PenCom Launches Retirement Savings Account Transfer System
The National Pension Commission (PenCom or the Commission) has announced, through a press release, the initiation of the Retirement Savings Account (RSA) transfer system, which will enable contributors under the Contributory Pension Scheme to transfer their accounts from one Pension Fund Administrator (PFA) to another, once a year.
PenCom directs PFAs to discontinue the operation of Death Benefits Accounts
The National Pension Commission (PenCom) has mandated all licensed Pension Fund Administrators (PFAs) to discontinue the operation of Death Benefits Accounts (DBAs) with effect from 31 January 2020. DBAs have been used by legal beneficiaries to access benefits of deceased contributors to the pension scheme who did not open Retirement Savings Account (RSA) during their lifetime.
PenCom introduces the Enhanced Contributor Registration System
The National Pension Commission (PenCom) has issued a public notice (the Notice) to inform the general public of the deployment of an Enhanced Contributor Registration System (ECRS).
The informal sector to benefit from the contributory pension scheme
In a bid to strengthen the post-retirement financial capability of all working Nigerians, the National Pension Commission (PenCom) has finalised plans to launch the Micro Pension Plan
PenCom releases guidelines on voluntary contribution under the contributory pension scheme
The National Pension Commission (PenCom) recently released guidelines (the Guidelines) to provide clarity on voluntary contributions (VCs) under the Contributory Pension Scheme (CPS). The Guidelines are coming on the heels of PenCom’s circular of 16 November 2017 to all Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) on “Withdrawals from voluntary contributions”.
PenCom releases Draft Framework for Micro Pension Plan
The National Pension Commission (PenCom), via a public notice issued on Tuesday, 15 May 2018, disseminated a Draft Framework for Micro Pension Plan (the Framework) for stakeholders’ consideration and comments.
PenCom issues public notices on administration of Life Insurance Policy
The National Pension Commission (PenCom), on Wednesday, 14 February 2018, issued two-pronged notices to both employers and employees on the administration of life insurance policy. The public notices are meant to serve as a reminder to the earlier issued guidelines for life insurance policy by PenCom.
PENCOM issues guidelines on withdrawals from voluntary contributions
The National Pension Commission (PENCOM) on 16 November 2017 issued a Circular to all Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) communicating new guidelines on withdrawals from voluntary pension contributions (VC). The new guideline, effective 1 December 2017, mandates compliance with the procedures by all licensed PFAs/PFCs or face sanctions from PENCOM.
PenCom issues reminder on requirement for annual certificate of compliance
The National Pension Commission (PenCom) has issued a general notice to remind employers who wish to bid or solicit for contract or business from any Federal Government Ministries Departments and Agencies (MDA), of the requirement to provide proof of compliance with the provisions of the Pension Reform Act, 2014 (PRA 2014). The notice states that only Pension Clearance Certificate (PCC) issued by PenCom will serve as proof of compliance with the provisions of PRA 2014.
Voluntary Pension Contribution – Arresting the tax leakage from withdrawals?
The Pension Reform Act 2014 (“PRA” or “the Act”) and the repealed Pension Reform Act 2004 played a great role in ensuring employers and the employees in Nigeria save for employees’ retirement.