The National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) on Tuesday signed a Memorandum of Understanding (MoU) to revise regulation on Retiree Life Annuity and guidelines on Group life Insurance policy.
Mr Peter Aghahowa, Head, Corporate Communications Department, PenCom said in a statement that the regulation was for employees and Contributory Pension Scheme (CPS) retiree pack.
Aghahowa explained that the revised regulations and guidelines provide clarity on the Provisions of the Pension Reform Act (PRA) of 2014 in areas relating to Retiree Life Annuity.
He said that they 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 .
According to him, the guidelines will also bring stability into the financial sector of the economy.
“Today’s landmark event is the outcome of the collaborative efforts of PenCom and NAICOM, ” he said.