Pencom denied retiree to move there money to Annuity because of the PR they get from PFA's.
I WILL LIKE TO BRING TO YOUR NOTICE THAT NATIONAL PENSION COMMISSION IN NIGERIA IS DOING PARTIAL AMONG THE OPERATORS OF PENSION.
SINCE NOV 3 2016 PENCOM HAS DENIAL ALOT OF RETIREES TO MIGRATE TO ANNUITY BECAUSE OF THE POWERFUL BECAUSE THE LACK RESPPECT FOR THE RULE OF LAW UNDER THIS NEW GOVERMENT.
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THEY ISSUED A CIRCULAR TO ALL THE PFA'S NOT TO MOVE FUND OF INTERESTED RETIREES TO ANNUITY WITHOUT INFORMING THE JOINT BOARD OF PENCOM AND NAICOM DESPITE THEIR IS AN MOU BETWEEN THIS BODYS.
NOTE; The point is, if pencom wanted insurance company to open pfc account the ACT must be amended not by circular. Again all approval gotten in october 2016 are not release to insurance coy and those client are stock in the middle monthly pension as not being payed because there money was not transffered to Annuity companies of there choice.
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SEE THIS BELOW.
We thank you for your email and wish to reassure you of our services to you in line with the regulatory requirements of providing an Annuity as one of the options for retirement.
We are aware of a PENCOM circular (PENCOM/INSP/CIR/TECH/16/17) dated November 3, 2016. We understand that the circular advised Pension Fund Operators to cease the approval of new requests for annuity , until such a time as Life Insurance Companies had transferred assets to Pension Fund Custodians.
The validity of PENCOM's instruction has been widely contested and engagement with all the involved regulators has commenced to bring the matter to amicable resolution. In particular, we would like to bring to your attention the attached circular from NAICOM (NIACOM/INSP/ANN/11/2016) which instructs all parties to maintain status quo ante.
Insurance companies remains fully committed to compliance with the Pension reform act (PRA) 2014. Insurance management is working closely with its regulator and other stakeholders to ensure minimum disruption of service to you our valuable clients, as a result of the PENCOM circular.
We expect the provisional agreements may remain on hold with the pension funds and PFA's, as a result of the PENCOM circular. However, all indications from our discussions with our regulator and other stakeholders are that the matter is being discussed urgently and will be resolved to minimise disruption to the needs of our clients. In line with NAICOM's circular, we expect approval of the provisional agreements as soon as possible.
Please review the attached NAICOM circular on Annuity Business advising that all parties and business operators maintain status quo ante, and feel free to provide it to any operator that denies you of your right to chose an annuity.
Despite of the circular by Naicom the annuity business still on hold and ALL the interested retiree are left alone. Again do you know that Federal Govt of Nigeria had not pay pension to all retiree that retired since Nov 2015 till date? Please verify all this and let see ...
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