NPF, NSITF Contributions To RSAs Hit N91.68m | Independent Newspapers Limited
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Business, Labour & Employment

NPF, NSITF Contributions To RSAs Hit N91.68m

Posted: Aug 7, 2015 at 12:01 am   /   by   /   comments (0)

The National Pension Commission (PenCom) has stated that the transfer of National Provident Fund (NPF) and National Social Insurance Trust Fund (NSITF) Contributions to Members’ RSAs in the first quarter of 2015 is now N91.68m

It said that the Commission had in its first quarter of the year received a total of 1,330 applications for the transfer of NSITF contributions amounting to N91.68 million during the quarter under review.

The report noted that following the review of the applications, the Commission granted “no objection” to Trustfund Pensions Plc to pay the sum of N82.14 million to 1,200 contributors. This, it said, suggested that 130 applications amounting to N9.54 million were rejected due to incomplete documentations.

“This brought the total NSITF contributions transferred to RSAs of beneficiaries to N9.22 billion. The amount was transferred on behalf of 123,917 NSITF contributors,” it said.

It would be recalled that the Commission approved N4.44 billion as death benefits to the Next-of-Kins (NOK) of deceased employees nationwide in the first quarter of 2015.

Some NOKs of deceased employees, who served in various government establishments, were yet to receive the death benefits due to them, the report said.

Many of the concerned NOKs who had repeatedly approached the Pension Fund Administrators (PFA) of their deceased relatives to access their benefits had complained of delay in the payment.

According to the report, the approved fund is to be paid to the NOKs of 1,450 deceased employees.

The report stated that the fund would also be utilised in the payment of Group Life Insurance claims of the deceased employees.

It also stated that N77.18 billion had been paid to the NOKs of 27,321 deceased employees from inception to the end of first quarter of 2015.