Insurance and pension regulatory agencies, the National Insurance Commission (NAICOM) and National Pension Commission (PenCom) have met and have been discussing ways to strengthen the process of administration of retirees’ life annuity as a mode of benefit under the Pension Reform Act 2014. The meeting is expected to address all the issues surrounding administration of life annuity for retirees in the country.
This was contained in a notification letter jointly signed by both NAICOM and PenCom, and issued to the general public and stakeholders in the insurance and pension sector.
Part of the matters discussed in the meeting include, reaffirmation of the existence of life annuity as a mode of payment of retirement benefits under the act.
They gave major attention to the issue of ways to give more bite to the administration of retirement benefits act, 2014 that was issued to all licenced pension operators by PenCom in November 2016.