Compliance With PRA 2014 Incomplete Without Group Life Insurance — PenCom Warns
The National Pension Commission (PenCom) has once again warned that Compliance With the Pension Reform Act (PRA) 2014 remained incomplete without Group Life Insurance policy.
The commission who sounded the warning in a statement signed by its Head of Corporate Communication, Peter Aghahowa, directed all employers of labor covered by the PRA 2014 to submit copies of insurance certificates with schedule of benefit to the commission before 31st March.
According to PenCom; “In accordance with the provisions of Section 4(5) of the Pension Reform Act (PRA) 2014 and Section 5.5 of the Guidelines for Life Insurance Policy for Employees, Employers of labour covered by the PRA 2014 are required to submit copies of the Insurance Certificates with the schedule of benefits to the commission.
The Insurance Certificates shall state that all employees are covered up to an amount not less than 3 times their respective Annual Total Emoluments (ATE).
Employers that have not yet submitted copies of Insurance Certificates for the current year to the Commission, are therefore advised to do so before 31 March, 2020 failing which the National Pension Commission would consider such employers in default of Section 4(5) of the Pension Reform Act (PRA) 2014”, it stated.
The commission noted that the Guidelines for Life Insurance Policy for Employees could easily be accessed and downloaded from the following website address:
www.pencom.gov.ng/guidelines/guidelines for Life Insurance Policy.