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Tag: National Pension Commission

How PenCom invested N130bn pension fund in infrastructure
News

PenCom denies Covid-19 Estacode payment allegations

The National Pension Commission has referred to reports that its Director-General, Mrs. Aisha Dahir-Umar, received millions of dollars in salary as estacode during the Covid-19 lockout in 2020 as blatant fabrication and fiction. According to Nairametrics, the commission’s response was prompted by online rumours that it had spent as much as Estacode in 2020 and […]

Pension remittances: 20 firms default, pay N211.5m penalty
News

PenCom says 29 states lack insurance cover for workers

Only seven states had group life insurance cover for their workers as of the end of March 2022, according to the National Pension Commission. This means that 29 states did not have insurance covers for their workers within this period. Figures obtained from PenCom on ‘Summary of the implementation status of states with valid group […]

Pension remittances: 20 firms default, pay N211.5m penalty
News

73% of workers under contributory pension below 40 years – PenCom

The National Pension Commission has said that 73 per cent of contributors under the Contributory Pension Scheme are below 40 years of age. It said in its ‘Age and gender distribution’ report for the fourth quarter of 2021 that this showed that the CPS had an increasing sustainability level. PenCom’s report, however, showed that male […]

Pension remittances: 20 firms default, pay N211.5m penalty
News

Recapitalisation: PenCom probes PFAs’ funds as deadline ends

THE National Pension Commission is investigating the nation’s Pension Fund Administrators evidence of meeting its new capital requirements ahead of the April 30, 2022 recapitalisation deadline, findings have revealed. Sources among the operators said many of the PFAs submitted their evidence of recapitalisation this week, as they stepped up efforts to scale the regulatory hurdle. […]

Pension remittances: 20 firms default, pay N211.5m penalty
News

131,376 retirees withdraw N32bn, quit pension scheme

AT least 131,376 workers, who retired from active service, cannot be placed on monthly pensions, according to the National Pension Commission. Figures obtained from PenCom show that the affected workers have received all the contributions in their Retirement Savings Accounts totalling N32.58bn and quit the Contributory Pension Scheme. PenCom said the affected retirees had below […]