Update on NSITF & Refund of Pension Contribution to Military & SSS Q4 2020

April 4, 2021 PensionNigeria

National Pension Commission (PenCom) in its Q42020 report provided updates on Nigeria Social Insurance Trust Fund (NSITF) and refund of pension contributions to Military Personnel and State Security Agencies Employees. 190 NSITF contributors transferred N188 million to their Retirement Savings Accounts (RSAs) and N2.7 million was refunded to 50 Military & SSS personnel.

Update on the Nigeria Social Insurance Trust Fund (NSITF)

Pension Reform Act 2014 stipulates that funds contributed to the Nigeria Social Insurance Trust Fund (NSITF) by any person before the registration of a Pension Fund Administrator (PFA), including any attributable income thereof not required for the purpose of administering minimum pension, shall be computed and credited into the respective retirement savings accounts opened by the contributor.

During the 4th quarter of 2020, PenCom received requests from 190 NSITF contributors to transfer their contributions and granted approval for transfer of the sum of N188,971,243.55 to their Retirement Savings Accounts (RSAs).

PenCom also during the quarter under review, granted approval for payment of monthly pensions to qualified NSITF contributors in the sum of N62,292,272.25 to 3,628 NSITF pensioners. These are the NSITF contributors who retired before the commencement of the new pension scheme.

Update on Refund of Pension Contributions to Military Personnel and State Security Agencies Employees

Military Personnel and State Security Agencies officers have been exempted from the Contributory Pension Scheme since 2011 but PenCom has been refunding the employee contributions of the military and SSS officers since then.

During the 4th quarter of 2020, PenCom granted approval for refund of the sum of N2,789,553.79 to 50 personnel of the Military and other Security Agencies who were exempted from the Contributory Pension Scheme.

Check below for PensionNigeria breakdown of all the important aspects of the PenCom 4th Quarter 2020 Report

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DONT MISS PenCom Q42020 Quarterly Report Series
Analysis of Pension Operating Environment Q4 2020
How PenCom monitored the Pension Industry in Q4 2020
5.1 million RSAs have Incomplete Documentation
3.5 million Unfunded RSAs, effects and way forward
Appointments to Pension Operators’ Boards in Q4 2020
PenCom issued 1,877 organizations Compliance Certificates in Q42020
19 Employers paid N170 million Penalty for late Remittance of Pension Contribution
Update on NSITF & Refund of Pension Contribution to Military & SSS
Status of Implementation of CPS in States as at December 2020
Biggest PFAs by RSA Registrations December 2020
Update on the RSA Transfer System (RTS), 2,799 RSA holders Change PFAs
Pension Operators paid N90.99 billion Retirement Benefits Q4/2020

Also Check out
Performance of all PFAs in Nigeria for Full Year 2020
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Performance of all PFAs in Nigeria for Full Year 2018

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