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Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

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FG Boosts MSME Financing with NCGC Initiative

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ICT

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NCC Spotlights Renewable Energy on World Consumer Rights Day

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Governors, NCC Set for Broadband Awareness Forum Oct 20

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VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

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Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

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Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

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Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

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Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

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ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

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NCC Spotlights Renewable Energy on World Consumer Rights Day

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Governors, NCC Set for Broadband Awareness Forum Oct 20

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VerveLife 5.0 Gears Up for Nairobi, Lagos Events

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Capital Market

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SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

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Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

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PenCom: Commitment to Ethical Conduct, Business Practices

One of the major achievements of the Pension Reform is the establishment of robust legal and institutional frameworks for the administration of pensions in Nigeria.

The reform has instituted transparent processes in the operations of the National Pension Commission (the Commission) and the Pension Fund Administrators (PFAs) in the retirement benefits payment process, enforcement of compliance with the provisions of the Pension Reform Act (PRA) 2014 as well as other operations of the industry.

Consistent with the above, the public is hereby invited to note that payment of retirement benefits under the Contributory Pension Scheme (CPS) is made by the PFAs strictly from the Retirement Savings Accounts (RSA) of pension contributors.

The RSA has three (3) basic components, namely, the monthly pension contributions; the returns on investment earned for the contributors by the PFAs; and the retirement benefits that accrued under the defunct Defined Benefits Scheme.
Section 7 of the Pension Reform Act 2014 and the Regulations on the Administration of Retirement & Terminal Benefits demand that the three (3) components of the retirement benefit must be consolidated in the RSA before any payment is made by the PFA.

Accordingly, payments of retirement benefits are made promptly into the bank accounts of the retirees except for cases where the employer delays in the release of funds to pay the accrued rights component of the retiree’s benefits.

Hajia Aisha Dahir-Umar Acting Director-General National Pension Commission
Hajia Aisha Dahir-Umar
Acting Director-General
National Pension Commission

In the performance of its statutory mandate, the Commission issues Compliance Certificate to organisations wishing to bid for contracts with Federal Government institutions, pursuant to the requirement of the Public Procurement Act 2007.

Furthermore, as it is the case with all institutions, the Commission engages vendors and services providers from time to time. In addition to the legal safeguards and institutional checks and balances of the CPS, the Commission, as the regulator of all pension matters in Nigeria, has entrenched good corporate governance practices, high ethical standards and zero tolerance to any form of malpractice in the conduct of its staff and the PFAs that manage the pension assets.

In this regard, the Management and staff of the Commission do not receive money or other forms of gratification to facilitate payment of retirement benefits, issuance of Compliance Certificates and engagement of vendors and service providers.

The Commission does not also give/accept kickbacks to/from any individual or organisation in the discharge its responsibilities.

The members of the public, particularly pensioners and pension contributors are, therefore, reminded that no financial or other form of inducement should be given to anybody to facilitate payment of retirement benefits, issuance of Compliance Certificate or engagement as vendor or service provider. Indeed, members of the public are earnestly requested to immediately inform the Commission, anyone who makes any demand for any form of inducement in whatever form or disguise.
The Commission remains totally dedicated to the safeguard of your rights and payment of your retirement benefits as and when due.

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Topics

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