The National Pension Commission (PenCom), and the National Insurance Commission (NAICOM), have created a level terrain for retiree annuity, fading away parallel lines and sealing cracks in the service of annuity for retirees.
The pension and insurance regulators, at a joint ceremony in Abuja, signed the Revised Regulation on Retiree Life Annuity, which contains the guidelines on group life insurance policy for employees and CPS retirees pack.
The guidelines would therefore, erase grey areas that have made the operation of annuity contentious and a veritable ground for friction for operators in the two sectors.
As a bastion for smooth inter regulation operation and a beacon to guide their regulatory interface, PenCom and NAICOM used the epoch ceremony to sign a Memorandum of Understanding.
NAICOM statement which admitted that the event was a collaborative efforts of the two bodies, said the revised regulations and guidelines provide clarity on the provisions of the PRA 2014 in areas relating to retiree life annuity.
The guideline would focus on guiding stakeholders to make informed decision, ensure safety of retiree life annuity funds and assets.
It would also address concerns of mis-selling and de-marketing by pension and insurance operators as well as bring stability into the financial sector of the economy