39,946 employees have life insurance cover – PenCom

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One hundred and seventy-two employers obtained the group life insurance policy for a total of 39,946 employees in compliance with the Pension Reform Act 2014.

The National Pension Commission disclosed this in its latest annual report on the submission of group life insurance certificates for the year 2018 on Friday.

Part of the report read, “In compliance with the PRA 2014, a total of 172 employers of labour covered under the Contributory Pension Scheme submitted their certificates of group life insurance policy covering over 39,946 employees in the year under review.

“A breakdown of the 172 GLIPs submitted showed that 168 employers were from the private sector while the others were from self-funded FGN agencies.”

Recently, PenCom in its compliance guidelines for life insurance policy for employees and submission of insurance certificate for 2020 issued to employers, stated that with effect from March ending, companies that had no insurance covers for their workers would no longer be allowed to do any government business.

It noted that the new regulations would be in addition to ensuring that the companies had appropriate pension accounts for the workers.

PenCom’s directive on issuance of certificate of compliance with the provisions of the Pension Reform Act 2014 to the general public, suppliers, contractors or consultants bidding or soliciting for contract or business from any Federal Government ministries, departments and agencies, stated that employers must fully comply with the provisions of the law

It indicated further, “In that regard, the commission issues annual pension clearance certificate to eligibility organisations.

“The MDAs are reminded to ensure that only pension clearance certificates issued by the commission are accepted as evidence of compliance with the PRA 2014.”

In the new directive, PenCom stated, “In accordance with the provisions of Section 4(5) of the  2014 and Section 5.5 of the guidelines for life insurance policy for employees, employers of labour covered by the PRA 2014 are required to submit copies of the insurance certificates with the schedule of benefits to the National Pension Commission.

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