Vanguard, MONDAY, AUGUST 27, 2012 — 35
Insurance
Over 10,000 contributors' fund trapped in PFAs Stories by ROSEMARY ONUOHA
O
ver 10,000 contributors to the new pension scheme who have retired as well as some that will soon be due for retirement have their funds trapped with their various Pension Fund Administrators, PFAs. This is due to the fact that most PFAs cannot locate many of such contributors due to death or wrong addresses while majority are yet to commence the necessary documentation regarding their pension entitlements. It will be recalled that the number of PFAs in the country came down to 18 from initial figure of 28 after the mandatory recapitalsaition exercise by the National Pension Commission, PenCom. Meanwhile, according to Pension Fund Operators, PenOp, there are so contributors whose retirement many benefits have been remitted by their employers but are yet to attend the PFA documentation exercise. Lamenting this development, Chairman of PenOp, Mr. Dave Uduanu, said that the situation is posing a serious challenge to operators because announcing the names of such people might compel unscrupulous elements to come and claim their entitlements. Uduanu said “We have contributors to the new
pension scheme that have died and their next of kin have not shown up. If somebody goes and say Mr. X is dead and I am looking for the next of kin, his whole village people might turn up and say ‘ah the man has five million here and we are suffering. They might kill the genuine next of kin so that he does not show up.” Stating that the development is an industry issue, Uduanu charged nextof- kin of contributors to the new pension that have died to show up to their PFAs so as to be able to claim their entitlements. “So if there is anybody that has lost anybody who is working, the chances are that
the dead person has a PFA. The relative should find out where the PFA is and go there and complete the documentation. Next-of-kin are normally the spouse but we find out that most people use their children and the thing is that if the child is below 18, he needs a legal guardian,” Uduanu said. “So the woman might be scrambling and asking ‘how do I train these children’ meanwhile, the husband left money but the woman was not named,” he said. To prevent such occurrence happening on regular basis, Uduanu advised that people should procure wills so that when they die, the PFAs can dispose off the benefits
From left: Segun Balogun, Managing Director, Wapic Insurance Plc; Mrs. Lawunmi Idowu, representing the Director General, Nigerian Insurance Association, Mr. S.O Thomas and Taukeme Koroye, Board member, Wapic Insurance Plc at the introduction of new Wapic Insurance Plc Corporate Identity in Lagos
Intercontinental Wapic reverts to Wapic Insurance
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he board and management of Intercontinental Wapic Insurance Plc have changed the company’s name to Wapic Insurance Plc consequent upon Access Bank Plc’s assuming the controlling interests in Wapic. The company also unveiled a new visual identity. At a media briefing to announce the change in Lagos, Managing Director of Wapic, Mr. Segun Balogun said that shareholders of the company unanimously resolved, at the 53rd Annual General Meeting to revert to the name Wapic. The change of name also applies to the subsidiaries, Wapic Life Assurance Limited (formerly Intercontinental Wapic Life Assurance Limited) and Wapic Insurance (Ghana) Limited (formerly Interconti-
according to the will. Uduanu also stated ‘Another challenge we are facing is that we have people that have retired, have relocated from a place where we use to know them to a place where we can no longer reach them.” “So if you retire from Kaduna and you relocate to my village for instance, there is no Etisalat in my village, the number we know you with is Etisalat. We call your employer, he said the man has retired and have paid him whatever is due to him and he is gone. But the PFA cannot reach him,” Uduanu said. Uduanu said that in the cases mentioned, the PFAs have the monies of the contributors intact but many of them cannot be reached.
nental Wapic Insurance (Ghana) Limited), Balogun said. He said “The return to heritage is a wholesome change; giving rise to a modifications in our visual identity revision along with adjustments in our corporate philosophy. The thrust of the Company’s new philosophy is the vision to become the most respected insurance company in Africa. The ideals of respect speak to a culture of quality service, ethical and sustainable business practices and professionalism. It also connotes a commitment to the highest level of value to shareholders and host communities. Wapic has returned to these age-long ideals and is poised to redefine the business of insurance across Africa.” Balogun said that the company’s business model has
been refined to engender higher levels of efficiency and transparency, adding “The Company’s alignment with its heritage further positions the company to deliver first-class risk management services across markets.” In his welcome address, Deputy Managing Director of Wapic Mr. David Aluko said that earlier in the year, Access Bank Plc completed the merger and acquisition with Intercontinental Bank and this consequently makes Intercontinental Wapic Insurance Plc one of the subsidiaries of Access Bank Plc. Aluko said “Reputed as one of Nigeria’s oldest and most established insurance companies; with presence in the key commercial and industrial centres of the country and a clientele spanning various
sectors of the economy, Wapic has a distinguished history of providing innovative and client-focused insurance services to individuals and corporate clientele.” Executive Director, Access Bank plc, Mr. Taukeme Koroye said “We recognised the unique brand value inherent in the company ’s over 50 years impressive track-record of delivering efficient and transparent insurance services to Nigerians, hence our reverting to the company’s original name. The values demonstrated by the company as Wapic Insurance Plc align with our vision of transforming the company into Africa’s most respected insurance company. “As one of Nigeria’s oldest insurance companies, Wapic Insurance has built enviable expertise in risk management and actuarial services.
BRIEFS Life insurance giants fined for claim payouts
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tate insurance regulators have sanctioned four of the largest life insurance companies that operate in Minnesota for allegedly steering death-benefit recipients to keep the money in special accounts the companies run, instead of taking lump sum payouts. The companies — Prudential, John Hancock, MetLife and ING — were each fined $200,000 and ordered to change their claims forms in Minnesota and re-establish cash lump sum payouts as the default option, according to the consent orders the state Department of Commerce released Thursday. The pacts don’t provide direct compensation for individual consumers. The department estimates that thousands of Minnesotans were affected by confusing paperwork and said the practices have gone on for years and, in the case of some companies, decades. The companies agreed to the penalties without admitting wrongdoing.
Financial advisors offend women, survey finds
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ow many women have had the experience of a financial adviser calling at home only to ask if he or she might speak with her husband? According to a Boston Consulting Group survey, 73 percent of women say that they are dissatisfied with the financial services industry. Women claim they are overlooked, excluded, receive contradictory or poor advice and get worse deal terms than men. In “Anatomy of a Business,” author Sasha Galbraith writes that communication is and has been at the heart of every business transaction - whether it’s trading saber tooth tiger furs or negotiating a complex international corporate merger. Women are experts at communication, especially when it comes to transmitting subtle and complex ideas such as the importance of understanding one’s values and goals before making investment decisions. The Federal Reserve reports that women control 51.3 percent of all wealth in the United States. C M Y K