Pension

Risk, Benefits Seen As N6.5trn Pension Funds Adopt IFRS

  (Sundiata Post) – Nigeria’s N6.5 trillion Pension Funds Industry is set to adopt International Financial Reporting Standards (IFRS), for preparing its financial statements, a move fraught with risk and benefits. Nigeria’s Pensions regulator PenCom and its Financial Reporting Council (FRC) has told Pension Fund Administrators (PFAs) that 2017 shall be the latest year of adoption of IFRS by all ...

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Sigma Pension Sets N600bn Assets Base Target, Unveils New Corporate Brand

By Nse Anthony-Uko (Sundiata Finance) – After 10 years of successful operation in the Nigerian Pension Fund market, Sigma Pensions Limited, a leading pensions fund administrator said it is set to raise its asset under management from the current N310 billion to N600 billion within the next couple of years. The Managing Director/Chief Executive Officer of Sigma Pensions Limited Mr ...

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Only 10.9% Nigerian Workers Have Retirement Savings – NBS

By Nse Anthony-Uko (Sundiata Finance) – Only 10.93 per cent of Nigeria’s working population of 69.47 million have a pension scheme as the retirement savings account (RSA) membership distribution data for the second quarter of 2017 reflected that 7.589 workers are registered under the pension scheme compared to 7,493 million registered workers in the first quarter of the year. This ...

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Legacy Fund: AIICO Transfers Assets To PTAD

By Nse Anthony-Uko (Sundiata Finance) – AIICO Insurance Plc said it has transferred assets, which includes, landed property, private equity holding and cash as legacy funds in its custody to Pension Transitional Arrangement Directorate (PTAD). Speaking during the formal handing over ceremony, the Executive Secretary, PTAD, Sharon O. Ekeazor, said, since the Pension Reform Act(PRA) 2014, vested all pension assets, ...

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New Pension Guidelines Allow Investment In Sukuk, Holding Companies

By Nse Anthony-Uko, with agency report LAGOS, (Sundiata Finance) The recently amended guidelines for investment of pension funds have paved the way for Pension Fund Administrators (PFAs) to invest in Holding Companies listed on the Nigerian Stock Exchange, as well as in sharia compliant instruments like Sukuk. Stakeholders said with these openings, the investment market for pension funds has rallied ...

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Pension Funds Register 41,352 New Contributors In One Year

The Procurement Act requirements which demand that firms must get PENCOM compliance certificates to be able to bid for government contracts are having positive effects on the pension industry, following an upsurge in the number of compliant firms and contributors. Between 2015 and 2016, the contributory pension scheme registered 41,352 new contributors, leading to N36.56 billion in additional remittance. The ...

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CPS Pension Assets Rise To N6.4trn, Says PenCom

By Nse Anthony-Uko (Sundiata Finance) – The total pension assets under the Contributory Pension Scheme rose to N6.4tn at the end of April this year. Figures obtained from the National Pension Commission (PenCom) revealed that 55 per cent of the fund, totalling N3.6 trillion, was invested in FGN bonds. According to the commission, the fund rose from N4.6tn at the ...

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Premium Pension Shareholders Ratify Yunusa Yakubu As Chairman

By Nse Anthony-Uko ABUJA, (Sundiata Finance) – After the appointment of its previous chairman, Mr. Aliyu Abdulrahman Dikko, as the Director General, National Pension Commission (PenCom), the shareholders of Premium Pension Limited (PPL) ratified the appointment of Mr Yunusa Yakubu as the new Chairman at its Annual General Meeting (AGM) held recently. He was, until his appointment, the Chairman of ...

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Sigma Pensions Urges Human Capital Devt For Increased Productivity

  ABUJA, (Sundiata Finance) – The Managing Director and Chief Executive of Sigma Pensions Limited, Mr. Dave Uduanu has reiterated the need for human capital development in boosting productivity even as he stated the commitment of the company to sustaining a policy of giving back to its customers and business associates. Speaking during a capacity development programme for human resource personnel ...

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