MLC aspirant promises to work for repeal of CPS
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Venkata Mallikarjuna Rao contesting polls with STU support
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Venkata Mallikarjuna Rao contesting polls with STU support
P. Venkata Mallikarjuna Rao, the State Teachers’ Union (STU)-backed MLC candidate from Krishna-Guntur teacher constituency in the ensuing elections to the Legislative Council in March, said on Sunday said that besides working to find solutions to the problems faced by the teachers, he would work for revocation of the Contributory Pension Scheme (CPS).
Mr. Rao said through the junior college he had established in Guntur, he extended education facility to scores of students and worked as a visiting faculty in many degree, MBA and MCA colleges.
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Published 18 January 2021
To clamp down on fraudulent death benefits and claims that do not meet required internal control measures, the National Pension Commission has stopped death payments to legal beneficiaries by the Pension Fund Administrators without approval, NIKE POPOOLA reports
The National Pension Commission has reviewed its directive on payment of death benefits to beneficiaries under the Contributory Pension Scheme as part of efforts to clamp down on bogus death claims.
This was as claims paid to relatives of 65,419 deceased workers rose to N215.27bn, according to latest information obtained from the commission.
In a circular titled ‘Cessation of payment of death benefits claims to legal beneficiaries without commission’s approval’, PenCom said it noted increase in death payments that did not meet required internal control measures.
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The total assets under the Contributory Pension Scheme rose to N12.29tn as of the end of November 2020.
Figures obtained from the National Pension Commission on its report on ‘Unaudited report on pension funds industry for the period ended 30 November 2020’ revealed on Friday.
According to the figures, N80.14tn of the funds had been invested in Federal Government securities.
Other areas where the funds were invested are domestic and foreign ordinary shares, corporate debt securities, local money market securities and mutual funds.
Recently, PenCom disclosed in its third quarter report on ‘Issuance of pension clearance certificates’ that 5,432 employers were cleared for having pension and insurance covers for their workers in the third quarter of 2020.
The Pension Funds Administrators, PFAs, invested N8.14tn of the total assets under the Contributory Pension Scheme in the Federal Government’s securities as of the end of November.
The National Pension Commission (PENCOM) disclosed this in its unaudited report on pension fund portfolio, which was obtained by Biz Watch Nigeria on Friday.
This amount represented 66.23 per cent of the total pension fund available on the contributory pension scheme.
According to the report, the total funds under the CPS stood at N12.29tn during the period under review.
Out of the Federal Government securities, N7.38tn was invested in FGN bonds; N642.0bn in treasury bills; N6.3bn in agency bonds (NMRC & FMBN); N100.07bn in sukuk bonds; and N11.81bn in green bonds.
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