Update on Implementation of Minimum Pension Guarantee

The National Pension Commission (PenCom) has provided an update on the Implementation of Minimum Pension Guarantee (MPG) under the Contributory Pension Scheme (CPS) in its 2021 Annual Report for the pension industry.

PenCom disclosed that it has now determined the financial implication and other modalities for the successful implementation of the Pension Protection Fund (PPF). PenCom said the determination of the financial implication and other modalities are very important because they are preparatory to concluding the requisite Framework and Guidelines for the eventual implementation of the Minimum Pension Guarantee (MPG).

In the meantime, PenCom and Licensed Pension Fund Operators (LPFOs) have commenced setting aside the PPF Levy and Pension Fund Administrators (PFAs) had since been directed to continue to pay monthly pension to retirees whose Retirement Savings Accounts (RSAs) were already depleted due to payment of monthly/quarterly pension, from the PFA’s portion of the MPG Levy which had already been set aside, prior to the implementation of the MPG.

Minimum Pension has been in the Pension Reform Act since inception of the Contributory Pension Scheme in 2004 and its implementation has been expected for ages, we hope it will be fully implemented soonest.

Section 84 of Pension Reform Act 2014, “All Retirement Savings Account holders who have contributed to a licensed Pension Fund Administrator for a number of years to be specified by the Commission shall be entitled to a guaranteed minimum pension as may be specified from time to time by the Commission.”

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Check below for PensionNigeria breakdown of all the important aspects of the PenCom 2021 Annual Report

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PenCom 2021 Annual Report Breakdown

Chairman’s Statement in PenCom 2021 Annual Report
Director General’s Report in PenCom 2021 Annual Report
Analysis of Pension Operating Environment for the Year 2021
Micro Pension Registrations per PFA as at Dec 2021 and Fastest Growing PFAs by Micro Pension Registrations
Update on the Micro Pension Plan for Year 2021
N93.49 Billion Pension Contributions not in Contributors Retirement Savings Account
Defaulting Employers pay Penalties of N10.03 billion into Employees RSA as PenCom takes 67 Employers to Court
Redacted Reports – Unfunded RSAs and RSAs with Incomplete Documentation
PTAD paid N99.94 billion to Federal Government Retirees in 2021
PenCom Stakeholder Engagement and Public Enlightenment Activities in 2021
Biggest PFAs by RSA Pension Fund Assets under Management & Fastest Growing PFAs in 2021
Update on Implementation of Minimum Pension Guarantee
PenCom provides Scanty Update on using RSA for Payment of Residential Mortgage
PenCom approved over N1.46 Trillion for PFAs to pay RSA Holders
PFAs made over N340.57 Billion Total Income in 3 years

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