PenCom Issues Public Notices On Administration Of Life Insurance Policy

The National Pension Commission (PenCom), on Wednesday, 14 February 2018, issued two-pronged notices to both employers and employees on the administration of life insurance policy. The public notices are meant to serve as a reminder to the earlier issued guidelines for life insurance policy by PenCom.

The first notice (Notice 1), issued pursuant to the provisions of Section 4(5) of the Pension Reform Act, 2014, is addressed to all employers of labour and seeks to ensure compliance with PenCom's guidelines for life insurance policy. Highlights of this notice include;

1. Submission of the life insurance certificates (the Certificates): Employers are mandated to submit copies of the Certificate, with the schedule of beneficiaries to PenCom no later than 31 March 2018