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06 Sep 2018

AXA Mansard, Premium and Stanbic IBTC pensions lead fund performance in 2018

Wednesday 08 August 2018, Business Day

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AXA Mansard RSA account holders have a good reason to smile this year. The fund administrator has the best performing RSA fund account in Nigeria in the first seven months of the year with a year to date return of 7.9 Percent.

Behind AXA Mansard Pensions was Premium Pension (7.6 percent), Stanbic IBTC Pension (6.9 percent), ARM Pensions (6.7 percent), PAL Pensions (6.7 percent) and Legacy Pensions (6.7 percent) whose strong performance propelled the PFAs to become among the six best performing retiree fund in the country.

The performance analysis was done using the fund IV unit price returns of 10 pension fund administrators in Nigeria between January 2nd 2018 and July 31st 2018.

A pension fund is a pooled contribution from pension plans organized by employers or organizations to provide retirement benefits for their employees or members.

 Pension funds are the largest investment blocks in most countries and dominate the stock market where they invest. These funds are managed by pension fund administrators all of which are licensed b the national pension commission.

There are currently 21 pension fund administrators in Nigeria. This number of registered PFAs has dropped over the years from 24 in 2011 to 21 in 2016.Others not included in this analysis due to unavailability of fund IV unit price data include APT pension, First Guarantee Pension Ltd, Investment One Pension managers, Leadway Pension, NFP Pension Ltd, Radix Pension Managers, AIICO Pensions, NPLC Pension, Veritas Glanvills, Sigma Pension and Trust Fund Pension.

  Others that lagged the high flyers include; Crusader Pension (6.5 percent), OAK Pension (6.40 percent), Fidelity Pension (6.3 percent) and IEI Anchor Pension (5.9 percent).

 On the reason why some pension fund managers out-performed others, Henry Ogbuaku, group head, Asset Management at GDI, Asset Management Ltd earlier told BusinessDay that there are some key factors which could have led to the disparity in their fund performance. One of them is the capacity of the managers in terms of their understanding of the market. It is also important to know what constitutes their portfolio. Based on the Security and Exchange Commission (SEC) regulation, each fund manager is supposed to structure their portfolio in a particular way. For example, there is a limit to the proportion of their AUM that goes into equity and a certain amount goes into fixed income. The ability of the fund managers to understand each of those markets is an important factor.

It also depends on their investment strategy, that is how they choose to classify their bond and equity portfolio will affect their performance. If they are bullish on fixed income or equity, it will affect their performance differently, BusinessDay gathered from another source who pleaded anonymity.


30 Nov 2017

Highlights on the Guidelines for withdrawals from Voluntary Contributions

The National Pension Commission (“PENCOM” or “the Commission”) released a circular that seeks to update the rules for withdrawals from voluntary contributions;

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Dear Esteemed Customer,
On 16th November, 2017, the National Pension Commission (“PENCOM” or “the Commission”) released a circular that seeks to update the rules for withdrawals from voluntary contributions, with effect from 1st December, 2017. The salient points in this circular are:

1.    The Pension Reform Act (PRA), 2014, allows voluntary contributions into the retirement savings account (RSAs) of individuals in active employment. Similarly, Section 4 (7) of PRA 2014 allows individuals who are exempted from the Contributory Pension Scheme (CPS) to voluntarily participate, subject to guidelines issued by the Commission.

2.    Withdrawals from your voluntary contributions shall now be once every two (2) years from your last approved withdrawal date. Your subsequent withdrawals will be on the incremental voluntary contributions into your RSA after your last approved withdrawal.

3.    Further to 1 & 2 above, a maximum of 50% of your voluntary contributions balance shall be available for withdrawal, while the remaining balance of 50% shall be fixed for pension to be utilized at the date of retirement to augment your retirement benefit.

4.    For exempted individuals and foreigners, withdrawal shall be every two years, but subject to deduction of taxes on both income and principal when withdrawal is less than five years after the contributions were made.

5.    Please be informed that if you make any single remittance of N5million and above as voluntary contribution, both the PFAs and PFCs are under obligation to report this single remittance to the Economic and Financial Crimes Commission (EFCC) in line with sections 10 of the Money Laundering (Prohibition) Act 2011.

6.    We are obligated to ensure that all taxes deducted from voluntary contribution withdrawals are remitted to the appropriate tax authorities within 21days after the end of the month of withdrawal. In light of this, we will now require you to provide us with your personal Tax Identification Number (TIN) when applying for withdrawals from your voluntary contributions.

Should you require further clarification, please contact us on 01-4485490 or send an email to

We appreciate your valued patronage.


07 Jul 2015

AXA Mansard Upgrade Press Release


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Mansard Insurance plc. today announced the upgrade of its brand to AXA Mansard Insurance plc. The brand upgrade is coming with access to an improved portfolio of products and services for all its customers across all service segments i.e. Protection, Health, Pensions as well as Savings & Investments. The company also launched its newly redesigned and upgraded website –

“This brand upgrade further demonstrates AXA’s commitment to the largest African economy in particular and to Africa in general as this is consistent with our Ambition AXA. Leveraging on AXA’s global network of 59 countries on 5 continents, AXA Mansard now offers its customers services and products based on the global expertise of AXA complemented by Mansard’s significant and proven local competence. This combination is expected to provide cutting-edge solutions to our chosen market segments in Nigeria’s financial services industry”, said Denis Duverne, Deputy Chief Executive Officer of AXA Group.

“Seven months ago in December 2014, we joined the AXA Group as a full member thereby bringing our customers into the world of AXA. AXA is the No. 1 Insurance brand in the world and a global leader in Insurance and Asset Management. Mansard Insurance over the years with the kind patronage and partnership of our customers and other stakeholders, has grown rapidly, helping to shape Nigeria’s Financial Services Industry largely within the insurance sector.

The synergy between these great entities, AXA and Mansard, will offer our company infinite access to global resources, capacity development and broader product offering, both commercial and personal lines. These factors will transcend into delivery of better service and improved products tailored to suit the needs of all our customers. AXA Mansard is thus positioned to offer the best in Property, Life & Health Protection, Pension Management as well as Savings and Investments”, said Tosin Runsewe, Chief Client Officer of AXA Mansard Insurance plc.

06 Jul 2015

President Signs Pension Reform Bill

President Goodluck Jonathan has signed the Pension Reform Bill 2014 into law. Presidential spokesman, Reuben Abati, disclosed this in his tweeter handle today.

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The Senate had on April 8 unanimously passed the Pension Reform Bill which prescribed severe penalties including a 10-year jail term for defaulters

The Act also imposes a fine of N10 million on any Pension Fund Administrator who fails to meet the obligations of the contributors, while each of the directors of the firm will pay N5 million each as fine.

A document obtained from the National Pension Commission listed the major highlights of the Pension Reform Act 2014 as including:

1. Upward Review of the Penalties and Sanctions

The sanctions provided under the Pension Reform Act 2004 were no longer sufficient deterrents against infractions of the law. Furthermore, there are currently more sophisticated mode of diversion of pension assets, such as diversion and/or non-disclosure of interests and commissions accruable to pension fund assets, which were not addressed by the PRA 2004. Consequently, the Pension Reform Act 2014 has created new offenses and provided for stiffer penalties that will serve as deterrence against mismanagement or diversion of pension funds assets under any guise. Thus, operators who mismanage pension fund will be liable on conviction to not less than 10 years imprisonment or fine of an amount equal to three-times the amount so misappropriated or diverted or both imprisonment and fine.

2.Power to Institute Criminal Proceedings against Employers for Persistent Refusal to Remit Pension Contributions

The 2014 Act also empowers PenCom, subject to the fiat of the Attorney General of the Federation, to institute criminal proceedings against employers who persistently fail to deduct and/or remit pension contributions of their employees within the stipulated time. This was not provided for by the 2004 Act.

3.Corrective Actions on Failing Licensed Operators

The Pension Reform Act 2004 only allowed PenCom to revoke the licence of erring pension operators but does not provide for other interim remedial measures that may be taken by PenCom to resolve identified challenges in licensed operators. Accordingly, the Pension Reform Act 2014 now empowers PenCom to take proactive corrective
measures on licensed operators whose situations, actions or in-actions jeopardize the safety of pension assets. This provision further fortifies the pension assets against mismanagement and/or systemic risks.

4. Restructuring the System of Administration of Pensions under the Defined Benefits Scheme

The Pension Reform Act 2014 makes provisions for the repositioning of the Pension Transition Arrangement Directorate (PTAD) to ensure greater efficiency and accountability in the administration of the Defined Benefits Scheme in the federal public service such that payment of pensions would be made directly into pensioners’ bank accounts in line with the current policy of the Federal Government.

5. Utilisation of Pension Funds for National Development

The Pension Reform Act 2014 also makes provisions that will enable the creation of additional permissible investment instruments to accommodate initiatives for national development, such as investment in the real sector, including infrastructure and real estate development. This is provided without compromising the paramount principle of ensuring the safety of pension fund assets.

6. Enhanced Coverage of the CPS and Informal Sector Participation

The Act expanded the coverage of the Contributory Pension Scheme (CPS) in the private sector organizations with three (3) employees and above, in line with the drive towards informal sector participation.

7. Upward Review of Rate of Pension Contribution

The Pension Reform Act 2014 reviewed upwards, the minimum rate of Pension Contribution from 15% to 18% of monthly emolument, where 8% will be contributed by employee and 10% by the employer. This will provide additional benefits to workers’ Retirement Savings Accounts and thereby enhance their monthly pension benefits at retirement.

8. Access to Benefits in Event of Loss of Job

The Pension Reform Act 2014 has reduced the waiting period for accessing benefits in the event of loss of job by employees from six (6) months to four (4) months. This is done in order to identify with the yearning of contributors and labour.

9. Opening of Temporary RSA for Employees that failed to do so:

The Pension Reform Act 2014 makes provision that would compel an employer to open a Temporary Retirement Savings Account (TRSA) on behalf of an employee that failed to open an RSA within three (3) months of assumption of duty. This was not required under 2004 Act.

10. Consolidation of Previous Legislation Amending the PRA 2004