Annuity: PenCom, NAICOM Signs MoU to tackle de-marketing by operators

L:R: Director General PenCom, Hajia Aisha Dahir-Umar and Commissioner for Insurance, Mr Sunday Thomas at the signing ceremony held today in Abuja

Determined to improve the life of retirees in Nigeria, the National Pension Commission (PenCom) and the National Insurance Commssion (NAICOM), on Tuesday said it signed off the Revised Regulation on Retiree Life Annuity, the Guidlines on Group Life Insuracnce Policy for Employees and CPS Retiree Pack.

According to statement made available to Assurpen online by PenCom’s head, corporate communications department, PenCom Peter Aghahowa, said that the signing ceremony which took place also included the signing of a memorandum of understanding (MoU) between PenCom and NAICOM.

He added that the revised Regulations and Guidelines provide clarity on the Provisions of the PRA 2014 in areas relating to Retiree Life Annuity with focus on guiding stakeholders to make informed decision, ensure safety of Retiree Life Annuity funds and assets, address concerns of mis-selling and de-marketing by pension and insurance operators as well as bringing stability into the financial sector of the economy.

“Today’s landmark event is the outcome of the collaborative efforts of PenCom and NAICOM.”