, Mrs Aisha Dahir-Umar who gave the assurance in an interview with The Nation said the administration and payments of retirement benefits under the Pension Reform Act (PRA) 2004, as repealed by PRA 2014, 2014 is fool proof. She said the Commission also checks to confirm that information submitted to it are correct before granting approval for...

April 23, 2019
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10Apr

Nigeria: The Informal Sector To Benefit From The Contributory Pension Scheme

In a bid to strengthen the post-retirement financial capability of all working Nigerians (across all sectors of the economy), the National Pension Commission (PenCom) has finalised plans to launch the micro pension plan (MPP) on Thursday, 28 March 2019. The MPP will allow employees of organizations with less than three staff as well as self-employed individuals to participate in the contributory pension scheme. The move to expand the scope of coverage of the contributory pension scheme will potentially mean...

April 10, 2019
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March 2019

29Mar

Nigeria. PenCom launches Micro Pension Plan and invests N6.5tr in securities as Buhari promises retirees better deal

•Contributory scheme hits N8.74 trillion in January Acting Director General of the National Pension Commission (PenCom), Aisha Dahir-Umar, has said N6.51 trillion, representing 73 per cent of the agency’s total assets, has been invested in Federal Government securities issued to finance various projects.Of the sum, N95.3 billion went for infrastructure while N7.19 billion was committed to the N10.67 billion Green Bond of the government. Speaking at the launch of the Micro Pension Plan (MPP) yesterday in Abuja, she...

March 29, 2019
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07Mar

Nigeria. Pension, Key Component Of Social Security System – PenCom Boss

The Acting Director-General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar has described pension as key component of social security adding that the objectives of pension reform in the country was to reduce old age poverty. Dahir-Umar who made the remark during an interaction with DAILY INDEPENDENT, noted that there were several initiatives embarked upon by governments at all levels to eradicate poverty through gigantic reforms or social security programmes and provide financial support directly to the poor without it...

March 7, 2019
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February 2019

13Feb

Nigeria. Between NUPENCO and PenCom’s Transfer Window

The recent approval of operational license for Nigerian University Pension Management Company (NUPENCO), a new Pension Fund Administrator (PFA) that will oversee the management of pension funds contributed by university workers, by the National Pension Commission (PenCom) has raised a lot of questions on the modus operandi of the 15- year old contributory pension scheme(CPS) in Nigeria. The questions are coming from stakeholders who argued that before now, many contributors had been agitating to migrate from their pension fund...

February 13, 2019
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