Pensioners decry non-payment of check-off dues dailytrust.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailytrust.com Daily Mail and Mail on Sunday newspapers.
The Nigerian Pension Industry: A journey with definite destination 2
On
By Godwin Onoro, Pension Expert
In the last publication, a clear path for this awesome and beneficial journey was provided. Being a journey, it is natural that participants would commence theirs at different times. Whilst some participants would have arrived, the retirees and the deceased in this instance, the journey continues for those who are still in employment.
For others, students, those waiting to secure employment or start their own business, the journey is yet to commence. In the journey of life, nothing is so certain and reassuring when the outcome of endeavour is already determined. It is akin to watching a repeat play of football match that you already know the outcome. This is exactly the journey of the Nigerian pension industry.
Punch Newspapers
Sections
Nike Popoola
Nike Popoola
Published 12:14 am
The National Pension Commission refunded N848.92m to 3,499 retirees under the Contributory Pension Scheme and allowed them to leave the system due to low balances in their Retirement Savings Accounts in the fourth quarter of 2020.
Figures obtained from PenCom’s report on ‘Enbloc payment of retirement benefits’ for the fourth quarter revealed this on Tuesday.
According to the report, the concerned retirees did not have above N550,000 in their RSAs as of the time they retired.
Part of the report read, “During the quarter under review, the commission granted approval for enbloc payment of retirement benefits to 3,499 retirees whose RSA balances were N550,000.00 or below and considered insufficient to procure Programmed Withdrawal or Retiree Life Annuity of a reasonable amount for an expected life span.
Vanguard News
The Nigerian Pension Industry – A journey with definite destination (2)
On
In the last edition of this series, a clear path for this awesome and beneficial journey was provided. Being a journey, it is natural that participants would commence theirs at different times. Whilst some participants would have arrived, the retirees and the deceased in this instance, the journey continues for those who are still in employment. For others, students, those waiting to secure employment or start their own business, the journey is yet to commence. In the journey of life, nothing is so certain and reassuring when the outcome of endeavour is already determined. It is akin to watching a repeat play of football match that you already know the outcome. This is exactly the journey of the Nigerian pension industry.
Globally, matters pertaining to taking care of retired and aged citizens are of great concern to government. The concerns bother majorly on the non-availability of funds to pay the aged citizens who worked for the government, resulting in huge pension liabilities. The schemes in Nigeria prior to the commencement of the Pension reform were Pay As You Go and Defined Benefit in the public sector and Provident Fund/Nigeria Social Insurance Trust Fund (NSITF) for the private sector. Whilst a few private organisations have some forms of exit benefits, these were not sustainable pension arrangements as they do not provide for savings to cater for the employees’ livelihood during old age.