Sigma reaffirms commitment to pension law

By Favour Aliyu Sigma Pensions Limited says it is committed to meeting its customers’ expectations and remains wholly guided by the law governing pension administrations in Nigeria. The Pension Fund Administrator (PFA) is reacting to another judgment at the National Industrial Court granting retirees access to 50 per cent lump sum of their Retirement Savings […]

By Favour Aliyu

Sigma Pensions Limited says it is committed to meeting its customers’ expectations and remains wholly guided by the law governing pension administrations in Nigeria.

The Pension Fund Administrator (PFA) is reacting to another judgment at the National Industrial Court granting retirees access to 50 per cent lump sum of their Retirement Savings Account (RSA) balance at retirement.

The latest court ruling in the case of Rakiya Bakari Girei vs Sigma Pensions Limited, National Pension Commission and Attorney General of the Federation, comes in the wake of a similar case in which PenCom and another PFA have secured a stay of execution of the judgment and are currently appealing the decision of the court.

Sigma Pensions following a series of reports in national newspapers and online platforms has therefore restated that as a responsible organisation, respectful of regulatory authority and rule of law, will await the outcome of these proceedings and act accordingly in due course.

“We wish to reiterate that we value all our customers, and we are always committed to working for them within the ambits of the laws governing the industry in which we operate,” the company said.

The 2014 Act, which is silent on a percentage which a retiree may receive as a lump sum, establishes the regulator of the industry, the National Pension Commission (PenCom) and grants same a mandate to among many others, “Issue guidelines, rules and regulations for the investment and administration of pension funds. Pursuant to this mandate, PenCom on a regular basis issues directives and guidelines to govern the activities of Pension Fund Operators (PFOs) and PFOs are to strictly adhere to these guidelines.”