PENSION

• Disburses N2bn in three months to entrepreneurs, artisans, others Lagos State government has paid a total of N16.9 billion pension arrears to pensioners in the state between April 2016 and March 2017, while N2billion was said to have been disbursed to young entrepreneurs and artisans under the N25 billion...

The House of Representatives on Thursday quizzed the Minister of Finance, Kemi Adeosun and Budget and National Planning Minister, Udoma Udo Udoma over N302.4 billion pension arrears. The lawmakers demanded to know what the Executive was doing to offset the outstanding pension liabilities under the Defined Benefit Scheme (DBS) and...

The Federal Government said it has cleared the inherited arrears of accrued pension benefit for pensioners who retired under the Contributory Pension Scheme for the year 2014, 2015 and 2016 by releasing N41.5 billion to the National Pension Commission (PENCOM) for onward paymen to the retirees. Minister of Finance, Mrs....

The Lagos State Government has released N582.19 million for the payment of 109 retirees’ entitlements for the month of March. A statement from the Lagos State Pension Commission explained that since the beginning of the administration of the incumbent Lagos State Governor, Akinwunmi Ambode, the state has paid 5,956 retirees....

By Abdul Olalekan Senator Aliyu Magatakada Wamako, has proposed a bill seeking the provision of 75 per cent as pension lump sum for retirees. The bill seeks amendment of some sections of the Pension Reform Act (PRA)  to accommodate new provisions that are perceived to provide succour to retirees in...

By Abdul Olalekan There are strong indications that the pension industry may have succeeded in snatching away annuity business from insurance industry, as some life insurance firms in the country have remitted their annuity fund to Pension Fund Custodians (PFCs) as earlier directed by the National Pension Commission (PenCom), Business...

By Abdul Olalekan 148 retirees from the Lagos State civil service were paid N597 million as their pension entitlements. The beneficiaries are retired civil servants of the Mainstream Civil Service, Local Governments and State Universal Basic Education Board (SUBEB), Teachers Establishments and Pensions Office (TEPO) and other parastatals of the...

By Abdul Olalekan Despite the devaluation of Naira and double digit inflation rate that have impacted businesses negatively and put the economy in recession, the nation’s Pension Funds may hit N7.2 trillion by December 2017, Business 247 News Online exclusively learnt. As at November 2016, the funds stood at N6.2...

By Abdul Olalekan The Ogun State Government has paid a sum of N1.5 billion to 546 retirees in the state in fulfilment of it promises to offset arrears of gratuity due to retired civil servants in the state. The state Head of Service, Mr. Abayomi Sobande, while presenting cheques to...

By Abdul Olalekan The National Pension Commission (PenCom) has recovered about N11 billion between 2013 and now, from employers who refused to remit the pension contributions of their workers. The commission equally applauded the recovery agents for the feat in recovering this money, adding that the commission learnt that several...