Update on NSITF & Refund of Pension Contribution to Military & SSS Q4 2022
The National Pension Commission (PenCom) in its 4th 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 4th quarter of 2022, PenCom received 16 batches of applications to transfer NSITF contributions on behalf of 188 NSITF contributors for the sum of ₦12,268,354.46, PenCom after its review granted approval to transfer ₦11,191,944.13 to the Retirement Savings Accounts (RSAs) of the 188 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 ₦41,226,728.90 to 2,394 NSITF pensioners, bringing the total pension payment made to NSITF pensioners from 2006 to date, to ₦5,336,816,781.80, 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 4th quarter of 2022, PenCom granted approval for the refund of ₦888,086.60 to 8 personnel of the Military and other Security Agencies who were exempted from the Contributory Pension Scheme (CPS). PenCom also disclosed that Two (2) requests for refund were rejected due to incomplete information while 23 requests are being processed.
Check below for PensionNigeria breakdown of all the important aspects of the PenCom 4th Quarter 2022 Report
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DONT MISS our 4th Quarter 2022 Report Series
Update on RSA Transfer System (RTS) 4th Quarter 2022
List of Organisations Issued Compliance Certificates in the Year 2022
Total RSA Registration as at 31 December 2022
Status of Contributory Pension Assets as at 31 December 2022
Micro Pension Registrations per PFA & Fastest Growing PFAs as at 31 December 2022
Status of Implementation of CPS in States as at 31 December 2022
Director General’s Remarks on PenCom 4th Quarter 2022 Report
Analysis of Pension Operating Environment 4th Quarter 2022
Appointment & Resignation of Pension Operators’ Board Members and Top Management Q4 2022
Recovery Agents recover ₦24.15 billion from Defaulting Employers as PenCom takes 34 Employers to Court
Update on NSITF & Refund of Pension Contribution to Military & SSS Q4 2022
Update on ₦2 Billion Monthly Commitment by Lagos State Govt to defray Outstanding Accrued Rights of Retirees as at Dec 2022
Ekiti State appoints Veritas PFA to manage Retirement Benefit Bond Redemption Fund
Rivers State extends its transition period to Contributory Pension Scheme
PenCom responds to query on refund of Pension Contributions to Zamfara State
Micro Pension Contributions received per PFA Q4 2022
Update on the Micro Pension Plan Q4 2022
RSA Registrations per PFA for 4th Quarter 2022
RSA Registration Age and Gender Breakdown for Q4 2022
PenCom approved over N1.72 Trillion for PFAs to pay RSA Holders as at Q4 2022
Also Check out
Performance of all PFAs in Nigeria for Full Year 2022
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