Our objective is to ensure that all our clients, including beneficiaries of deceased/missing persons, have access to their benefits as and when due in compliance with the Pension Reform Act 2014, as well as the rules and regulations guiding the Administration of Retirement and Terminal Benefits issued by the National Pension Commission.
Notice of Commencement of the 2022 Online Verification and Enrolment Exercise for Retirees/Prospective Retirees of Federal Government Treasury- Funded Ministries, Departments and Agencues (MDAS)
The National Pension Commission (PenCom) wishes to inform the general public that the 2022 online Verification and Enrolment Exercise for retirees/prospective retirees of Federal Government Treasury-Funded Ministries, Departments and Agencies (MDAs) will commence on June, 2022.
Who is eligible for the 2022 Verification and Enrolment Exercise?
The following groups are eligible for the Online Verification and Enrolment Exercise:
- Employees of Federal Government Treasury-Funded MDAs scheduled to retire in 2022
- Employees of Federal Government Treasury-funded MDAs who missed the enrolment exercises in previous years
Prerequisite for the Enrolment
Prior to enrolment, all retirees/prospective retirees are required to visit their PFAs and undergo the data recapture exercise. This entails retirees/prospective retirees providing their personal details including their National Identity Number (NIN). Retirees/Prospective retirees who had undergone the data recapture exercise earlier are not required to repeat it.
Options for the Enrolment
The enrolment options are as follows:
Self-Assisted
Retirees/prospective retirees are required to visit PenCom’s website (www.pencom.gov.ng) and upload their employment details as well as scanned copies of required documents before proceeding to their respective PFAs for physical verification and enrolment.The step by step procedure for the Online Enrolment is hosted on the PenCom website.
Pension Desk Officer/PFA-Assisted
Retirees/prospective retirees who are unable to complete the online registration for any reason could approach the Pension Desk Officer of their respective MDAs or visit their PFAs for assistance.
Please note that Verification and Enrolment by all concerned must be completed on or before 31 August, 2022.
Notice of Commencement of the 2023 Online Verification and Enrolment Exercise for Retirees/Prospective Retirees of Federal Government Treasury- Funded Ministries, Departments and Agencues (MDAS)
The National Pension Commission (PenCom) wishes to inform the general public that the 2023 online Verification and Enrolment Exercise for retirees/prospective retirees of Federal Government Treasury-Funded Ministries, Departments and Agencies (MDAs) will commence on 17 October 2022.
Who is eligible for the 2023 Verification and Enrolment Exercise?
The following groups are eligible for the Online Verification and Enrolment Exercise:
- Employees of Federal Government Treasury-Funded MDAs scheduled to retire in 2023
- Employees of Federal Government Treasury-funded MDAs who missed the enrolment exercises in previous years
Prerequisite for the Enrolment
Prior to enrolment, all retirees/prospective retirees are required to visit their PFAs to undergo the data recapture exercise. The data recapture exercise entails retirees/prospective retirees providing their Retirement Savings Account (RSA) Registration details, Personal Identification Number (PIN) and their National Identity Number (NIN). Retirees/Prospective retirees who had undergone the data recapture exercise earlier are not required to repeat it.
Options for the Enrolment
The enrolment options are as follows:
Self-Assisted
Retirees/prospective retirees are required to visit PenCom’s website (www.pencom.gov.ng) and upload their employment details as well as scanned copies of required documents before proceeding to their respective PFAs for physical verification and enrolment.The step by step procedure for the Online Enrolment is hosted on the PenCom website.
Pension Desk Officer/PFA-Assisted
Retirees/prospective retirees who are unable to complete the online registration for any reason could approach the Pension Desk Officer of their respective MDAs or visit their PFAs for assistance.
Please note that Verification and Enrolment by all concerned must be completed on or before 31 December 2022..
Programmed Withdrawal and Annuity
The Pension Reform act 2014 makes available two broad alternatives when accessing your retirement savings. Please see below the main features of the Programmed Withdrawal and Annuity; the two options to consider when accessing your retirement savings.
| Programmed Withdrawal | Annuity |
|---|---|
| Programmed withdrawal is a product offered to Retirees by Pension Fund Administrators (PFAs). In addition to a calculated lump sum, it provides Retiree a guaranteed income on a monthly or quarterly basis over an expected life span | Annuity Plan is an income replacement product offered to retirees by an Insurance Company. Annuity is a series of payments made to person for life following purchase of the plan. (usually with the proceeds of that person’s Retirement Savings Account under the Pension Reform Act (2014) |
| A retiree may move to Retiree Life Annuity at anytime | Once a Retiree transfers his pensions account to Life Annuity, he/she cannot move back to Programmed Withdrawal. However, he/she can move to another insurance company with the residual value only after two years |
| Retirement benefits is in individual RSA | Retirement benefits is in a pool of annuity fund (belongs to all members on Annuity). |
| The profit on investment is credited into the Retiree’s RSA | Profit on investment is for the insurance company |
| Retiree monthly pension can be reviewed upward based on growth recorded in the RSA from time to time. | There is no increment on the payment assured for life. |
| Retiree receives quarterly RSA statement | Retiree does not receive any RSA statement |
| There is provision of Special Reserves to forestall any shortfall in Retiree Fund | There is no such special reserve for annuity payment |
| Upon demise of a Retiree, the RSA balance with accrued interest shall be paid in full to the legal beneficiaries | Annuity is guaranteed for only 10 years. If the Retiree dies after the guarantee period, beneficiaries are not entitled to the deceased balance in the Annuity pool |
Access your benefits from anywhere
The ‘ARM Engage’ application is an easy to use application from ARM Pension designed to give clients quick access to their Retirement Savings Account information as well as provide useful information to help with retirement planning
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