•93,114 new enrollees join in first quarter of 2022
No fewer than Nine Million, Six hundred and Twenty-one thousand, nine hundred and Seventy-Nine (9,621,979) enrollees have now joined the Contributory Pension Scheme, CPS, after successfully registering with different Pension Fund Administrators, PFAs and opening Retirement Saving Accounts, RSAs in the country.
The National Pension Commission, PenCom, which disclosed this in its 2022 first quarter (Q1) report on the Commission’s official website, informed that Ninety-three thousand one hundred and fourteen (93,114) new enrollees have registered with PFAs and opened RSAs, bringing the total RSA registrations from inception to 9,621,979 as at March 31, 2022.
The report stated that the RSA Transfer System, RTS, was a total of 7,663 RSA holders initiated RSA transfers, in the first RSA Transfer Quarter of 2022, which was concluded in the first week of April 2022.
According to the commission, “This covered RSA transfer requests, submitted by PFAs between January 1, and March 31, which were eligible for RSA transfer in the first quarter of 2022. Out of the total RSA transfers initiated, 5,543 RSAs were transferred to their new PFAs and their associated pension assets, while 2,120 transfer requests failed. The failed submissions by PFAs could be attributed to their internal processes, as all the PFAs recorded some failed RSA transfer request submissions.”
PenCom equally noted that it received an application from the Nigeria Social Insurance Trust Fund, NSITF, to transfer NSITF contributions, on behalf of 218 NSITF contributors during the quarter under review.
The commission said approval was granted to transfer N11.53 million to the RSAs of 213 contributors, even as it approved monthly pensions in the sum of N40.47 million to 2,304 NSITF pensioners.
According to the PenCom, the compliance status by state governments to the Pension Reform Acts, PRA 2014 to the Contributory Pension Scheme, CPS, and other schemes as at first quarters of 2022 was impressive, saying “25 states of the Federation had enacted pension laws on the CPS, while eight states are at the bill stages; four states adopted the Contributory Defined Benefits Scheme, CDBS.”
It informed that it received 11,200 applications from private sector organisations for the issuance of Pension Clearance Certificates, PCCs.
Out of this number, PCCs were issued to 10,541 organisations, while 659 applications were in the approval process as at March 31.
The records showed that the 10,541 organisations’ actions had remitted a total sum of N59,39 billion into the RSAs of their employees, totalling 45,170,” it added.
…Begins verification of retirees/prospective pensioners of MDAs — Official
The National Pension Commission, PenCom, will today begin verification of retirees/prospective retirees of Federal Government Ministries, Departments and Agencies, MDAs.
According to the commission, it would begin online verification and enrolment for the retirees/prospective retirees of Federal Government Treasury-Funded MDAs on June 20, 2023 (today).
The Head, Corporate Communications of PenCom, Mr Abdulqadir Dahiru, who disclosed this, said those who are eligible for the verification and enrolment are employees of MDAs scheduled to retire in 2022.
Dahiru noted that employees who missed the enrolment in previous years are required to visit their Pension Fund Administrators, PFAs, and undergo the data recapture, saying all retirees/prospective retirees were required to visit their PFAs and undergo the data recapture exercise.
According to him, retirees/prospective retirees should provide their personal details including their National Identity Number, NIN.
He said that the retirees/prospective retirees who had undergone the data recapture exercise earlier were not required to repeat it, noting “The enrolment options are self-assisted, retirees/prospective retirees are required to visit PenCom’s website (www.pencom.com.ng) and upload their employment details. They are also to scan copies of required documents before proceeding to their respective PFAs for physical verification and enrolment.
“The step by step procedure for the online enrolment is hosted on the PenCom website and pension desk officer/PFA. Retirees/prospective retirees who are unable to complete the online registration for any reason could approach the pension desk officer of their respective MDAs or visit their PFAs for assistance.’’
PRA supersedes employee-employer pension agreements, says court
The National Industrial Court, NIC, Kaduna Division, has affirmed the superiority of the pension reform act over employee-employer pension agreements.
The Pension Reform Act (PRA) of 2004, which governs and regulates the administration of the contributory pension scheme for the public and private sectors in Nigeria, was amended and replaced with the PRA 2014.
According to a report by TheCable News, in the suit marked NICN/KD/06/2019, Ijoma Paulinus (the claimant) dragged Union Bank of Nigeria Plc, the National Pension Commission and Premium Pension Limited (the defendants) to court over his pension entitlements.
Paulinus had argued that, in line with his status as a former employee of Union Bank of Nigeria Plc, he was entitled to an upward review of his pension based on the trust deed between Union Bank of Nigeria Plc, Union Trustees Limited and William Street Trustees Limited.
Delivering judgment, S.O. Adeniyi, the judge, ruled in favour of the defendants.
The judge held that a prior pension agreement entered into by an employee and an employer became determined upon the enactment of the Pension Reform Act 2004 and remains “ineffective and unenforceable”.
The judge ruled that “section 1 of the PRA (supra) makes it mandatory for any employment in the federal republic of Nigeria to establish a contributory pension scheme for payment of retirement benefits of employees to whom the scheme applies under the act, that is, all employees in the public service of the federation, federal capital territory and the private sector. The categories of employees exempted from the provision of section 1 (supra) are listed in section 8 of the act”.