Pension schemes capture only 11% Nigerian workforce – PenOp

Pension schemes capture only 11% Nigerian workforce - PenOp

Pension schemes capture only 11% Nigerian workforce – PenOp   Despite the astronomical growth recorded in the pension fund, only 11 per cent of workforce in Nigeria is enrolled in the Contributory Pension Scheme (CPS) and the micro pension schemes This is according to the Pension Fund Operators Association of Nigeria (PenOp) which advocates that the reach must be improved in the country. Head of Media, Communications and Branding Committee of PenOp, who is also the Chief Executive of Fidelity Pensions Limited, Mrs. Amaka Andy-Azike, disclosed this during a webinar…

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Pension fund managers record N83.94bn profit

Pension schemes capture only 11% Nigerian workforce - PenOp

Data obtained from the National Pension Commission (PenCom) has revealed that Pension Fund Administrators (PFAs) and their counterparts Pension Fund Custodians (PFCs) recorded a net profit of about N83.94 billion in 2019. A breakdown showed that Stanbic IBTC Pension Managers Limited recorded N49.42 billion followed by Zenith Pension Custodian Limited had N6.03 billion Further details showed that First Pension Custodian Limited recorded N4.31 billion; Leadway Pension Limited, attained N3.27 billion; ARM Pension Fund Managers Limited, N3.25 billion; UBA Pension Custodian, N3.26 billion; Premium Pension Limited, N2.25 billion. FCMB Pension Limited…

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LCCI DG, Muda Yusuf identifies odds against pension fund’s assets growth

The Director General of the Lagos Chambers of Commerce and Industry (LCCI), Dr. Muda Yusuf, has lamented that low yield on fixed-income securities like  treasury bills at around one to two per cent and rising inflation currently at 13.71 per cent have continued  threaten real growth of pension fund assets in the near to medium term. Yusuf made the revelation while addressing pension and insurance correspondents in Lagos, recently. The LCCI boss, who advocated the de-risking of the real sector to entice more investors, said given their low risk nature, a large chunk…

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Lagos moves to repeal law on pension for ex-govs, deputies

Lagos moves repeal law on pension for ex-govs, deputies

In the face of the dwindling revenue and the need to cut governance cost, the Lagos State Government says it is drafting a bill that would repeal the Public Office Holder (Payment of Pension Law 2007). This was announced on Tuesday morning by Gbenga Omotoso, the state’s commissioner for Information and Strategy through his Twitter handle, @gbenga_omo. According to him, “to keep governance cost low and to signal selflessness in public service, a draft executive bill coming for the repeal of the Public Office Holder (Payment of Pension Law 2007),…

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Senators protest Buhari’s nomination of Umar as PenCom DG

Aisha umar, Pencom, NASS

President Muhammadu Buhari’s nomination of Aisha Umar as the new director general of the National Pension Commission (PenCom) as some senators at the upper legislative chamber on Tuesday vehemently protested the nomination. The lawmakers divided as soon as the Senate President, Ahmad Lawan, read Buhari’s letter, seeking Umar’s confirmation as the substantive DG of the agency. The letter also named Oyindasola Oni as Chairman on the agency. Six nominees for appointment as chairman, Director General and Executive Commissioners of National Pension Commission. Others nominated as commissioners are Hannatu Musa (North-West);…

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Defaulting employers cough out N17.52bn unremitted pensions — PenCom

Pension schemes capture only 11% Nigerian workforce - PenOp

As pension fund assets hits N11.09trn___________________________________ The National Pension Commission (PenCom) has recovered N17.52 billion from employers who deducted monthly pensions from their workers’ monthly salaries but refused to remit to their Retirement Savings Accounts (RSA) with the respective Pension Fund Administrators (PFAs). PenCom disclosed this in its second quarter 2020 report which was released on Friday. The amount consists of principal contribution of N8.89 billion and penalty of N8.63 billion. Part of the report read, “Following the issuance of demand notices to some defaulting employers whose outstanding pension contribution…

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AXA Mansard sells pension subsidiary to Verod

AXA Mansard sells pension subsidiary to Verod

The board of AXA Mansard Insurance Plc has announced divestment from its subsidiary, AXA Mansard Pensions Limited, based on the approval of its shareholders obtained at its Extra-Ordinary General Meeting held on February 13, 2020. In a corporate filing at the Nigerian Stock Exchange (NSE) on Monday signed by Mrs. Omowunmi Mabel Adewusi, its Company Secretary, AXA Mansard said Eustacia Limited, a member of the Verod, a private equity group, has emerged as the preferred bidder. Meanwhile, the completion of the divestment process was facilitated by Messer Rand Merchant Bank…

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