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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 c...

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...

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 ...

    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 arrang...