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Tag: Pencom

Workers dump PFAs, new operators get N822bn retirement savings
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Workers dump PFAs, new operators get N822bn retirement savings

203,127 workers have changed their Pension Fund Administrators and transferred N822.37 billion from their Retirement Savings Accounts since the National Pension Commission opened the transfer window. The Punch reported that this information was provided by PenCom in their transfers report titled “Quarterly Summary of Retirement Savings Accounts Transferred by Pension Fund Administrators” for the period […]

PenCom recovers N25.45bn unremitted contributions
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Retirees withdraw N7.79bn savings, quit pension scheme – PenCom

In one year, 15,634 workers who retired under the Contributory Pension Scheme and could not receive up to N10,000 monthly stipends withdrew N7.79 billion from their respective Pension Fund Administrators’ Retirement Savings Accounts. According to The Punch,  National Pension Commission’s weekly report on en-bloc payments to retirees reveal that these retirees were those who had less […]

How PenCom invested N130bn pension fund in infrastructure
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PenCom considers PFA securities lending

The National Pension Commission has stated that regulations are being developed to allow Pension Fund Administrators to engage in securities lending as a form of participation in the capital market. It made this disclosure on Wednesday during a session hosted by PenCom, the Securities and Exchange Commission, and the Nigerian Exchange Limited. The workshop’s focus […]

PenCom recovers N25.45bn unremitted contributions
Business

PenCom promises to uphold contributors’ interests

The Director-General of the National Pension Commission, Aisha Dahir-Umar, has stated that PenCom is preserving contributors’ interests as funds under the Contributory Pension Scheme rise. The director-general was addressed at the Lagos 2023 Journalists’ Conference while being represented by the head of the corporate communications department, Abdulqadir Dahiru. According to her, “PenCom’s proactive regulatory strategy has increased the […]

PenCom recovers N25.45bn unremitted contributions
News

PenCom deploys agents to recover unpaid pension contributions

The National Pension Commission has announced that it continues to use Recovery Agents to recover unpaid pension contributions and fines assessed against defaulting businesses. According to Vanguard, employee interest in the Contributory Pension Scheme decreased in the first quarter of 2023 as a result of a 10.2% YoY decline in the number of new RSA enrolments […]

PenCom recovers N25.45bn unremitted contributions
News

PenCom recovers N384m pension from defaulting employers

By Wilson Adekumola   The National Pension Commission has said that it has recovered N384 million from defaulting employers.   The PenCom’s Director-general, Aisha Dahir-Umar made this known at the 2023 Labour Writers Association of Nigeria workshop, in Lagos, adding it has recovered N384.28 million as pension contributions owed workers by defaulting employers in the […]

PenCom recovers N25.45bn unremitted contributions
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How pension assets hit N15.58tn – PenCom

The total pension assets of the National Pension Commission, PenCom, is currently over N15.58 trillion. The Director-General of the commission, Aisha Dahir-Umar, revealed this at a workshop organized for the Labour Writers Association of Nigeria, LAWAN, with the theme, “Securing the Future: The Benefits of the Contributory Pension Scheme to the Nigerian Workers,” in Lagos […]

Director-General, PenCom, Aisha Dahir-Umar
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168k workers transfer N664bn pension funds to other administrators – PenCom

Since the National Pension Commission opened up the option to transfer pension funds, 168,768 workers have moved their Retirement Savings Accounts worth N663.761bn to different Pension Fund Administrators. This was recently disclosed by PenCom in their “Quarterly summary of Retirement Savings Accounts transferred by Pension Fund Administrators” spaning from the fourth quarter of 2020 to […]

Director-General, PenCom, Aisha Dahir-Umar
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Contributory asset rose above N1tn in one year- PenCom

The Contributory Pension Scheme’s asset rose from N13.76tn as of the the end of February 2022 to N15.45tn February 2023 which account for a N1.68tn increase in one year. PenCom made this disclosure in its unaudited report on the pension funds industry portfolio,  accessed by The Punch. This report covers the period up until February […]

PenCom workers permitted to use pension for mortgage
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PenCom workers permitted to use pension for mortgage

The National Pension Commission has started giving workers permission to use 25% of their Retirement Savings Accounts for mortgage. According to The PUNCH, this was disclosed by the agency on Friday via a press statement titled, ‘PenCom approves guidelines on accessing Retirement Savings Account balance, for payment of equity contribution for residential mortgage by RSA […]

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