The National Pension Commission (PenCom) has taken decisive regulatory action by suspending two insurance companies from underwriting annuity businesses. This move is part of the Commission’s ongoing efforts to strengthen compliance and protect the interest of retirees under the Contributory Pension Scheme (CPS).
In a circular issued to Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs), PenCom explicitly directed all operators to cease processing any annuity-related requests involving the affected firms until further notice.
Although PenCom did not disclose the names of the suspended companies in its initial advisory, sources within the industry suggest the action was triggered by unresolved compliance issues that may affect the security of pensioners’ benefits.
The Commission reiterated its commitment to ensuring transparency, sustainability, and accountability in the administration of retirement benefits. It also reassured retirees and contributors that their pensions remain secure, emphasizing that only duly licensed and compliant companies will be permitted to manage annuity contracts under the CPS.
In a related development, PenCom has released the updated list of organizations that have been issued the 2025 Pension Clearance Certificates (PCCs) as of April 30, 2025. The PCC is a mandatory requirement for organizations seeking to do business with federal government agencies, and it serves as proof of full compliance with the provisions of the Pension Reform Act.
The Commission advised employers to regularly update their pension records and ensure timely remittance of contributions to avoid sanctions and maintain eligibility for the certificate.
PenCom assured stakeholders that it would continue to monitor compliance and take necessary actions to safeguard the pension assets of Nigerian workers.
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