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Tag: pension

Pension funds climb by 22% to N18tn - NAICOM
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Pension funds climb by 22% to N18tn – NAICOM

The total assets under the Contributory Pension Scheme hit N18.36 trillion by the end of 2023, according to National Pension Commission data. The PUNCH reported that PenCom’s unaudited report on pension funds sector portfolio for the period ended December 2023; Approved Existing Schemes, Closed Pension Fund Administrators and RSA funds (including unremitted contributions @CBN & […]

FG may increase employee pensions in 2024 - Wages Commission
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FG may increase employee pensions in 2024 – Wages Commission

The National Salaries, Incomes and Wages Commission’s study on the harmonization of pensions, which was submitted to the Federal Government, includes information that suggests pensioners in the federal civil service may receive an increase in their pension stipends in the upcoming year. According to The Punch, It was learned that both Federal Government pensioners under […]

FG may increase employee pensions in 2024 - Wages Commission
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Pensioners urge PTAD to tackle payment issues, others

The Association of Retired Federal Senior Public Officers of Nigeria has urged the Pension Transitional Arrangement Directorate to reinstate the use of the Salaries and Wages Commission’s legally approved monthly benefit payment structure in the distribution of its members’ monthly pension payments. According to The Punch, ARFESPON requested PTAD in a statement to abandon its […]

PenCom recovers N25.45bn unremitted contributions
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PenCom orders PFAs to open branches in all geopolitical zone

All Pension Fund Administrators have been ordered by the National Pension Commission to establish branch offices in at least two states in each geopolitical region of the country. Additionally, PenCom ordered PFAs to establish a branch office in any state where it has up to 10,000 funded retirement savings accounts, or RSAs. PenCom stated that the […]

FG may increase employee pensions in 2024 - Wages Commission
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Lagos pays 644 retirees N2bn pension

The Lagos State Government has paid 644 retirees a total of N2.017 billion in retirement payments. According to the National News Agency of Nigeria, the Director-General of the Lagos State Pension Commission, Babalola Obilana, made the statement on Wednesday during the distribution of the 101st batch of Retirement Bond Certificates to pensioners in Lagos State. According to […]

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 […]

The Pension Fund Operators Association of Nigeria has emphasized that workplace mental health programs must be given top priority by corporate firms.
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Prioritize mental health, pension operators urge organizations

The Pension Fund Operators Association of Nigeria has emphasized that workplace mental health programs must be given top priority by corporate firms. In order to inform professionals in the pension business about leveraging mental health for long-lasting change, PenoP made the call during a webinar it organized on “Mental health, managing stress and depression.” The […]

FG may increase employee pensions in 2024 - Wages Commission
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10% Nigerians have access to pensions – Report

The managing director of Norrenberger Pensions Limited, Mr. Hamisu Bala Idris, has revealed that only 10% of Nigerians have access to pension plans. According to Vanguard, Idris also stated that 80% of Nigerian pensioners depend only on their monthly pension for survival.  He made these remarks at a retirement planning session in Abuja aimed at equipping […]

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 […]

Stanbic-IBTC
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Stanbic IBTC Pension tasks workers to plan for retirement

The Executive Director of Stanbic IBTC Pension Manager, Nike Bajomo, has encouraged employees and customers to gain the necessary knowledge to lead a comfortable life after retirement. According to The Punch, Bajomo stated this during a one-day seminar/training session organized by the company for its retiring workers and clients. She further emphasized the significance of […]

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 […]

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FG’s spending on pension, gratuity drops to N356bn

The Federal Government’s expenditure on pensions and gratuity fell slightly by N3.48bn in 2021, according to figures obtained from the Central Bank of Nigeria. The CBN revealed in its data on ‘Federal Government recurrent expenditure’ that the amount spent fell from N359.6bn in 2020 to N356.12bn in the 2021 financial year. Despite yearly allocations, the […]