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PAL Pensions Sensitises Retirees On Industry Reforms

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Pensions Alliance Limited, popularly known as PAL Pensions, says it seeks to keep its customers abreast with reforms in the industry.
Speaking at a forum it organised for retirees in Port Harcourt, the Acting Regional Manager, PAL Pensions, covering South-South, Mrs. Millicent Hogan, thanked the participants, saying the forum also seeks to keep close relationship with the retirees.
She said with over 75,000 retiree customers since inception, PAL Pensions has been noted for good customer relationship amd prompt processing of retiree pensions, including lump sum.
“In 2022, it has been on record that Pensions Alliance Limited paid not less than 15,000 clients worth over N13 billion, and total amount paid since inception is over N111 billion”, she said, stressing that its robust system has afforded its customers easy access to their account via mobile applications and chat bots.
Also speaking at the event, a Unit Head in PAL Pensions, Mr. Emmanuel Chiboka explained that PAL Pensions is regulated by National Pensions Commission (PENCOM) and retiree funds are also invested in accordance with PENCOM stipulated guidelines.
Aside slashing its administrative fees with the view to giving more to its customers, he said PAL Pensions has dedicated Account Officers assigned to all its customers.
While on the industry updates, Mr. Chiboka explained that the multi-fund framework is aimed at aligning the age and risk profile of retirement savings account (RSA) holders by dividing the RSA fund into six fund types.
He further said Fund IV is for retirees, adding that the flexibility of the structure enables active customers to switch, depending on their risk appetite or preferred PFAs.
In terms of transfer windows, he said PENCOM has made it possible for account holders to switch from one Pension Fund Administrator (PFA) to another, and would still maintain the same pin number, which served as an open window for account holders from other PFAs to join in their pool and enjoy its high returns on investment.
In addition, Mr. Chiboka explained the difference between programmed withdrawal and annuity, stressing that pension fund administrators offer programmed withdrawal to its customers.
This, he said, “is because retirees cannot only negotiate their payment package of choice, but would enjoy lumpsum payment, review monthly pensions, monitor retirement savings account balances, as well as transfer pension balances to beneficiaries in the case of the demise of the customer”.
He stated further that why programmed withdrawal is irresistible to retiree customers is that it “operates for as long as the RSA balance can accommodate.
“Even when the balance in the account is depleted, funds are placed with Pension fund custodian (PFC) and are unaccessible to pension fund administrators (PFA) and the PFCs invest only with the instructions from their PFAs”.
He reiterated that PAL Pensions’ coverage include full access payment, comprising programmed withdrawal, enbloc, medical grounds etc; temporary access of 25% Iumpsum, additional voluntary contributon (AVC), death benefits, legacy funds and NSITF; State refunds, gratuity payments and micro pensions to incorporate those in the informal sectors.
While fielding questions from the audience, he assured them of the transparency of the firm, saying that customers can monitor their retirement savings account balances through multiple channels of engagements, adding that retirees can decide if their pensions should be paid on monthly or quaterly basis.
The event, which had retirees fill the hall to its capacity, also had health professionals to engage them on the need for proper and constant checkups so as to be in good health in order to enjoy their pensions.
Representing Hygeia Health Management Organization at the event, Dr. Odum Chindimma Obinna stressed that at retirement age, health should be properly taken care of, noting that “old age comes with a lot of diseases and early detection could help health professionals to manage such situations”.
While narrating his experience as a retiree, Mr. Udeme Ekong testified that he had gotten this lumpsum payment after retirement and is constantly receiving his monthly pension. He added that his funds keep growing from accumulated interest and his
pension fund administrator is always swift at his call, recounting that he was even invited by PENCOM for reviews.
Others praised PAL Pensions for keeping close contact with their customers, especially retirees, urging that forums of such should be organized more frequently.

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Rivers

Monarch Hails Wike Over Landing Jetty Project Award

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The Amanyanabo and Traditional Ruler of ancient Ele Kingdom in Ogu/Bolo Local Government Area of Rivers State, King Felix Tamunoseipiriala Okuru Apina VII, has stated the gratefulness of his people to the State Governor, Nyesom Wike.
He said the people of Ele community will continue to be grateful to the governor for graciously supporting their “illustrious” son, Barr Vincent Nemieboka, to become the chairman of the local government area, and approving the construction of a landing jetty in the area.
King Apina vii in a statement from the palace said the people of Ele kingdom have been given a sense of belonging by these gestures, because “it is first of its kind from any governor of the state”.
The monarch noted that for the governor to remember the community in his development plans, “the people are most grateful”, assuring him that they are fully mobilised and ready to exercise their franchise in the forthcoming elections for candidates that will have the interest of the community at heart.
On behalf of the Ele Divisional Council of Chiefs and the people of Ele Kingdom, he pledged their loyalty and support, stressing that construction of the landing jetty will in no small measure alleviate the untold suffering experienced during low tide.
He also noted that the jetty will encourage business boom in the area and further assured that all necessary co-operation will be given to the contractor when the project commences.
The first citizen of the community also lauded the Chairman of the Local Government Council, Barr Vincent Nemieboka, for the construction of a Health Centre and provision of a portable drinking water for the people.
This, he said, has given the people a sense of belonging, noting that Ele Community as one of the ancient nine clans of Okrika ethnic nationality, is in dire need of other developmental projects.

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Rivers

Tai LGA Flags Off Construction Of Corpers’ Lodge

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The Tai local Government Area has flagged off the construction of an eighth bedroom corpers lodge at Botem Community in Tai local Government Area.
The lodge, according to the council Engineer, is made up of four rooms for male and four for female.
Flagging off the project on behalf of the council, Rivers State Commissioner for Transport, Dr.Jacobson Nbina, said the project, which was in line with the desires of the people, will help to improve education in the area.
Nbina, who is Chairman of the Peoples’ Democratic Party (PDP) Campaign Council, said the project has further increased the chances of the party’s victory in the forthcoming election in the area.
He urged the people to reciprocate the gesture by maintaining the facility when it is completed.
Meanwhile, the Senator representimg Rivers South East in the National Assembly, Senator Barinada Mpigi, has rated the Tai Local Government Council high in the execution of projects.
Speaking during a ward-to-ward and unit-to-unit campaign at Ward 8, Sime Tai, Mpigi said the Mbakpone administration has embarked on people-oriented projects across the LGAs.
He said the projects, which range from markets, water, roads, security, and others, have improved the living conditions of the people.
The Senator particularly commended the Chairman for the corpers’ lodge, stressing that it will help to boost education, not only in Botem, but that communities around the area will also benefit from the gesture.
Also speaking, Chairman of Tai Local Government Council, Hon.Mbakpone Okpe, said the project was in fulfilment of his electioneering promises to the community.
He said he told them to nominate a project and they nominated a corpers lodge.
Okpe said the project will be completed and commissioned within the next three months.
On the ward-to-ward and unit-to-unit campaigns, the council boss said so far four Wards have been visited in the area.
He said the campaign was to explain to the people the importance of voting for candidates of the PDP during the forthcoming elections.
The Tai Council boss also thanked the people for their massive turned out for the campaign.
Also speaking, the Member representing Tai in the Rivers State House of Assembly, Hon Matthew Dike, said the people of Tai are happy with the administration of Governor Ezenwo Nyesom Wike.
He said the people will reciprocate it by voting massively for candidates of the PDP during the election.
The campaign train visited wards one and eight.

By: John Bibor

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Rivers

‘Naira Redesign, Ill-Timed’

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The Rivers State Chapter of the Nigerian Computer Society (NCS) has described as ill-timed the Naira redesign policy of the Federal Government.
The society also called for the establishment of a Ministry of Science And Technology in Rivers State.
Chairman of the Society, Dr. Legborsi Emmanuel, said this at the quarterly general meeting of the branch in Port Harcourt.
Emmanuel said the Naira redesign program is coming at a time when Nigerians are batlling with the fuel price hike.
“NCS supports cashless policy, but increasing the sufferings of the Nigerian masses at a time we are battling with fuel price hike by taking out the old notes when we do not have enough of the new notes in the commercial banks have ended up putting pressure on the good people of Nigeria”, he said.
According to him, the programm has further contributed towards the destruction of the falling economy that needed to be well protected by the Federal Government.
He said the situation will provide opportunity for all Ministries, Departments, and Agencies to integrate all their data and operate seamlessly in the state.
He described the theme of the meeting, which is, “The use of ICT As A tool For Social Re-Engineering And Economic Transformation of Nigeria”, and the lecture, as a call to duty.
Speaking on the topic, “The use of ICT As A tool for social Re-Engineering and Economic Transformation of Nigeria”, from Canada, through zoom, Mr. Oraye Franklin said the present administration in Rivers State should be commended for it’s information communications and Technology (ICT) policy.
He expressed the hope that incoming administrations will built upon it to further improve the sector.
Franklin said the deployment of ICT can be used to solve the multifaceted problems of Nigerians.
According to him, ICT can be used to address socio-economic problems of Nigerians, ranging from the health sector to a general improvement in the conditions of lives of the people.
He specifically said ICT has helped to check the spread of dieseas, thereby enhancing access to quality health care services.
He said the situation has allowed for greater transperancy In governance , improved productivity in public sector, and help farmers boost productivity.
He also stressed the need for both State and Federal Governments to support and encourage the development of the Small and Medium Enterprises (SMEs) with the view to expanding the economy.
The event also featured the presentation of the society’s 2023 budget.

By; John Bibor

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