NAICOM and PenCom Guidelines on Retiree Life Annuity and Employee Group Life Insurance Policy

NAICOM and PenCom

On the 1st of September 2020, the National Pension Commission (PenCom), in partnership with the National Insurance Commission (NAICOM) (jointly, the Regulators), issued the following guidelines and regulations applicable to the pension and insurance sectors: (i) the Revised Regulation on Retiree Life Annuity (RLA); (ii) the Revised Guidelines on Group Life Insurance Policy for Employees; and (iii) the Retiree Pack for retirees under the Contributory Pension Scheme (CPS).

According to the Regulators, these guidelines and regulations were introduced to provide clarity on the provisions of the Pension Reform Act 2014 (the PRA), especially those relating to group life insurance policies for employees and retiree life annuities; as well as ensure safety of retiree life annuity funds and assets.

Additionally, the new guidelines and regulations are expected to serve as a guide for stakeholders to make informed decisions regarding their retirement benefits, address concerns of de-marketing and mis-selling by pension and insurance operators in the country; and ultimately bring clarity and stability to the pension and insurance sectors of the economy.

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