Pension Reform Act
PenCom attributes accumulation of N9tr pension assets to OPS support
The National Pension Commission (PenCom) has attributed netting N9 trillion worth of pension assets under the Contributory Pension Scheme (CPS) to Organised Private Sector (OPS’) support.
FG, states yet to implement 18% pension contribution policy
The Federal Government is yet to commence the implementation of the revised 18 per cent minimum pension contributions for its employees as stipulated under Section 4 of the Pension Reform Act (PRA) 2014. Recall that the PRA 2014 stipulates that the “contribution for any employee to which this Act applies shall be made in…
PenCom gives insurance compliance, submission deadline
In compliance to the Pension Reform Act (PRA) 2014, the National Pension Commission (PenCom), has given employers of labour up till March 31st, to comply with the guidelines for life insurance policy for employees, and the submission of insurance certificates. PenCom said the decision was taken in pursuance of provisions of Section 4(5) of PRA…
Annuity tops life business as operators income hits N77b
Annuity provided the largest chunk of premium income, amounting to N77.77 billion, representing 48 per cent of total earnings to Life Insurance companies in 2017. Data obtained from the Nigerian Insurers Association (NIA) revealed that Life Insurers earned N44.58 billion, 28 per cent from group life policy and N39.27 billion from individual life business.…
More firms defy pensions’ employee enrolment rules
Corporate organisations in the Information Technology (IT) and real estate sectors have joined a number of other sector operators to defy the rules of the Pension Reform Act (PRA) 2014, which mandated them to register their workers under the Contributory Pension Scheme (CPS).
How PRA drives government macro-economic policies
The Pension Reform Act (PRA) 2004, as repealed by PRA 2014, has been described as being beneficial to government through its support for overall macroeconomic policy reforms.
‘Political office holders have no benefit in Pension Reform Act’
A lot of Nigerian’s are disappointed that some public officers are earning humongous pensions from their previous offices while still serving in other capacities in government.