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PenCom, NAICOM sign MoU to combat de-marketing in pension, insurance industry

In a bid to address concerns of mis-selling and de-marketing by pension and insurance operators as well as improve the stability of the financial sector of the economy, the National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) in an epoch-making ceremony held in Abuja yesterday, signed off the revised regulation on retiree life annuity.

The event also witnessed the signing of the guidelines on Group Life insurance policy for employees, Contributory Pension Scheme (CPS) retiree pack and a Memorandum of Understanding (MoU) between PenCom and NAICOM. A statement by the Head, Corporate Communications Department at PenCom, Mr Peter Aghahowa, noted that the revised regulations and guidelines provide clarity on the provisions of the Pension Reform Act (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.

Sunnews

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