Update on NSITF & Refund of Pension Contribution to Military & SSS Q1 2023
The National Pension Commission (PenCom) in its 1st quarter 2023 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 1st quarter of 2023, PenCom received 4 batches of applications to transfer NSITF contributions on behalf of 36 NSITF contributors for the sum of ₦2,094,642.48, PenCom after its review granted approval to transfer ₦1,928,666.68 to the Retirement Savings Accounts (RSAs) of the 36 NSITF contributors with various Pension Fund Administrators, having met all the necessary requirements for the transfer of NSITF contributions.
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 ₦42,343,914.01 to 2,394 NSITF pensioners, bringing the total pension payment made to NSITF pensioners from 2006 to date, to ₦5,379,160,695.81, 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 1st quarter of 2023, PenCom received 27 requests for refund of pension contribution to Military Personnel and other Security Agencies, out of which 23 requests were processed for payment and the sum of N1,490,899.38 was refunded to the affected personnel during the quarter. PenCom also disclosed that two requests were not processed as they had been processed in earlier batches, one request was not processed due to incomplete information and one request was rejected because the personnel was not eligible for the refund of pension contributions.
Check below for PensionNigeria breakdown of all the important aspects of the PenCom 1st Quarter 2023 Report
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