• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

PenCom calls for thorough scrutiny of dead RSA holders’ benefits  

Abiola Odutola by Abiola Odutola
October 28, 2019
in Business News
PFAs make N1.69 trillion ROI , Pension Contributions in Nigeria rose by N169.9 billion in 3-month , PenCom calls for thorough scrutiny of dead RSA holders’ benefits, PenCom discontinues Employee Death Benefit Account  , PFAs boost investment in infrastructure by N17.77 billion in one year , Pension: Low RSA balances - a subtly growing concern, PENCOM boss queried for spending unapproved funds, N5 billion on 360 staff in 8-month , How negative performance in the capital market affected PFAs in 2019, PenCom seeks pension bonds to clear N400 billion arrears as retirees groan, PenCom set to offer pension bonds to offset unpaid pension arrears, Is the pension asset just another cookie jar?, PenCom threatens companies with no insurance covers for their staff , PENCOM Notifies RSA holders on the mandatory data recapture exercise
Share on FacebookShare on TwitterShare on Linkedin

The National Pension Commission (PenCom) has called for thorough scrutiny of all cases reported to Pension Fund Administrators about dead Retirement Savings Account holders before making payment to the beneficiaries.

The regulator, in a circular issued to all licensed PFAs on revised procedures on the processing of death benefits, warned the administrators that it would be held responsible if any beneficiary is unduly paid.

[READ MORE: PenCom bars PFAs from collecting bond’s brokerages fee]

RelatedStories

Lawyers suggest new Pencom DG does not have 15 years experience stipulated in Pension Act

PenCom unveils Pension Boost 1.0, raising monthly payouts for over 233,000 Nigerian retirees 

June 20, 2025
Lawyers suggest new Pencom DG does not have 15 years experience stipulated in Pension Act

Pension Fund Assets grow to N23.26 trillion as of February 2025 – PenCom 

May 12, 2025

The circular read, “In the event of payment to wrong beneficiaries, PFA shall be liable and pay from its statutory reserve fund. The commission has received series of complaints from retirees, who alleged that their PFAs have wrongfully paid their benefits to their next of kin or legal beneficiaries, while they are still alive and in active service without their consent. 

“Following these complaints and reports by the PFAs, it has become imperative to issue additional measures to curb these complaints and strengthen the processes and practices of processing and payment of death benefits.” 

The agency said it expects the administrators to enhance the internal controls and carry out further investigation on the documentation submitted by the next of kin of the deceased before submission to the commission for approval.

According to PenCom, PFAs should ensure due diligence and conduct search at the probate registry of the issuing authority to confirm the genuineness of the documents, as well as the verification of the named administrator and sureties.

Background: PenCom had disclosed that some unidentified fraudsters under the disguise of being relatives of workers and retirees under the Contributory Pension Scheme had been approaching the PFAs to collect the pensions of contributors.

[READ ALSO: Pension asset increases to N9.33 trillion – PenCom]

The fraudsters, who had been deceiving the PFAs with fake documents, had successfully collected the pension benefits of some living workers and retirees after providing ‘evidences’ that they were dead.

However, many of such cases had continued to drag without being resolved.


Follow us for Breaking News and Market Intelligence.
Tags: benefitsNational Pension CommissionpencomRSA
Abiola Odutola

Abiola Odutola

For further inquiries about this article, contact: Email: abiola.odutola@nairametrics.com Twitter: @AbiolaOdutola @nairametrics

Related Posts

Lawyers suggest new Pencom DG does not have 15 years experience stipulated in Pension Act
Fixed Income

PenCom unveils Pension Boost 1.0, raising monthly payouts for over 233,000 Nigerian retirees 

June 20, 2025
Lawyers suggest new Pencom DG does not have 15 years experience stipulated in Pension Act
Fixed Income

Pension Fund Assets grow to N23.26 trillion as of February 2025 – PenCom 

May 12, 2025
Lawyers suggest new Pencom DG does not have 15 years experience stipulated in Pension Act
Economy

PenCom recovers N1.58 billion from defaulting employers, pushes for full CPS adoption across states 

April 23, 2025
Lawyers suggest new Pencom DG does not have 15 years experience stipulated in Pension Act
Fixed Income

Nigeria’s pension fund assets hit N22.86 trillion in January 2025 – PenCom 

March 30, 2025
Lawyers suggest new Pencom DG does not have 15 years experience stipulated in Pension Act
Financial Services

PenCom sets June 1 deadline for new pension remittance system 

March 28, 2025
Lawyers suggest new Pencom DG does not have 15 years experience stipulated in Pension Act
Financial Services

PenCom approves Interswitch, Awabah, 7 others as pension payment providers in Nigeria 

March 25, 2025
Next Post
See what FG said Nigerians should tell on the mountain, and how the people reacted 

See what FG said Nigerians should tell on the mountain, and how the people reacted 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • ‘Nigeria has become a crime scene’: Obi slams NNPCL over alleged N210 trillion scandal 
  • FG seek investments in ports, digital platforms to aid cross-border businesses across West Africa 
  • SOFTSWISS offers the key to responsible gambling as Nigeria’s digital betting market surges 

Follow us on social media:

Recent News

Peter Obi, Ukrain

‘Nigeria has become a crime scene’: Obi slams NNPCL over alleged N210 trillion scandal 

June 20, 2025
FG seek investments in ports, digital platforms to aid cross-border businesses across West Africa 

FG seek investments in ports, digital platforms to aid cross-border businesses across West Africa 

June 20, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics