July 2022
18Jul

Nigeria. Pension fund investment in equities up 7.4% to N1.1trn due to stock market boom

The rising fortunes of investors in the nation’s stock market, as reflected in the 22.4 per cent year-to-date growth in total value of equities on the Nigerian Exchange Limited, NGX, has triggered a 7.4 per cent increase in the value of pension funds investment in equities to N1.1 trillion. This is in sharp contrast to 0.4 per cent growth in pension funds investment in federal government bonds recorded during the same period, which is the preferred and less risky investment...

July 18, 2022
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05Jul

Over 2,000 Retired Nigerian Workers Were Cut Off from Monthly Pension

Some Nigerian workers will have to live by what they have saved as their pension account failed to meet the regulatory standard The number of workers according to the National Pension Commission is over 2,000 from both the public and private There are currently over 9.67 million pension accounts in the country with a pension fund value at N34.11 trillion More than 2,084 retirees who can no longer receive monthly pension payments and who left the Contributory Pension Scheme in the first...

July 5, 2022
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June 2022
13Jun

Nigeria. Micro Pension Plan as Buffer Against Old Age Poverty

The World Bank report of 2021 entitled, “Long Shadow of informality, Challenges and Policies,” estimated that over 80.4 percent of Nigeria’s labour force is in the informal sector. Persons involved in the sector do not have access to any formal pension protection or coverage for old age. The result is old age poverty, especially with people living longer due to improved medical care. To address the situation, the National Pension Commission (PenCom) introduced the Micro Pension Plan (MPP), a...

June 13, 2022
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08Jun

Nigeria. ‘Pension fund assets rise by N1.53 trillion in one year’

The National Pension Commission (PenCom) has released its First Quarter One 2022 Report, showing strong growth in pension fund assets and scheme memberships. The report shows that the total value of Pension Fund Assets under the management of Pension Fund Administrators (PFAs) increased by N1.53 trillion yearly from N12.34 trillion recorded as of the end of Quarter One 2021 to N13.88 trillion as of the end of Quarter Two of 2022. Quarterly, total pension assets rose by N46 billion from the...

June 8, 2022
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May 2022
12May

Nigeria. Civil war veterans protest 44 years unpaid pensions in Ibadan

Some retired military men who fought during the Nigerian civil war protested their 44 years of unpaid pensions on Wednesday in Ibadan, Oyo State capital. The group under the umbrella of the First Intake Able Voluntary Retired Or Discharged Ten Or More Years in Military Service, and led by their national coordinator, Babawande Philips, took to the streets of Ibadan with placards bearing various inscriptions. Mr Philips said the ex-military men had continued to suffer in the last 44 years when...

May 12, 2022
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10May

Nigeria. Pension fund assets now worth N13.88tr

Pension fund assets grew by N453.8 billion to a historic N13.88 trillion in the first of quarter of the year ended March 2022 (Q1 2022), and assets under management rose 3.38 per cent above N13.4 billion in December 2021. Data compiled by the National Pension Commission (PenCom) also shows that 12,336 Pension Fund Administrator (PFA) contributors switched their Retirement Savings Accounts (RSAs) between PFAs in Q1 2022. This is 4.2 per cent lower than the 12,874 who switched in Q4 2021...

May 10, 2022
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02May

Nigeria. Pension funds now N13.88tn, 61% invested in bonds, T-bills – Report

Total assets under the Contributory Pension Scheme rose by N460bn in three months to N13.88tn in March, according to figures from the National Pension Commission released on Friday. This was contained in the National Pension Commission’s latest report titled, ‘Unaudited report on pension funds industry portfolio for the period ended 31 March 2022; Approved Existing Schemes, Closed Pension Fund Administrators and RSA funds (Including unremitted contributions @CBN & legacy funds).’ The funds, which ended December 31, 2021, at N13.42tn, rose to...

May 2, 2022
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April 2022
28Apr

Nigeria. PENCOM Revises Regulation on Retirement and Terminal Benefits

The National Pension Commission (PenCom) has issued a revised Regulation on Retirement and Terminal Benefits for immediate implementation. This is the maiden comprehensive review of the Regulation since its initial issuance in 2007. The regulation guides the process of accessing retirement and terminal benefits by pension contributors and retirees under the Contributory Pension Scheme (CPS). In line with its consultative approach, PenCom obtained input from key stakeholders in order to ensure a more efficient retirement benefit administration. The revised Regulation...

April 28, 2022
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Nigeria. PenCom to fine PFAs over pensioners’ delayed payment, others
05Apr

Nigeria. PenCom to fine PFAs over pensioners’ delayed payment, others

The National Pension Commission has vowed to sanction Pension Fund Administrators over the spate of delays in the payment of pension benefits, among other related infractions. The commission stated this in its ‘Revised regulation on the administration of retirement and terminal benefits.’ “A PFA that fails neglects or refuses to enlighten the retiree on the features of Programmed Withdrawal and Retiree Life Annuity to enable the retiree to make an informed decision shall be liable for an administrative sanction of N500,000,”...

April 5, 2022
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March 2022

Nigeria. PTAD saves N7 billion through BVN verification of pensioners
07Mar

Nigeria. PTAD saves N7 billion through BVN verification of pensioners

The Pension Transitional Arrangement Directorate (PTAD) has said that over N7 billion has been saved through the use of Bank Verification Number (BVN) in its verification of pensioners under the Defined Benefit Scheme. According to the agency, the N7 billion hitherto went to settling dead or uncertain pensioners from the federal government account. The exercises got rid of 19,018 retirees who had been receiving monthly pension benefits from the Federal Government. Speaking on the development at a workshop for media in...

March 7, 2022
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