Staff of Trustfund Pensions Limited in an intense prayer session on the first working day of the year at its Abuja Head office.
In its usual annual tradition, the Management and Staff of Trustfund Pensions Limited, gathered together on a prayerful note, to begin the New Year 2018 in thanksgiving to God for the successful year of 2017 as well as offer prayers for a greater 2018.
The prayer session which brought together employees of two religious faiths took place at its Abuja Head Office on January 2nd, 2018. It commenced with a praise and worship session led by Head, Payment, Mr. Festus Hamza and was followed by a short exhortation by the Executive Director, Finance and Benefit Administration, Mr. Andrew Onyilokwu.
Onyilokwu who began his exhortation by reading the biblical passage of Psalms 103:1 & 2 emphasised the need for staff to always thank God for all His benefits. He said that they must always remember to thank Him not only for spectacular happenings but for everyday of their lives.
Still in the attitude of thanksgiving, the Head, Human Resources and Administration Department, Mrs. Oluyemisi Adedayo Ojo thanked God for His protection, safety and preservation upon all Staff, Management and Board of Trustfund nationwide and their families.
Bringing the thanksgiving session to a close, the Executive Director, Operations, Mr. Babatunde Akinsola, on behalf of the Company, thanked God for keeping Nigeria in peace, security and unity.
The Head Benefits Department, Mr. Tijani Muritala piloted the prayer session for supplications for 2018 by offering prayers for peace and security in the world especially our country Nigeria. This was followed by prayers for the Pension Industry; operators, regulators, pensioners and all stakeholders led by Mrs. Eno Adetayo-Olugbemi while Head, Internal Control and Audit Department, Mr. Samuel Njokwu led staff to pray for God’s protection and guidance over the Board, Management and Staff of Trustfund Pensions and their families.
The prayer session was wrapped up by Mr. Wasiu Suleiman of Finance Department who offered prayers to God for business growth for Trustfund Pensions in 2018 while Mr. Onyilokwu gave the closing prayers.
Pencom to Drive Micro Pension with Mobile Technology
National Pension Commission (PenCom) says it is intensifying efforts to introduce the informal sector to the Contributory Pension Scheme (CPS) in 2018. PenCom also said its special department saddled with the responsibility was planning to drive the initiative with technology using mobile phone applications.
“Special mobile phone applications had been successfully implemented in some jurisdictions for financial transactions, including provision of pension services to the self-employed and informal sector workers,” PenCom stated.
The commission has segmented the informal sector into three categories of low income earners, high income earners and the small/medium enterprises. It said it would design appropriate pension products and enlighten people in the segments on the essence of the scheme.
The commission said it was ensuring a robust technological platform that would support the provision of customer services to effectively and efficiently register, collect contributions, provide Retirement Savings Account (RSA) support, pay benefits and provide financial advisory services to the contributors.
PenCom stated that it had already commenced the sensitisation of service providers and relevant regulators as well as the targeted workers in the informal sector with a view to creating the enabling environment.
“As this category of workers constitute the larger percentage of the working population in the country, there is no doubt that to achieve the pension industry’s strategic objective of covering 30 per cent of the working population in Nigeria under the CPS by the end of 2024, all efforts should be made to extend coverage to this important segment of the Nigerian economy,” the commission stated.
The regulatory body added that about 7.7 million public and private sector workers had registered under the CPS as of the end of September 2017. According to the commission, this figure rose from of 7.3 million registered workers at the end of 2016.
PFAs Pay N4b to 12,464 Disengaged Workers from Pension Contributions
About N4 billion was disbursed to 12,464 workers, who lost their jobs across the country, from their pensions contributions in the third quarter of 2016. The money was paid to them by their various Pension Fund Administrators (PFAs).
A report published by the National Pension Commission (PenCom), which revealed this, stated that the workers are holders of Retirement Savings Accounts (RSAs) under the Contributory Pension Scheme (CPS).
According to the report, they were paid 25 per cent each out of their total contributions, putting the amount paid at N4 billion. The disengaged workers were unable to secure another job within four months of being disengaged. The RSA holders are, however, those under 50 years.
A breakdown of the report showed that the private sector accounted for 173,578 of the disengaged RSA holders, representing 95.43 per cent of the total number. The public sector on the other hand, accounted for 8,305 disengaged RSA holders, representing 4.57 per cent in the period under review.
The Pension Reform Act (PRA) 2014, Section 16, sub section (1) states that an employee shall not be entitled to make any withdrawal from his RSA account before attaining the age of 50 years. Sub Section (5) further states that without prejudice to subsection 1, any employee, who disengages or is disengaged from employment before the age of 50 years and is unable to secure another employment within four months of such disengagement may make withdrawal from his RSA in accordance with the provisions of Sections 7 (2) and 7 (3) of the Bill.
Section 7 (2) states that where an employee voluntarily retires, disengages or is disengaged from employment, he or she may with the approval of the Commission, withdraw an amount of money not exceeding 25 per cent of the total amount credited to his RSA, provided that such withdrawals shall only be made after 4 months of such retirement or cessation of employment and the employee does not secure another employment.
The New Year is a great time to overhaul your life for the better, and one excellent place to start is by making solid financial resolutions that can help get you closer to your money goals, whether it's increasing your retirement savings or setting enough money aside for a down payment on a house. Here are a few you might consider adding to your own personal agenda.
1. Know What You Want
Have a clear, concise financial goal for the year. It isn’t good enough to say, “I want to have my debts paid down and more money in the bank.” Instead, you should write a financial resolution that is clear and actionable like, “I have the balance on debt paid down to N0, over N5,000 in my savings account, and a fully funded Retirement Savings Account.”
2. Prioritize Your Debts
Not all debt is equal. Make a list of your liabilities and organize them by the annual interest rate. Those with the highest rates should be paid off immediately. It does no good to invest money while you are paying 19 percent or more in interest each year. In a lot of cases, the wisest course of action is to sell any certificate of deposits, savings bonds, or other cash holdings and use them to pay down the balance in full or in part.
3. Open a Retirement Savings Account (RSA)
If you haven't done so already, open a Retirement Savings Account with any preferred Pension Fund Administrator (PFA) of your choice and start making contributions to it. You can also add some additional voluntary contributions to your RSA, which has important tax advantages that can add up to a significant amount of money by retirement.
4. Enroll in an Automatic Savings Plan (ASP)
Automatic savings plans are now offered for everything from brokerage accounts to government bonds. Often, you can easily complete a few online forms, or simply call your broker and tell them you want a certain amount of money withdrawn from your checking or savings account each month, on a certain date, and deposited into your investment account. If your financial resolution was to save more money, using an automated savings plan forces you to follow through because the cash is drawn directly from your bank before you can get your hands on it. Investors can often sign up for ASPs through a company's direct stock purchase plan. In these instances, the money is withdrawn and used to purchase additional shares of stock in the particular company.
5. Close Unnecessary Accounts
Banks and financial institutions charge fees for everything under the sun. Is it really necessary to have several credit or checking accounts? Although there are exceptions, in the vast majority of cases the answer is a firm NO!
6. Make Money Doing What You Love
Most people can name at least one thing they are truly passionate about. One of the ways to enjoy your work is to only do the things you enjoy. Find a way to turn your passions and hobbies into profit. The world is full of amazing jobs such as full-time ice cream tasters and video game testers!
7. Collect Your Change
Any time you pay for things with cash, only spend whole naira amounts. If you go to the grocery store and your purchase total comes to N67.39, pay N70 in cash and pocket the change. The first thing you should do when you go home is to throw the money in a large container. Think of it as a piggy bank for adults. If you adhere to this policy and don’t spend any of the change, you are likely to save several thousand naira over the course of a year. Use the money to pay down debt, buy stocks and bonds, or go on vacation.
8. Give Money
It is often said that one of the most effective ways to realize the value of money is to give it to someone else. The next time you get your paycheck, take 5 percent of your salary in cash. Walk into an eatery and anonymously pay for the other customer in line. If you pass a child in Shoprite staring at a new video game, take out your wallet and buy it for them. In both cases, the recipients are sure to remember your kindness for years to come. It is a powerful and effective way to change other people’s lives for the better while giving you a better sense of freedom financially. Suddenly, you realize just how much promise N2,000 contains.
9. Begin Using Personal Finance Software
Not to sound cliché, but knowledge is power. If ten people are asked on the street how much they spent last year on haircuts, makeups, suya or recharge cards, nine of them probably wouldn’t answer. With a few keystrokes, however, someone using personal finance software can find out. Here are ways to easily track your finances and investments; you can print a report at the end of every December and spend an evening studying and going over your income and expenditures for the year. You’ll be surprised at the amount you spend on small items like the occasional 35 or 50cl bottle of Coca-Cola.
10. Read a Financial Book Each Month
If you want to learn to cook, you read cookbooks and spend hours a week in the kitchen. If you want to learn to fix an engine, you ask someone to show you. The printed word is amazing in that it allows you to communicate directly with the most brilliant financial minds of the past century. By picking up a copy of The Intelligent Investor, One Up on Wall Street, or Common Stocks and Uncommon Profits, you can be taught how to value investments, set up your portfolio, and spot the characteristics of a classic growth stock directly from the men who did it most successfully.