30 insurers contribute N1.2b to pension scheme

By Sola Alabadan

Senior Correspondent

A total of 30 insurance companies contributed more than N1.2 billion to the contributory pension scheme in 2013 on behalf of their 4,303 employees, the National Pension Commission (PenCom) has affirmed.

The amount represents the 15 per cent of employees’ monthly emolument contributed to the pension scheme, where 7.5 per cent was contributed by employee and 7.5 per cent by the employer as provided in the repealed Pension Reform Act 2004.

Leadway Assurance Company Limited remitted N90, 355,496.66, Lasaco Assurance Plc contributed N29, 020,591.82, Lasaco Life Assurance Company Ltd remitted N8, 209,272.22, Wapic Insurance Plc paid in N31, 323,384.51, Unity Kapital Assurance Plc remitted

N44,049,685.86, Custodian and Allied Insurance Plc remitted N31,417,846.61, Mansard Insurance Plc remitted N43,336,279.34, Zenith General Insurance Company Ltd paid in N27,598,763.03, and Royal Exchange Prudential Life Plc remitted N6,731,721.47.

Great Nigeria Insurance Company Plc remitted N26,836,099.40, ADIC Insurance Ltd paid in N15,144,651.27, Custodian Life Assurance Ltd remitted N14,088,310, FBN Life Assurance Ltd contributed N26,738,745.98, Cornerstone Insurance Plc contributed N71,481,007.38, Law Union & Rock Insurance Plc contributed N26,353,626.85, Standard Alliance Life Assurance Ltd contributed N18,453,929.41 and African Alliance Insurance Plc paid in N23,154,961.37.

Union Assurance Company Ltd remitted N104, 974,873.93, Sovereign Trust Insurance Plc remitted N56, 684,248.70, Consolidated Hallmark Insurance Plc remitted N33, 555,328.03, Old Mutual Nigeria Life Assurance Co. Ltd remitted N23, 769,304.82, Capital Express Assurance Ltd remitted N17,153,015.40, Sterling Assurance Nigeria Ltd remitted N49,974,639.20, Linkage Assurance Plc remitted N46,056,004.12, Royal Exchange Plc remitted N90,074,661.44, KBL Insurance Ltd remitted N56,432,416.32, AIICO Insurance Plc paid in N117,833,789.98, Guinea Insurance Plc contributed N13,395,710.28, Regency Alliance Insurance Plc contributed N21,835,938.58 and Equity Assurance Plc paid in N34,325,616.

Having provided evidence that the contributions were remitted to the Pension Fund Custodians during the outgone year, the 30 insurance firms are among the 1274 employers issued with certificate of compliance with provisions of the Pension Act 2004 as at August 12, 2014.

The compliance certificate are issued to organisations wishing to bid for any contract with the Federal Government Ministries, Departments and Agencies (MDAs) in compliance with the provision contained in Section 16 (6) (d) of the Public Procurement Act 2007.