NAICOM, PenCom Unveil Regulation on Retirees’ Life Annuity


Ebere Nwoji

The National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) have introduced the revised guidelines on retirees’ life annuity.

They are the guidelines on Group Life Insurance Policy for Employees and CPS Retiree Pack.

Both regulators signed the new guidelines in Abuja yesterday.

A statement by the Head, Corporate Communications Department, PenCom, Peter Aghahowa, explained that the event also included the signing of a memorandum of understanding between both regulators.

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.

Since the regime of contributory pension scheme, there has always been friction between insurance agents marketing annuity and their counterparts in pension sector. Both PenCom and NAICOM have been looking for ways of bringing peace between the operators.