The Pension Transitional Arrangement Directorate (PTAD) paid a total of N8.20 billion to 237,933 pensioners in the first quarter ended 31 March, 2018, a review of the statutory monthly returns rendered has revealed.
LEADERSHIP exclusively gathered that total pension payment to the Nigerian Social Insurance Trust Fund (NSITF) pensioners’ amounts to N4.13 billion as at the end of the first quarter of 2018. In the first quarter ended March 2018, monthly pension payments totaling N49. 30 million in respect of 2,843 NSITF pensioners was successfully processed and paid a first quarter report by the National Insurance Commission (PenCom) has disclosed.
Our correspondent learnt that 346 complaints relating to non-remittance of pension contributions, NSITF pension payments and pension payments were filled against PTAD from retirees under PTAD. The complaints ranges from non-payment, underpayment and general feelings of the affected retirees and addressed to PenCom. The information was contained in a 2018 first quarter report of the Commission. PenCom said 51 have been fully resolved while 295 are outstanding. PenCom which plays supervisory role on PTAD, disclosed that it received the total monthly pension contribution made by contributors from both the public and private sectors into their RSAs which was N4.63 trillion as at the end of first quarter, 2018. This represents an increase of N 139.70 billion representing 3.11 per cent over the total contributions as at the end of the previous quarter.
A review of the aggregate total contribution shows that the public sector contributed 51.11 per cent of the total contributions, while the private sector contributed the remaining 48.89 per cent. However, during the quarter under review, the public sector contributed 48.24 percent of the total contributions received while the private sector contributed 51.76 per cent, the Q1 report revealed.
According to PenCom, aggregate total pension contributions of the private sector increased from N2.19 trillion as at fourth quarter of 2017 to N2.26 trillion as at the end of the reporting period representing a growth of 3.30 percent. Whereas, the aggregate total pension contribution of the Public Sector grew by 2.93 per cent from N2.30 trillion to N2.36 trillion over the same period.
On the other hand, 5,828 applications were made to the Commission for issuance of compliance certificates under the period under review. Out of that, 4,634 organisations were issued compliance certificates, while the remaining 1,194 were declined “due to non-remittance of pension contributions for the appropriate period and/or non-provision of Group Life Insurance Policy for the employees,” the report said.
The sum of N48.94 billion was remitted into the Retirement Savings Accounts (RSAs) of 10,020 employees by the 4,634 organisations that were issued the certificates.
In its financial market outlook, PenCom had predicted that equity market will appreciate in the second quarter of 2018. The prediction was premised on the expected drop in yields on governmentsecurities, as a result of the improving macroeconomic environment and a gradual increase in oil price, which will reduce the expected deficit of the proposed 2018 budget. The Commission however said the expected outcome could be tempered by cautionary approach by foreign investors due to the approaching election cycle in 2019.
“It is also envisaged that the inflation rate would continue its downward trend, from 14.27 percent recorded in fourth quarter of 2017. Overall, pension fund portfolios are expected to show continued growth in the second quarter, 2018 on the back of monthly receipts of pension contributions, which continues to average N50billion and the resurgence of the stock market,” the Commission said.
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