Update on NSITF & Refund of Pension Contribution to Military & SSS Q3 2022
The National Pension Commission (PenCom) in its 3rd 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)
During the 3rd quarter of 2022, PenCom received 20 batches of applications to transfer NSITF contributions on behalf of 228 NSITF contributors for the sum of ₦15,455,036.18, PenCom after its review granted approval to transfer ₦13,997,164.56 to the Retirement Savings Accounts (RSAs) of the 228 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 ₦40,674,620.57 to 2,304 NSITF pensioners, bringing the total pension payment made to NSITF pensioners from 2006 to date, to ₦5,295,590,052.90, the pensioners being referred to here are the NSITF contributors who retired before the commencement of the new Contributory Pension Scheme.
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.
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 and PenCom has been refunding the employees’ contributions of the military and SSS officers since then.
During the 3rd quarter of 2022, PenCom granted approval for the refund of ₦1,147,395.30 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 3rd Quarter 2022 Report
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DONT MISS our 3rd Quarter 2022 Report Series
Director General’s Remarks on PenCom 3rd Quarter 2022 Report
Analysis of Pension Operating Environment 3rd Quarter 2022
Appointment & Resignation of Pension Operators’ Board Members and Top Management Q3 2022
Recovery Agents recover ₦23.30 billion from Defaulting Employers as PenCom takes 19 Employers to Court over Non-Remittance of Pension Contributions in Q3 2022
Update on NSITF & Refund of Pension Contribution to Military & SSS Q3 2022
Lagos State only paid about half of the amount it committed to clear outstanding Accrued Rights of its Retirees
Kaduna State is not fully Implementing Contributory Pension Scheme but seeks PFAs to invest Pension Funds in Kaduna State Bonds
Ekiti State Pays 1st Batch of Retirees under CPS, plans to implement VC for Exempted Employees
Zamfara State exited CPS & PenCom has refund their Pension Contributions but Retirees are still not better off
Update on Benue & Bauchi State Pension Reform Laws
PenCom Engagements with 5 States on Implementation of Contributory Pension Scheme
Update on RSA Transfer System (RTS) 3rd Quarter 2022
Micro Pension Registrations per PFA & Fastest Growing PFAs as at 30 September 2022
Micro Pension Contributions received per PFA Q3 2022
Update on the Micro Pension Plan Q3 2022
List of Organisations Issued Compliance Certificates as at 30 September 2022
Total RSA Registration as at 30 September 2022
Status of Contributory Pension Assets as at September 2022
Biggest PFAs & Fastest Growing PFAs by RSA Registrations 30 September 2022
RSA Registration Age and Gender Breakdown for Q3 2022
PenCom approved over N1.66 Trillion for PFAs to pay RSA Holders as at Q3 2022
Status of Implementation of CPS in States as at 30 September 2022
Also Check out
Performance of all PFAs in Nigeria for January to September 2022 (Year to Date)
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