The Pension Reform Act 2014 has been signed into Law
Mr. President has signed the Pension Reform Act 2014 (the Act) into Law on 1 July 2014. The Act repeals the Pension Reform Act No.2, 2004 and would continue to govern and regulate the administration of the uniform Contributory Pension Scheme for both the Public and Private Sectors in Nigeria.
NOTICE OF MEETING
Forum of Heads of Human Resources/Training of Licensed Pension Operators
This is to inform all Heads of Human Resources/Training of Licensed Pension Operators that the Trainers’ forum for the second quarter of the year 2014 is scheduled to hold on Thursday, 26 June, 2014 at the Zen Garden Chinese Restaurant, Ikeja Lagos at 10.00am prompt.
ALL LICENSED PENSION OPERATORS ARE ADVISED TO ENSURE THAT THEIR ORGANIZATIONS ARE REPRESENTED AT THE MEETING
RE:N4 Trillion Pension Assets Under Threat as FGN Grants Police Pull Out
We refer to the BusinessDay story titled “N4trn pension assets under threat as FG grants police pullout”. The story appears to be informed by lack of understanding of the circumstances surrounding the NPF Pensions Limited, a Pension Fund Administrator (PFA) recently established by the Nigeria Police Force and granted an Approval-in-Principle by the National Pension Commission (the Commission). The write-up, needless to say, contained factual errors capable of misleading the general public. It therefore becomes imperative that the Commission sets the records straight. <Read More>
Notice for Enrolment for FGN Employees Retiring in 2015
This is to inform all employees of Treasury Funded MDAs of the Federal Government that the Commission is organizing a nationwide verification and enrolment exercise commencing from 12 May, 2014 to 18 June, 2014 for employees in the service of the Federal Government who are due to retirebetween January and December,2015 by virtue of attaining 60 years of age or 35 years in service whichever is earlier or 65 years and or 70 years of age for employees of Tertiary Institutions for the purpose of payment of retirement benefits. <Read More>
No PenCom Staff is Involved in Looting of Pension Funds
The attention of the National Pension Commission (PenCom) has been drawn to some media publications stating that the Independent Corrupt Practices and Other Related Offences Commission (ICPC) had arrested a junior PenCom Official with fifty bank accounts. The write-up appeared in some national newspapers with various headlines giving an impression that there was looting in PenCom. The stories quoted the ICPC Chairman, Mr. Ekpo Nta, as saying that there were serious cases of fraud running into billions of naira perpetrated by junior officials in the Pension Commission but that only top officials were given attention in the chase for corrupt officers. The Commission wishes to state categorically that no official of PenCom is involved in any form of looting of pension fund.
This is to notify the general public that a Contact Centre has been commissioned to provide an easy means of contacting the Commission in order to lodge complaints or make enquiries on issues relating to pension. The Centre operates during working days, that is, Mondays to Fridays from 8.00 am to 5.00 pm.
Guidelines for Employer Code Request by PFAs have been Released
This is to notify operators in the Pension Industry that Guidelines for Employer Code Request by PFAs have been released. Please download the document from this website under the menu item "Guidelines".
Enrolment of Propective Retirees of Federal Government MDAs
This is to inform all employees of Treasury Funded MDAs of the Federal Government that the Commission is organizing a nationwide verification and enrolment exercise commencing from 3 June, 2013 to 11 July, 2013 for employees in the service of the Federal Government who are due to retirebetween January and December,2014 by virtue of attaining 60 years of age or 35 years in service whichever is earlier or 65 years and or 70 years of age for employees of Tertiary institutions for the purpose of payment of retirement benefits. <Read More>
Regime of Sanctions and Penalties are Released
The Revised Regime of Sanctions and Penalties for non-compliance with the provisions of the Pension Reform Act 2004 have been released. The document can be obtained under Guidelines Section of this website. Alternatively, <Click Here>
This Press Release is issued pursuant to the Circular on Minimum Capital Requirement for Licensed Pension Fund Administrators (PFAs) issued by the National Pension Commission (the Commission) on 31 May, 2011. <Read More>
Procedure for Registration of State and Local Government Employees
A Circular on the Procedure for Registration of State and Local Government Employees has been released. Please check the Circulars' Section of this website for details.
Notice to all Employees on their Right to Life Insurance Policy and Pension Contributions
This is to remind all Employees in the public and private sectors covered by the Pension Reform Act 2004 (PRA 2004) that it is their right under Section 9(3) of the PRA 2004 to have Life Insurance Policy taken on their behalf by their employers for an insured amount of not less than three (3) times their annual total emolument.
Notice to all Employers of Labour: Compliance with Guidelines for Life Insurance Policy for Employees and submission of Insurance Certificates
In accordance with the provisions of Section 9(3) of the Pension Reform Act (PRA) 2004 and Section 5.5 of the Guidelines for Life Insurance Policy for Employees, Employers of labour covered by the PRA 2004 are required to submit copies of the Insurance Certificates with the schedule of benefits to the National Pension Commission (PenCom) and the Pension Fund Administrators (PFAs) where the employees maintain their Retirement Savings Accounts (RSAs).
Notice on Provisions of the Public Procurement Act 2007 as they Relate to Pensions By virtue of the provision of Section 16 (6)(d) of the Public Procurement Act, 2007 (PPA 2007), any supplier, contractor or consultant bidding or soliciting contract or business from any Federal Government Ministry, Department and Agency must fulfill all its obligations with respect to pensions...Read More
Compliance with Guidelines for Life Insurance Policy It is the right of employees under Section 9(3) of the PRA 2004 to have Life Insurance Policy taken on their behalf by their employers..Read More
The Right of Employees to Life Insurance Policy and Pension Contributions Employers of labour covered by the PRA 2004 are required to submit copies of the Insurance Certificates with the schedule of benefits...Read More