PenCom

Aisha Dahir-Umar, the Director General of National Pension Commission (PenCom), has described as “totally misleading” widespread reports that the Commission gave a N10 trillion loan to the Federal Government. She also responded to claims that PenCom was owing the Federal Government retirees arrears of pensions as well as insinuations that Pension Fund Administrators (PFAs) are not fulfilling their obligations to retirees with regards to access to their retirement savings. Mrs. Dahir-Umar, in a media interview at…

To uphold pension compliance standards, the National Pension Commission (PenCom) said it has so far recovered N12.5 billion in penalties from employers who failed to remit pension contributions. The sum was collected by recovery agents, companies engaged by the commission to recover outstanding pension contributions with interest penalty from defaulting employers within a specified timeframe and under agreed terms and conditions. This was disclosed Monday by the commission’s spokesperson, Ibrahim Buwai. He said…

The National Pension Commission (PenCom) has distances itself from the activities of the Association of Pension Desk Practitioners of Nigeria, ASSOPEP. According to a press statement by the commission, PenCom said that it has no affiliation with the group. The statement noted that ASSOPEP claims to resolve pension issues and assist retirees in securing their retirement benefits. But PenCom warned that the claim is false and that the commission has no affiliation with the group. “The attention of the National…

Some Nigerian senators and pension operators on Friday disagreed over the Nigeria Police Force’s request for exemption from the Contributory Pension Scheme (CPS). Punch newspaper reported that at a public hearing on Police Pension Board Bill on Friday, senators, the Police and groups of Police retirees supported the proposal to exclude the Police from CPS. However, the National Pension Commission, Pension Fund Operators Association of Nigeria, and other stakeholders kicked against the request. Represented by…

Pension administrators have ended incentives they offered to win over subscribers after the regulator issued a directive prohibiting the offer of gifts to retirement savings account holders. The National Pension Commission had in October directed operators in the industry to end “unhealthy competition” among PFAs. According to PenCom’s spokesperson, Abdulqadir Dahiru, PFAs sent gifts such as birthday cakes and end of year gifts to account holders to dissuade them from switching to another administrator. Speaking…

The National Pension Commission (PenCom) says it has approved the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited. FBN Holdings Plc, had through its subsidiary First Pension Custodian Limited, agreed with Access Bank Plc to buy out the latter’s pension subsidiary Access Pension Fund Custodian in a deal involving 100 per cent ownership transfer. In a notice on Monday, PenCom said Access Pension would transfer its assets to First Pension Custodian Limited which is a subsidiary of…

The National Pension Commission (PenCom) has commenced the recapturing of retirement savings account holders’ data exercise by Pension Fund Administrators. The commission in a statement Thursday said the exercise is for both active contributors and retirees whose data have not been recaptured. The commision had introduced the Data Recapture Exercise (DRE) in August 2019 to facilitate complete, accurate and current data collection of all RSA holders, both active and retired. The DRE is…