NAICOM, PenCom sign Revised Regulation on Retiree Life Annuity

L-R: Acting Director-General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar and Commissioner for Insurance, National Insurance Commission (NAICOM), Sunday Thomas at the event.

The National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) in an epoch-making ceremony today in Abuja, signed off the Revised Regulation on Retiree Life Annuity, the Guidelines on Group Life Insurance Policy for Employees and CPS Retiree Pack.

A statement by the Head, Corporate Communications Department, PenCom, Peter Aghahowa, stated that the event also included the signing of a Memorandum of Understanding between PenCom and NAICOM.

He noted 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,” he said.