{"id":30002,"date":"2020-09-04T14:31:19","date_gmt":"2020-09-04T14:31:19","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=30002"},"modified":"2020-09-04T14:31:25","modified_gmt":"2020-09-04T14:31:25","slug":"pencom-moves-to-sanction-pfas-denying-retirees-annuity","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=30002","title":{"rendered":"PenCom moves to sanction PFAs denying retirees annuity"},"content":{"rendered":"\n
\"Pension<\/figure>\n\n\n\n

Pension Fund Administrators (PFAs) that refuse to approve annuity for retirees who collect pensions through them under the Programmed Withdrawal will henceforth be penalised, the National Pension Commission (PenCom) has said.<\/p>\n\n\n\n

Annuity refers to monthly pension payments under the Contributory Pension Scheme by life insurance companies, while Programmed Withdrawal (PW) is the monthly pensions paid by PFAs.<\/p>\n\n\n\n

It made the declaration in a circular issued on Thursday and titled, \u201cProcedure for Programming RSA Balances of Retirees already on Programmed Withdrawal Exercising their Rights to Transfer to Retiree Life Annuity.\u2019<\/p>\n\n\n\n

The document, which was endorsed by PenCom<\/a>\u2019s Head of Surveillance, Ehimeme Ohioma said \u201cPFAs should note that appropriate sanction would be imposed for violation of the provisions of this circular.<\/p>\n\n\n\n

\u201cPFAs are required to submit monthly returns to the commission on all RLA rejection, on or before the 10th working day of the preceding month using the attached specimen format.\u201d<\/p>\n\n\n\n

The commission noted that its attention had been drawn to the practise whereby PFAs reject the provisional Retiree Life Annuity (RLA) agreement presented by retirees already on programmed withdrawal desiring to transfer to retiree life annuity as the preferred mode of retirement.<\/p>\n\n\n\n

It instructed the PFA\u2019s to re-programme the present RSA balances of retirees on PW who seek to transfer to RLA using the stated procedures.<\/p>\n\n\n\n

\u201cPFAs should issue the current RSA balance to a PW retiree seeking to transfer to RLA to obtain quotation from a life insurance company of his choice.<\/p>\n\n\n\n

\u201cPFAs should re-programme retiree\u2019s RSA using the present RSA balance, current age, gender,\u201d PenCom said.<\/p>\n\n\n\n

It stressed that the annual total emolument provided as of the point of retirement should still be used and no provision should be made for lump sum and pension arrears.<\/p>\n\n\n\n

The commission stated that provision be made for one-month pension buffer to avert gap in pension payout.<\/p>\n\n\n\n

\u201cThe proposed annuity value should at least be within the range of the minimum and maximum pension as determined on the PW template or higher than the maximum pension.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Pension Fund Administrators (PFAs) that refuse to approve annuity for retirees who collect pensions through them under the Programmed Withdrawal will henceforth be penalised, the National Pension Commission (PenCom) has said. Annuity refers to monthly pension payments under the Contributory Pension Scheme by life insurance companies, while Programmed Withdrawal (PW) is the monthly pensions paid […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[35,49],"tags":[],"yoast_head":"\nPenCom moves to sanction PFAs denying retirees annuity » WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=30002\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=30002#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Finance\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=35\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"PenCom moves to sanction PFAs denying retirees annuity\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"PenCom moves to sanction PFAs denying retirees annuity » WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=30002","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=30002#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Finance","item":"https:\/\/watchdogplusmedia.com\/?cat=35"},{"@type":"ListItem","position":3,"name":"PenCom moves to sanction PFAs denying retirees annuity"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":4,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=35\" rel=\"category\">Finance<\/a> <a href=\"https:\/\/watchdogplusmedia.com\/?cat=49\" rel=\"category\">Pensions<\/a>","rttpg_excerpt":"Pension Fund Administrators (PFAs) that refuse to approve annuity for retirees who collect pensions through them under the Programmed Withdrawal will henceforth be penalised, the National Pension Commission (PenCom) has said. Annuity refers to monthly pension payments under the Contributory Pension Scheme by life insurance companies, while Programmed Withdrawal (PW) is the monthly pensions paid…","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/30002"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=30002"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/30002\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}