Union Bank office
Union bank of Nigeria Plc at the weekend announced the transfer of legacy pension for Post-2005 pensioners to their Pension Fund Administrators (PFAs) in line with the Pension Reform Act (PRA) 2004.
According to a statement, the PFAs would consequently take over full responsibility for pension payments for affected Pensioners (excluding Pre-2006 Pensioners) with effect from February, 2013. It stated that the affected pensioners have been informed of the development.
“This exercise is a further push by Union Bank to ensure that it fully complies with the Pension Reform Act of 2004. On completion, this category of Union bank pensioners would have been integrated into what had been achieved with the current employees of the bank. It would be a continuous exercise until all the pensioners are covered,” it added.