The National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) have signed a Memorandum of Understanding on a Revised Regulation on Retiree Life Annuity.
The MOU also reflects Guidelines on Group Life Insurance Policy for Employees and Contributory Pension scheme (CPS) Retiree Pack.
A statement by the management PenCom explains that the revised Regulations and Guidelines provide clarity on the Provisions of areas relating to Retiree Life Annuity with focus on guiding stakeholders to make informed decisions.
According to the statement the MOU, it will also ensure safety of Retiree Life Annuity funds and assets, address concerns of mis-selling and de-marketing by pension and insurance operators as well as bringing stability into the financial sector of the economy.
The statement describes the outcome of the collaborative efforts of PenCom and NAICOM as laudable.