Update on NSITF & Refund of Pension Contribution to Military & SSS Q1 2022

June 23, 2022 PensionNigeria

The National Pension Commission (PenCom) in its 1st quarter 2022 report provided updates on Nigeria Social Insurance Trust Fund (NSITF) and refund of pension contributions to Military Personnel and employees of State Security Agencies.

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 1st quarter of 2022, PenCom received applications for transfer of NSITF contributions on behalf of 218 NSITF contributors, but PenCom only granted approval to transfer N11.53 Million to the Retirement Savings Accounts (RSAs) of 213 contributors, while it declined the request for 5 NSITF contributors.

PenCom further disclosed that, during the quarter under review, it also granted approval for payment of monthly pensions to qualified NSITF contributors in the sum of N40.47 Million to 2,304 NSITF pensioners. These are the NSITF contributors who retired before the commencement of the new Contributory Pension Scheme.

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

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

During the 1st quarter of 2022, PenCom granted approval for the refund of N850,120.34 to 11 personnel of the Military and other Security Agencies who were exempted from the Contributory Pension Scheme (CPS).

Check below for PensionNigeria breakdown of all the important aspects of the PenCom 1st Quarter 2022 Report

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