Pension News

Update on NSITF & Refund of Pension Contribution to Military & SSS Q4 2021

National Pension Commission (PenCom) in its Q42021 report provided updates on Nigeria Social Insurance Trust Fund (NSITF) and refund of pension contributions to Military Personnel and employees of State Security Agencies.

PenCom disclosed that it granted approval to transfer N10,767,194.61 from NSITF to the Retirement Savings Accounts (RSAs) of 180 members and approved N1,178,670.15 to be refunded to 8 personnel of Military and SSS.

Update on the Nigeria Social Insurance Trust Fund (NSITF)

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.

During the 4th quarter of 2021, PenCom received applications for transfer of NSITF contributions on behalf of 208 NSITF contributors, but PenCom only granted approval to transfer N10,767,194.61 to the Retirement Savings Accounts (RSAs) of 180 members, while it declined the request for the transfer of N2,389,145.53 to 28 NSITF contributors due to differences on the amount submitted by PFA and the balances on the NSITF database.

PenCom further disclosed that, during the quarter under review, it granted approval for payment of monthly pensions to qualified NSITF contributors in the sum of N54,594,952.61 to 2,305 NSITF pensioners. These are the NSITF contributors who retired before the commencement of the new Contributory Pension Scheme.

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 but PenCom has been refunding the employees’ contributions of the military and SSS officers since then.

During the 4th quarter of 2021, PenCom granted approval for the refund of N1,178,670.15 to 8 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 4th Quarter 2022 Report

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DONT MISS PenCom 4th Quarter 2021 Report Series

Status of Implementation of CPS in States as at December 2021
Analysis of Pension Operating Environment Q4 2021
Appointment & Resignation of Pension Operators’ Board Members
PenCom issued 1,526 organizations Compliance Certificates in Q42021, Full details and list of Employers
36 Employers paid N577 million Penalty for late Remittance of Pension Contribution
Update on NSITF & Refund of Pension Contribution to Military & SSS
How PenCom monitored the Pension Industry Q4 2021
Update on the Micro Pension Plan Q42021
Update on the RSA Transfer System (RTS) Q42021
Biggest PFAs by RSA Registrations December 2021
PFAs paid N203 billion to RSA Holders in 2021

Also Check out
Performance of all PFAs in Nigeria for Full Year 2021

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