L-R: Director General PenCom, Hajia Aisha Dahir-Umar and Commissioner for Insurance, Mr Sunday Thomas at the signing ceremony held today in Abuja.
BY NKECHI NAECHE-ESEZOBOR–Poised to improve the life of retirees in Nigeria, the National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) on Tuesday said it signed off the Revised Regulation on Retiree Life Annuity, the Guidelines on Group Life Insurance Policy for Employees and CPS Retiree Pack.
According to statement made available to BusinessToday by PenCom’s head, Corporate Communications Department, PenCom, Peter Aghahowa, that the signing ceremony which took place also included the signing of a Memorandum of Understanding between PenCom and NAICOM.
He added that the revised Regulations and Guidelines provide clarity on the Provisions of the PRA 2014 in areas relating to Retiree Life Annuity with focus on guiding stakeholders to make informed decision, ensure safety of Retiree Life Annuity funds and assets, address concerns of mis-selling and de-marketing by pension and insurance operators as well as bringing stability into the financial sector of the economy.
“Today’s landmark event is the outcome of the collaborative efforts of PenCom and NAICOM.”
