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Tag: Pencom

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PenCom grants PFAs full authority to approve retirement benefits

The National Pension Commission has introduced a new directive that empowers Pension Fund Administrators to approve and process various categories of retirement benefits without prior authorization from the commission. This policy, set to take effect on June 1, 2025, aims to streamline pension payments and eliminate bureaucratic bottlenecks within Nigeria’s Contributory Pension Scheme. Previously, PFAs […]

News

Deceased retirees’ relatives receive N274bn in death benefits – PenCom

The National Pension Commission has disbursed N274.34 billion in death benefits to 45,976 beneficiaries over the past five years. This was revealed in its latest Pension Industry Performance Dashboard. The payments were made to the legal beneficiaries of deceased contributors under the Contributory Pension Scheme. Data from PenCom shows that 2024 recorded the highest death […]

News

Retirees to receive pension boosts from 2007 – PenCom

The Director-General of the National Pension Commission, Ms. Omolola Oloworaran, has announced that retirees will soon receive the benefits of pension increases dating back to 2007. This development follows the Federal Government’s approval of a ₦758 billion bond aimed at clearing all outstanding pension liabilities under the Contributory Pension Scheme. This was disclosed by Oloworaran […]

News

Living wage approved for retired low-income earners – PenCom

The National Pension Commission has unveiled plans to ensure a living wage for retired low-income earners. This follows the Federal Government’s approval of a ₦758 billion bond aimed at clearing all outstanding liabilities under the Contributory Pension Scheme. This was disclosed by the Director-General of PenCom, Omolola Oloworaran, at a press conference in Abuja on […]

News

PenCom to restructure micro-pension scheme

The Director-General of the National Pension Commission, Omolola Oloworaran, has announced plans to remodel the micro pension scheme to enhance participation. Oloworaran made this disclosure at the 2024 PenCom Media Conference held in Lagos. Micro pensions are tailored for individuals in the informal sector, such as self-employed workers, traders, and artisans, who lack access to […]

News

Pension fund assets reach N21.92tn in October

The National Pension Commission has reported that total pension fund assets under the Contributory Pension Scheme reached N21.92tn as of October 2024, driven by contributions from 10.53 million registered participants. The commission projects the assets will exceed N22tn by year-end. The was disclosed by the Director-General of PenCom, Ms Omolola Oloworaran, during the 2024 PenCom […]

News

PenCom lifts ban on PFAs investment in commercial papers

The National Pension Commission has lifted its ban on Licensed Pension Fund Administrators investing in commercial papers managed by non-bank capital market operators serving as Issuing and Paying Agents. This follows steps taken by the Securities and Exchange Commission to resolve regulatory concerns regarding these operators’ roles in such transactions, paving the way for increased […]

News

PenCom approves full withdrawal of savings for low-income retirees

The National Pension Commission has clarified that low-earning pensioners can now withdraw their total retirement savings at once or opt to continue receiving monthly pensions while awaiting the implementation of the Minimum Pension Guarantee. This directive was outlined in a memo signed by the Head of PenCom’s Surveillance Department, A. M., Salam. PenCom, in a […]

News

Pension funds surpassed N20tn in May – PenCom

The value of Nigeria’s pension funds climbed by 2.23 percent month on month to N20.23 trillion in May 2024. According to the National Pension Commission’s unaudited report on the pension funds industry portfolio for the period ended May 31, 2024, Pension Funds Administrators’ investment in FG securities remained high and increased during the review period, […]

PenCom debunks lending FG N10tn
News

PenCom debunks lending FG N10tn

Melvin onwubuke The Director General of the National Pension Commission, Aisha Dahir-Umar, has denied allegations that the commission loaned N10tn to the Federal Government. In October, the House of Representatives adopted a motion mandating its Committee on Pensions to recover N10 trillion in pension funds loaned by the government. Dahir-Umar In an interview last weekend, […]

PenCom recovers N25.45bn unremitted contributions
Banking

PenCom recovers N25.45bn unremitted contributions

By Melvin Onwubuke   The National Pension Commission has made huge progress in ensuring compliance among employers regarding pension contributions. According to nairametrics, PenCom has successfully retrieved a total N25.45 billion in unremitted pension contributions, from defaulting employers between the years 2012 and 2023. This was disclosed by Mr. Ibrahim Buwai, the Director of Corporate […]

NGX to draw in more investors - CEO
Business

NGX, PenCom collaborate to boost pension funds in equity market

The Nigerian Exchange Limited has announced that its collaboration with the National Pension Commission will increase the involvement of Pension Fund Administrators in the equity market via the NGX Pension Broad Index. The Acting CEO of Nigerian Exchange Limited, Mr. Jude Chiemeka, noted in a news release that the NGX Pension Broad Index has performed well since its […]