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Over 2,100 Dissatisfied Pension Contributors Move To Change PFAs

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By Sola Alabadan

 

Within a period of 15 days, more than 2,100 Retirement Savings Account (RSA) holders who are dissatisfied with the services being rendered by their Pension Fund Administrators  (PFAs) have indicated their intention to move their accounts from their PFAs to another one, following the launch of the pension transfer window by the National Pension Commission (PenCom).

The Head, ICT, PenCom, Mr. Polycarp Anyanwu, who disclosed this during a virtual 2020 Pension Fund Operators Association of Nigeria (PenOp) Media Retreat for journalists yesterday, said over 2,100 applications were submitted and received by the commission between November 16 and 30.

The transfer window, known as Retirement Savings Account Transfer System (RTS), was launched by PenCom on November 16 in Abuja, in accordance with Section 13 of the Pension Reform Act, 2014, which allows aggrieved contributors to move their RSA through a transfer window from one PFA to another. Polycarp noted that most of the pension contributors seeking a switch to new PFAs were those not contented with the service delivery of their current pension fund handlers, a development, he said, would, no doubt, enhance quality service delivery of the PFAs to their clients. Explaining how the window operates, he said the RTS had four quarters in a year, which are March 31, June 30, September 31, and December 31, in which contributors can change their PFAs once in a year. He added that the over 2,100 applications received so far, would be processed for the December 31 window.

A month to the above mentioned dates, he said the concerned pension fund operators must have submitted necessary documentation to the regulatory body, informing it of the amount leaving their kitty and the RSA holders concerned, so as to give ample time for PenCom, the affected PFAs and the receiving PFAs to plan ahead. On the part of the contributors, he said majorly, fingerprint, which serves as their consent, was a unique criteria to switch PFAs.

Although he expects some pension fund operators to be on the losing end and some proactive ones winning the disgruntled contributors, he stressed that the overall benefits was to instill healthy competition among operators, which will, in return, lead to better service delivery and improved investment returns on pension assets.
Similarly, the Head, Corporate Communications, PenCom, Mr. Peter Aghahowa, said the activation of the RSA transfer process would engender competition and improve service delivery in the pension industry, while asserting the right of RSA holders to determine which PFA manages their pension contributions and retirement benefits.

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E-News

PTAD Postpones Resumption Of Pensioners’ Verification  

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The Pension Transitional Arrangement Directorate (PTAD) has postponed the resumption of the walk-in verification exercise for pensioners under the defined benefit scheme (DBS), PTAD spokesperson, Olugbenga Ajayi, said.

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Business

Adamawa Begins Payment Of Outstanding Gratuity To Retirees

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Medugu who made the disclosure to journalists in Yola, said that the State and Local Government Councils jointly contribute N14 million monthly for the payments.

He explained that the amount being contributed monthly for settlement of the retirees’ gratuity would also help to cushion the hardship occasioned by COVID-19.”

So far, Government has settled the gratuity of about 6,300 local government retirees.

“And on monthly basis, State and Local Government’s Councils are contributing about N14 million for the payment of the gratuity.”

“According to our records, 989 local government Pensioners are not receiving their monthly pension, this is as a result of recent verification exercise,” he said.

Medugu urged the affected pensioners to be patient as the board was working to ensure that those mistakenly omitted  in the payment were integrated into the system.

Similarly, Chairman of Adamama State Pension Board, Mr Thomas Mahdi, told the News Agency of Nigeria (NAN) that Gov. Ahmadu Fintiri, had approved N1.5 billion for payment of gratuities.

Mahdi said that the payment of the arrears of gratuity to State Government retirees affected those who retired between 2009 and 2012.

“The payments are categorised based on Senior Ma

 

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Pension

Fayemi Charges Pensioners On COVID-19 Protocols

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In order to curb the spread of coronavirus, the Governor of Ekiti State, Dr Kayode Fayemi has  cautioned elderly citizens in the state to avoid large gathering, maintain physical distancing and adhere strictly to other safety protocols established for this purpose.
This is coming following the global resurgence of the COVID-19 pandemic.
The Governor stated this in Ado Ekiti on Tuesday while presenting 100 million naira cheque for payment of gratuities to 41 local government and primary school retirees in the State.
The Governor, who was represented by the Secretary to the State Government, Mr. Biodun Oyebanji, said payment of the gratuities was in fulfilment of his promises to ensure that pensioners enjoy a worthy life after their meritorious service to the State.
Dr Fayemi reiterated his commitment to prioritising issues that affect the welfare and well being of pensioners with an assurance to sustain the techniques adopted in defraying outstanding gratuities in the State.
He promised to continue to utilize his position as the Chairman of Nigeria Governors’ Forum in leading a frontal advocate that would position issues and policies affecting pensioners on the front burner of government agenda.
While assuring that Government would continue to try its best in making life comfortable for retirees, Dr Fayemi urged the beneficiaries to expend the money on profitable ventures.
Speaking on the rising cases of covid-19 across the world, the Governor stressed the need for old people who were considered as one of the most vulnerable age group to take personal responsibility in observing measures put in place to curtail the spread of the infection.
He said: “You have laboured for Ekiti State and now you are to collect the fruit of your labour and it speaks to the commitment of the government at ensuring that gratuity and pension are paid as at when due.
“It saddens the heart of the Governor that many retirees that served their fatherland had not been paid their entitlement.
“The Governor is desirous of leading a frontal attack on all the liabilities that our pensioners are due for both in Ekiti State and as the Chairman of the Nigeria Governors’ Forum.
“Pensions and gratuities payment would continue to be on the front burner of the Government policies as long as you have the governor piloting the affairs of this state and pensioners can go to bed knowing fully well that issues that affect their welfare and well being will continue to get primary attention of this government.
“I can assure that before this Government winds down there would be more batches many people that have not been paid would be paid. My advice is that as we collect this we should make judicious use of it.
“I will advise also that as we celebrate Christmas and New year we should be guided and be reminded that COVID-19 is back
“And science tells us that the second wave is deadlier than the first wave, from history we learnt that the second wave is always more turbulent, so I will advise our people to observe social distancing, to watch their hands and observe other identified Covid-19 protocol. If it is not compulsory for us to go anywhere as we celebrate Christmas and New year let us stay at home.”
Also, in a related development, Governor Fayemi officially laid the foundation of the new Secretariat Complex of the union in Ado Ekiti. Performing the event, the Governor assured of his support in the timely completion of the project.
Earlier, the State Chairman of Nigeria Union of Pensioners in Ekiti, Elder Ayo Kumapayi commended the Governor for his policy on the payment of pensions and gratuities which had allowed members to fulfil their financial commitment to the union.
According to him, the new office complex is designed to accommodate an office, ICT section, a health section and a kitchen for the betterment of the members of the union.
Elder Kumapayi disclosed that the funding of the various projects which his administration embarked upon were drawn majorly from check-off dues deduction.

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