INSPENONLINE: PenCom extracts feedbacks from retirees to enhance regulation

Tuesday 25 March 2014

PenCom extracts feedbacks from retirees to enhance regulation

From left: Commissioner Finance National Pension Commission (PenCom), Adesoji Olaoba-Efuntayo; Acting Direcror-General Mrs Chinelo Anohu-Amazu and Head Benefit and Insurance Olulana Loyinmi at the event in Lagos.

Chuks Udo Okonta

The National Pension Commission (PenCom) has kick-started its retirees' forum and workshop which was designed to extract firsthand feedbacks that would help strengthen regulation and improve the pension industry’s performance.

The Acting Director-General PenCom Mrs Chinelo Anohu-Amazu, at the flag-off of the event, which was attended by about 4,000 retirees, today Tuesday in Lagos, said the retirees’ forum is meant to receive firsthand feedbacks on challenges faced by current beneficiaries of the Contributory Pension Scheme (CPS). She added that the forum was also intended to discover areas of possible changes or review in the commission’s regulation in future, that can improve the lives of retirees, correct some misinformation in the pension industry and provide opportunities for stakeholders to relate on common issues in the industry.

She noted that the forum and workshop will be organised in the six geo-political zones and Abuja, between March 25 and May 8 2014.

Anohu-Amazu

She said the commission will also organise pre-retirement workshop within the period to bridge the knowledge gap on retirement requirements among intending retirees on preparations and documentations expected in line with the regulation on the administration of retirement, terminal benefits and guidelines on annuity.

Anohu-Amazu said the forum will help sensitise prospective retirees on the processes of benefits administration under the contributory pension scheme and provide solutions to major complaints from prospective retirees on perceived areas of challenges and concern in benefits administration under the contributory pension scheme.

She noted that as at the end of February, 2014, 84,097 retirees are receiving their monthly pension by programme withdrawal through the pension fund administrators, while 8,479 retirees are getting theirs though annuity offered by life insurers.

Retirees at the event

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Lawal is Inspen 2014 insurance man of the year

The former President Chartered Insurance Institute of Nigeria (CIIN) Fatai Lawal has emerged the 2014 Inspenonline Insurance Man of the year.

Fatai who is the the Managing Director Sterling Assurance Nigeria Limited was named today, at the Nigerian Insurance and Pension Award organised by Inspenonline.

Chief Executive Officer Inspenonline Media, Chuks Udo Okonta, said Lawal was picked from the votes casted by the public and other considerations made by the award's panel of assessors.

He noted that the winner raised the bar at the the Institute and the industry by opting to serve a tenure which was eventful and impactful. He added that amongst the legacies left by the winner was the printing and donation of Insurance books to secondary and tertiary institutions aimed at deepening insurance awareness.

Okonta noted that the award, which started two years ago with the recognition of two distinguished individuals and an underwriting company, has now come to stay.

"This year, we decided to raise the bar by setting high standards to judge the operations of companies and impacts made by individuals in moving insurance and pension business forward.

"To achieve this, we gave the public the opportunity to select those to be celebrated by calling for votes. Having harmonised the votes which came from different parts of the country, we benchmarked the scores with the set standard to arrive at the winners we are celebrating today," he said.

Others winners are AIICO Insurance Plc, Insurance company of the year; FUG Pensions Limited, Pension Fund Administrator of the Year; YOA Insurance Brokers Limited and Glanvill Enthoven Insurance Brokers Limited, Insurance Broker of the year.

Professional Excellence Award went to Professor Joe Irukwu; Best Professional Group went to the Chartered Insurance Institute of Nigeria and Association of Registered Insurance Agents of Nigeria; Corporate Brand went to Mansard Insurance Plc and Leadway Assurance Limited while Corporate Social Responsibility Award was won by Sovereign Trust Insurance Plc.

The organisers also recognised organisations that distinguished themselves, with Excellence Award. Organisations in this category include the National Pension Commission, Lagos State Pension Commission, Goldlink Insurance Plc and Pension Transition Administration Directorate.

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