The National Pension Commission’s director-general and chairman of the council, Omolola Oloworaran, said this in Lagos during a recent news conference after the council’s meeting.
“If the retiree dies after 10 years, the pension will automatically stop, notwithstanding the policy,” said the SANLAM manager.
PENCAP is targeted at RSA holders who joined the Contributory Pension Scheme on or before July 1, 2019, and have not yet completed the data recapture exercise.
PFAs and pension operators with Assets Under Management of N500 billion and above to maintain a minimum of N20 billion, plus one per cent of the excess above N500 billion.
He called for immediate dialogue with the state government to address the outstanding concerns.
Mr Agudah said 475,000 Nigerians who lost their jobs received 25 per cent of their RSA.
Mr Agudah said that before now there were several cases of non-pension remittance by many employers.
