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Friday, June 5, 2020

Nigeria Court Revokes Pension Laws Benefiting Ex-Public Officers, Saves 21 States Billions of Naira

Affected ex-governors includes Fashola, Akpabio, Amaechi , Aregbesola, Sylva and others For 21 states with pension laws stipulating post-office benefits running into billions of naira for their former governors and deputies, it was a sigh of relief wednesday as the Federal High Court, sitting in...

implementation of new pension scheme suffers setback in States and Labour Unions

…Labour, state executives resist implementation The Contributory Pension scheme, CPS, has run into brick wall in 11 states following resistance from labour unions and state executives to the implementation of the scheme in the states. The Head, States Operations Department, PenCom, Mr. Babatunde Phillips, disclosed at...

Nigeria’s Pension Fund Assets hits N9.3 trillion as investment in FGN securities drops

The latest report released by the National Pension Commission (PenCom) shows that Nigeria’s Pension Fund assets hit N9.32 trillion in June 2019. According to the report, the Pension Fund Assets increased significantly in June when compared to the value reported in March 2019. Specifically, pension...

CBN, PenCom partner on 25 per cent pension funds for personal home investments

Central Bank of Nigeria (CBN) and the National Pension Commission (PenCom) are working out modalities for workers under the contributory pensions’ scheme to access 25 per cent of their contributions for personal home investments. Mrs. Ambah Hamda of City Bank yesterday broke the news in...

8.57m Nigerian Workers Are Registered Under The Pension Scheme As At Q1 2019 – NBS

The Pension Asset and RSA Membership Data Q1 2019 reflected that 8,569,037 workers are registered under the pension scheme compared to 8,410,184 registered workers in Q4 2018 while the Pension Fund Asset under Management as at Q1 2019 stood at N9.03trn as against N8.63trn...

PFAs Begin Data Recapturing Of 8.5m Pension Contributors

The Pension Fund Administrators (PFAs) have commenced data recapturing of 8.5 million pension contributors under the Contributory Pension Scheme (CPS) across the country. The aim of the exercise, according to findings, is to update the existing data of contributors, while also addressing a situation...

Nigeria begins verification of 104,133 pensioners

The Pension Transitional Arrangement Directorate (PTAD) yesterday in Lagos started a nationwide verification exercise for all pensioners of treasury funded parastatals, agencies and institutions under the Defined Benefit Scheme (DBS). Its Executive Secretary, Mrs Sharon Ikeazor who started the exercise said a total of 104,133...

Fed Govt, states yet to comply with 18% pension increase

Five years after the Pension Reform Act (PRA) 2014 mandated employers in the public and private sector to increase pension contribution rate to 18 per cent, the federal and state governments are yet to comply with the law, Pension Fund Operators Association of Nigeria...

PenCom targets 30 million informal workers in new scheme

The National Pension Commission (PenCom), says it is targeting no fewer than 30 million Nigerians in its Micro Pension Plan (MPP) within the next five years. The Head of Corporate Communications Department of the commission, Peter Aghahowa disclosed this while briefing journalists on Wednesday at...

Nigeria’s pension assets rise by 15% to N8.6trn

By Elizabeth Adegbesan & Cynthia Alo THE Pension Fund Assets rose by 15 percent to N8.6 trillion as at end December 2018 from N7.5 trillion recorded in the corresponding period of 2017. Analysis of the recent Pension Asset and Membership Data from the National Bureau...