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NAIPCO Annual Conference Holds Nov. 4

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Barring any unforseen circumstances, the 2020 edition of the annual Conference of the National Association of Insurance and Pension Correspondents (NAIPCO) will hold on Wednesday, November 4, 2020 at Four Points By Sheraton Hotel, Lagos, beginning from 10:00am.
Accordingly, experts as well as stakeholders in the financial service sector will converge to deliberate on how insurance and pension fund operators can build their investment portfolios to maximise profit.
The theme for the conference is: “Promoting Bankable Investments Portfolio for Insurance and Pension Sectors.”
The Chairman of the occasion is the Chairman, Nigeria Social Insurance Trust Fund (NSITF), Mr. Austin Enajemo-Isire, while the Director General, Lagos Chamber of Commerce and Industry (LCCI), Dr. Muda Yusuf, is the Keynote Speaker, even as the Chairman, Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi will be the Special Guest of Honour and Chief Launcher of the new NAIPCO website.
The Commissioner for Insurance, National Insurance Commission (NAICOM), Mr. Sunday Thomas and the Director General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, have confirmed they will be attending the conference.
Similarly, the Chairman, Nigerian Insurers Association (NIA), Mr Ganiyu Musa; the CEO, Pension Fund Operators Association of Nigeria (PenOp), Mr. Agudah Oguche, among others, will also be present at the occasion to deliberate on ways operators can invest in the businesses of the Organised Private Sector of Nigeria(OPSN) and still maximise profit.
Speaking on the preparation for the event, the President, NAIPCO, Mr. Chuks Okonta, said, as a critical stakeholder, it is the desire of NAIPCO that companies in both the insurance and pension sectors build up investment portfolios that will translate to huge returns on investments for shareholders and contributors of the contributory pension scheme.
He said the organised private sector has consistently lamented of low funding for manufacturers as the investment community have accused OPSN of lack of bankable investment projects in which pension and insurance companies can invest in, despite the two sectors having in excess of N11 trillion funds that could be invested in the economy.
For the insurance sector, he stressed that the theme of the conference is apt based on the argument that the sector is destroying value due to the consistent low returns on investment to shareholders.
For the pension sector, he stated that, the theme is also apt as PFAs have limited investment outlets with the ban on investment in treasury bills by the Central Bank of Nigeria(CBN) as well as, the current low yield on bonds, the mainstay investment instrument of the pension industry.
Accordingly, he pointed out that the experts will lay bare all available bankable investment outlets for the operators to reap maximum benefits for their shareholders and customers’ benefits.
He added that a new NAIPCO website will be unveiled at the conference, while there will be awards for individuals or organisations that have contributed immensely to the growth and development of either the insurance or pension sectors.

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PenCom Approves Full Payment To 2,024 Retirees, 25% To 7,906 Disengaged Workers

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By Sola Alabadan

The National Pension Commission (PenCom) approved Enbloc payment of retirement benefits to 2,024 retirees whose Retirement Savings Account (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.
In this regard, a total sum of N527.23 million was paid to the 2,024 retirees from both the public and private sectors during the second quarter of the year.
The nation’s pension regulator disclosed this in its latest quarterly report issued recently.
This is in keeping faith with the objectives of the Pension Reform Act 2014 to ensure that every person who worked in either the Public Service of the Federation, Federal Capital Territory or Private Sector receives his retirement benefits as and when due.
In a related development, the Commission also approved the payment of N4,430.37 million to 7,906 RSA holders under the age of 50 years, who were disengaged from work and unable to secure jobs within four months.
This is in accordance with section 7(2) of the Pension Act, which provides that “Where an employee voluntarily retires, disengages or is disengaged from employment as provided for under Section 16(2) and (5) of this Act, the employee may, with the approval of the Commission, withdraw an amount of money not exceeding 25 per cent of the total amount credited to his retirement savings account, provided that such withdrawals shall only be made after four months of such retirement or cessation of employment and the employee does not secure another employment.”

Meanwhile, the Commission also informed that applications were received for transfer of Nigeria Social Insurance Trust Fund (NSITF) contributions on behalf of 332 NSITF contributors.
However, approval was granted to transfer N17,026,367.10 to the Retirement Savings Accounts (RSAs) of 298 members.
On a similar note, PenCom approved monthly pensions in the sum of N62,327,832.97 to 3,629 NSITF pensioners.

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4,438 Retirees Choose Programmed Withdrawal, 1,708 Opt For Annuity In Second Quarter

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By Sola Alabadan

The National Pension Commission (PenCom) approved 4,438 requests, comprising 1,406 public (FGN & States) and 3,032 private sector retirees to draw pension through the Programmed Withdrawal mode during the second quarter.
These retirees received a total lump sum of N13,059.79 million, while their total monthly pension amounted to N209.05 million.
PenCom disclosed this in the second quarter report uploaded on the commission’s website recently.
Similarly, the Commission granted approval to 1,708 retirees under the Retiree Life Annuity during the quarter.
A total lump sum of N4,586.16 million was approved for payment to the retirees, while the sum of N12,346.89 million was approved for payment to 14 Retiree Life Annuity Providers as premium in return for total monthly/quarterly annuities of N122.46 million.
In a related development, approvals were granted for payment of death benefits amounting to N6,175.13 million to the legal beneficiaries/administrator of 1,209 deceased employees and retirees. This comprised 835 public (FGN & State) and 374 private-sector employees/retirees.
During the quarter under review, the Commission equally approved enbloc payment of retirement benefits to 2,024 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. In this regard, a total sum of N527.23 million was paid to the 2,024 retirees from both the public and private sectors.
Besides, the Commission approved the payment of N4,430.37 million to 7,906 RSA holders under the age of 50 years, who were disengaged from work and unable to secure jobs within four months.

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Insurance

CHI Renews Group Accident Cover For insurance, Pension Journalists

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Sola Alabadan

Consolidated Hallmark Insurance(CHI) Plc has again renewed the Group Personal Accident Insurance cover worth N24 million Sum Assured, which was arranged for insurance and pension journalists in Nigeria.

This is part of the company’s Corporate Social Responsibility (CSR) project, to ensure that journalists who are exposed to danger and hazard in the discharge of their civic duties are adequately protected.
The Group Personal Accident Insurance policy covers death, permanent disability and medical expenses.

The policy, now in its 10th year, has been running since 2012, and is renewed annually by the company. The cover, which was renewed on October 1, 2021, is due to expire on September 30, 2022.

The policy cover all members of the National Association of Insurance and Pension Correspondents(NAIPCO) across the country while the company has promised to continue to renew the coverage for the journalists every year.

Speaking on the issue, the group managing director of Chi, Eddie Efekoha, said, this gesture is to show the kind of values and respect his insurance firm has for journalism, believing, journalists, who are the shaper of the society, and by extension, the insurance industry, must be protected.

Journalism, he said, is a risky profession, hence, the need to adequately provide insurance for those covering the insurance industry.

In the case of the death of any of the concerned journalists, he said, the family of the deceased is entitled to N1 million death benefits. “A journalist who suffers permanent disability in the discharge of his duties will also be entitled to N1 million. The cover provides for medical expenses to the tune of N200,000 per journalist in the case of an accident,” he pointed out.

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