The Pension Fund Regulatory and Development Authority’s plan to offer systematic withdrawal plan (SWP)—where an individual can withdraw a fixed sum from his pension fund instead of buying annuities—to National Pension System (NPS) subscribers is a welcome move. An NPS subscriber has to mandatorily annuitise 40% of the maturity corpus, […]
Pension
About N763bn contributed as pension funds in 11 months
Leave a comment and share Chuks Udo Okonta Pension contributions between January and November 2016 stood at N763 billion, Inspen can report. Information obtained from the National Pension Commission (PenCom) revealed that the total pension assets as at January 2016 was N5.254 trillion but rose to N6.017 trillion in November. […]
PenCom eyes N10.04bn for pension protection fund
Leave a comment and share Chuks Udo Okonta The National Pension Commission (PenCom) says N10.04 billion is required to fund Minimum Pension Guarantee (MPG) which should carter for shortfall or financial losses arising from investment activities. PenCom in a presentation to the National Assembly, noted that Section 82(1) of the […]
Bid to pool councils’ £15bn pension pots in Wales
The £15bn pension pot of Wales’ council workers past and present and their dependants could be pooled to cut management costs, a report has said. There are eight groups managing the pension funds of Wales’ 22 councils. Pooling money could cut overheads and “significantly reduce costs”, the report to Flintshire […]
‘Contributory pension scheme not under threat’
Suleiman ‘Contributory pension scheme not under threat’ In spite the recession and other economic maladies, the Managing Director, FUG Pensions Limited, Usman Suleiman, says the Contributory Pension Scheme (CPS) remains strong and will continue to give succour to retirees. Chuks Udo Okonta met him. 10 years of uninterrupted operations, how […]
PenCom issues 2467 compliance certificates to firm’s eyeing govt’s contracts
Leave a comment and share Chuks Udo Okonta The National Pension Commission (PenCom) as at March 1, 2017, has issued 2467 compliance certificates to firm’s that had embraced the Contributory Pension Scheme (CPS) to enable them bid for government’s contracts. Findings by Inspenonline, revealed that some applications were rejected because […]
China stresses safe investment of pension funds
A senior official Wednesday called for a cautionary approach when investing pension funds, tempering expectations that a large amount of pension funds would enter the stock market. “The investment of pension funds does not necessarily mean putting them into the stock market — that is just one of the choices,” […]
UK Pension Fund Deficit Climbs To £520bn, According To PwC’s Skyval Index
New figures released today from PwC’s Skyval Index show the deficit of defined benefit (DB) pension funds stood at £520bn at the end of February 2017, a £50bn increase since last month. The analysis also shows that it will take until 2050 to halve the value of today’s total liabilities […]
Lagos State retirees get N801m
Mrs Onanuga Leave a comment and share Chuks Udo Okonta The Lagos State Governor, Akinwunmi Ambode has continued to keep his promise of giving priority to payment of retirees’ entitlements, as another set of 179 retirees received accrued Pension rights for a total sum of N801 million for the month […]
PenCom urges state govts to mitigate huge pension liabilities with CPS
Mrs Anohu- Amazu Leave a comment and share Chuks Udo Okonta The huge liabilities which usually build up in the old Defined Benefits Scheme can be mitigated by the adoption and implementation of the Contributory Pension Scheme (CPS) by States in the Federation, the Director-General, National Pension Commission (PenCom) Mrs […]
