All Posts in "Pension"

Soyewo says NAIPCO bridges the gap in insurance, pension sectors

By Favour Nnabugwu

 

Insurance and pension journalists have remained a strong voice in bridging the gaps in the nation’s financial sysyem.

Prince (Dr) Feyisayo Soyewo, the Executive Chairman, Prestige Insurance Brokers Ltd stated this at in his speech delivered at the 2021 Annual Conference of The National Association Of Insurance And Pension Correspondents (NAIPCo) said it is heartwarming to note that NAIPCO has maintained the strands in the sectors

He disclosed that my passionate affection for the media which dates back to my school days when I was an active member of the Press Club. It has always been my conviction and belief that the media is the conscience of the nation and as such enough space should be created for them to operate, he added.

“I must at this point commend NAIPCO for its very effective reportage of events, particularly relating to the insurance industry. According to him the Association of Insurance Journalists grow over the years, from the activities of the few avant-gardes, like the veteran Kelvin Egerue of the famous Champion Newspapers, Bisi Ladipo of Business Times and Etim Joshua Nse, of the Guardian Newspapers, among others. These gentlemen and lady did excellently well in laying the molding blocs upon which your association is building effectively, he added.

“Reflecting on my tenure as President of the Nigerian Council of Registered Insurance Brokers brings to me fresh memory of my exciting walk and work with journalists. They assisted the Council and the Insurance Broking sector in no small measure in achieving the cardinal focus of my tenure, which was significantly anchored on image making and strategic engagement. It was also a time when the Council had to fight its legal battles with the regulator with regards to the acceptance of the NCRIB Act 2003. It is heartwarming that the Council, won the various legal battles through partly the positive support and positive reportage of the media at the time. Part of the fallout of the whole episode has today helped to put our Council in the headlines and brand prominence, for which I am personally grateful.

According to him the theme of this Conference: “Covid-19: Impact of Financial Inclusion: Opportunities for Insurance and Pensions Sectors” cannot be more apt than now, when the entire world is just heaving a sigh of relieve from the ruinous impact of the pandemic.

Prince (Dr) Soyewo said it makes little news that the pandemic disrupted the usual work culture and affected every facet of human endeavors never experienced in recent history. The financial services sector of which insurance and pensions are critical players also had their fair share of the impact of the pandemic. For insurance industry, aside from the long cessation of work, necessitating remote working conditions, the pandemic led to the need to review rates and revisit some of the policy conditions and exclusions earlier permissible for some insurances. I want to believe that the pension sector also had its own side of the pandemic which they would be able to relate to us more explicitly at this auspicious forum.

He said it is heartwarming that many individuals and operators have taken the whole pandemic experience as an opportunity for a paradigm shift in all their undertakings. It has led to retooling of operational strategies by corporate institutions leading to higher profitability and easier ways of doing things virtually and getting results, he added

Patoma Admin by — October 15, 2021 in Insurance 0
Onanuga tasks insurance, pension operators on covid-19 gains to grow sectors

By Favour Nnabugwu

 

 

Insurance and Pension industries operators need to leverage on the opportunities of the COVID-19 pandemic to grow the sectors and contribute to the National economy.

The operators of these two critical sectors are also charged on creativity and innovation in their products development and service delivery by focusing on meeting the needs of the people for enhanced financial capacity.

The former Director-General, Lagos State Pension Commission (LASPEC), Mrs. Folashade Onanuga, while delivering the theme paper of the 2021 national conference of the National Association of Insurance and Pension Correspondents (NAIPCO) “COVID-19 Impact On Financial Inclusion: Opportunities For Insurance & Pension Sectors” in Lagos today.

Onanuga said while the pandemic has caused severe disruptions, opportunities have also been created to grow customer base on account of the obvious fact that there is no real social security arrangement by government in the event of sudden and unexpected events and so citizens need to make plans by themselves for wellness both in business and family life.

According to her, “Economic shocks like sudden loss of job, illness or death can send people living just above the poverty line into abject poverty. So whether one is in the formal or informal sector, there is the need to have a safety net. The sudden and unforeseen calamities created by the pandemic has highlighted the need to plan for unforeseen circumstances and even early retirement.

To take advantage of these opportunities, she said, the pensions and insurance industries must remain committed to the inclusive growth of the Nigerian economy, creating opportunities for lower income groups to be part of the broader financial system.

She noted that, “Financial inclusion is achieved when adult Nigerians have access to affordable financial products and services that meet their needs. Financial inclusion can only be achieved when financial transaction processes and documentations are transparent, simplified and seen as meeting needs of the people and at the same time being beneficial to the financial services sector.”

“Speaking of insurance, opportunities exist to increase insurance penetration and the customer base, both in the retail and corporate segments of the market if the right moves are made. Insurance penetration has remained at an average of 0.4% of GDP driven largely by a general lack of understanding and awareness of the benefits of insurance products, specifically amongst low-income Nigerians. We need to build trust. The Banking Sector has managed to bridge this gap to an extent.

“Attempts have been made to improve the performance of the insurance industry through regulation and legislation – new capitalization requirements have been announced and reviews of several key laws are being discussed to bring them up to current realities,” Mrs Onanuga added.

In improving access to insurance and making products and services more inclusive, we are discovering that there is a role for all stakeholders to play.

For pension sector, according to LASPEC boss, “inclusive growth in pensions must recognize the peculiarity of the population segment being addressed, adding that This recognition must have an impact on how products are designed and how lower income segments of the population interact with pension funds. If you consider what happens in developed economies, there are different kinds of plans to meet different needs.”

For the trust gap to be bridged, Mrs. Onanuga called on the National Pension Commission (PenCom) to take more advantage of digitization in pension operations to make transactions easier and more accessible by taking example of what the banks have done to provide banking services to lower-income population groups by ensuring that structures are put in place before the release of pension laws to ensure that all aspects of the Law are implementable

Patoma Admin by — October 15, 2021 in Insurance 0
Faces at NAIPCO’s 6th Annual Conference @ Oriental Hotel, Lagos

National Association of Insurance and Pension Correspondents, NAIPCO organised it’s 6th Annual Conference at Oriental Hotel, Lekki, Lagos today

 

R-  The Chief Operating Office of PenOp, Aguda Oguche; Director, Corporate Communications, PenCom, Peter Aghahowa; Mrs Folashade Onanuga, former DG Lagos State Pension Commission (LASPEC), Feyisayo Soyewo, Chairman/CEO, Prestige Insurance Brokers (the Chairman of the occasion), Representative of the Commissioner for Insurance, Sunday Thomas

L -R: Mr Sola Tinubu, Managing Director of SCIB Insurance Brokers; Mrs Margaret More, MD/CEO Mega Trust Insurance Brokers; Director, Corporate Communications, PenCom, Peter Aghahowa; Mrs Folashade Onanuga, former DG Lagos State Pension Commission (LASPEC), Ltd at the ongoing NAIPCO Annual conference in Lagos .
Participants and members of NAIPCO at the event today
Patoma Admin by — October 14, 2021 in Insurance 0
PenCom, EFCC collaborate to end fraud, mismanagement of pension funds

CAPTION

5th from right: Mr. Boss Mustapha (Secretary to the Government of the Federation), 6th from right: Mr. Abdulrasheed Bawa (Executive Chairman, Economic & Financial Crimes Commission), 2nd from right: Mr. Clement Oyedele Akintola (Commissioner Inspectorate, National Pension Commission Representing the DG, National Pension Commission), 4th from right: Senator Michael Ama Nnachi (Representing Chairman, Senate Committee on Anti-Corruption), 1st from left: Comrade Ayuba P. Wabba ( President, Nigeria Labour Congress), 2nd from left: IGP Sulaiman Abba Rtd (Chairman, Nigeria Police Force Pensions Limited), 3rd from left: Mrs. Nneka Obi-Amalu (Acting Executive Secretary, Pension Transitional Arrangement Directorate, PTAD), 4th from left: Prof. ACB Agbazuere (Representing Executive Governor of Abia State, 1st from right: Commodore Saburi Lawal (Chairman, Military Pensions Board).

 

By Favour Nnabugwu

 

National Pension Commission (PenCom) in collaboration with the Economic and Financial Crimes Commission (EFCC)to put an end to fraud and mismanagement of pension funds in the country

The workshop which was held today at the NAF Conference Centre, Abuja, ,theme: ‘Eradication of Pension Fraud in Nigeria’,  served as a platform for sensitization and practical exchange of information on how best to eradicate Pension Fraud in Nigeria.

The Director General of the Commission, Aisha Dahir-Umar said that the workshop essentially seeks to examine the incidences of fraud in the pension sector in Nigeria and ways of eradicating the menace in a proactive manner.

She said the event will, no doubt, create the synergy needed to boost the efforts of the two organizations in the discharge of their respective statutory mandates relating to the theme of the workshop.

Represented by Mr. Clement Oyedele Akintola, Commissioner Inspectorate, she noted that the problems of fraud and mismanagement in the pension sector in Nigeria were amongst the reasons that necessitated the pension reform of 2004 by the Federal Government.

“The Pension Reform Act 2004, which was later reviewed and re-enacted in 2014, introduced legal and institutional frameworks aimed at addressing the rot that characterized the administration of pensions in the pre-reform era. The Act also established PenCom to regulate and supervise all pension matters in Nigeria, including the licensing of Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs).

The Pension Transitional Arrangements Directorate (PTAD) was also established by the PRA 2014 to administer, in a transparent manner, the Defined Benefits Scheme (DBS) for pensioners exempted from the Contributory Pension Scheme (CPS).

These measures, according to her substantially restored credibility and confidence in Nigeria’s pension systems.

“Thus, we have, today, an industry that has accumulated pension assets in excess of N13 trillion, invested in various aspects of the economy and still growing.”

Pursuant to its statutory mandate under Section 23(f) of the PRA 2014, PenCom has consistently undertaken public education, enlightenment and awareness campaigns on the CPS and other pension matters. It has also developed and established structures, systems and procedures that ensure transparency, accountability and efficiency in the administration of pension in Nigeria.

These systems and procedures have become reference points for other African countries, many of whom have undertaken study visits to the Commission.

“However, as it is the case with every human endeavor, retrogressive elements continued to exploit procedural gaps in the operations of pension practitioners in both the CPS and DBS to the detriment of unsuspecting public.

” Thus, new issues and challenges continue to emerge, which place special responsibility on the regulators, the operators and other stakeholders to constantly review their operating environment with a view to finding solutions to address the problems.”

She further said that the PRA 2014 had strengthened Nigeria’s pension institutions in both the Contributory and Defined Benefits Schemes, and imbued them with the capacity to rise above emerging challenges. Thus, while these institutions explore their respective…, the continued collaboration with the EFCC would certainly serve as catalyst for reducing the menace of fraud in the pension industry to the barest minimum.

“We must recognize the uniqueness of today’s workshop, which has literally taken our collaboration to the next level. Stakeholders have all converge to discuss within the two days of this workshop, the entire ramifications of fraud in the pension administration space, understand the issues, share experiences and find proactive ways of preventing their occurrence. “

She also commended the foresight and dynamism of the leadership of the EFCC for accepting to collaborate with us for this workshop despite the preponderance of other daunting challenges being tackled by the EFCC in our country.

Also, Chairman of EFCC, Mr. Abdulrasheed Bawa, said the workshop would help highlight the areas of corrupt practices in Pension Administration and collectively develop strategies to curb the menace threatening the country’s pension schemes.

Patoma Admin by — October 5, 2021 in Pension 0
African pension funds achieved remarkable growth

By admin

 

The African Development Bank believes that the continent needs $ 130- $ 170 billion in infrastructure a year to provide people with roads, water, electricity and the Internet. Companies are looking for capital.

According to investment firm Ris Cura, there is no such risk in a local pension fund that collectively manages about $ 350 billion in assets in sub-Saharan Africa. Still, many local funds say they are having a hard time finding a place to invest.

Pension funds have grown tremendously in recent decades for a variety of reasons. In South Africa, the government has put cash into the civil service pension system to ease members’ concerns about losing benefits at the end of apartheid.

The successor, the Civil Service Pension Fund (GEPF) Is the largest in Africa with assets of approximately $ 110 billion. In Nigeria, the compulsory pension scheme was introduced in 2004, and the total assets of the fund have increased nine-fold over the last 15 years to $ 31 billion.

Pension schemes usually cover only a small proportion of Africans who have a formal job. But they can still be big fish in small ponds.For example, in Namibia, the value of retirement fund assets is greater than the country’s annual GDP..

What to do with all that money? Consider the choices presented by Richard Byargaba, Managing Director of the National Security Fund in Uganda. It owns one-third of the freely traded shares on the local stock exchange, which already has only 16 listed companies.

The alternative is an unlucky pension tower-like property, but building things is much more complicated than just “injecting concrete,” he points out. Therefore, 78% of the fund’s investment is in bonds and most of it is government debt (see graph). In Africa, unlike rich regions, it produces high returns.

This reliance on government securities is typical of almost all fund managers except South Africa, which has a unique deep capital market.Public Investment Corporation, which manages the assets of GEPFWill invest 41percent of its investment in listed stocks and 7 percent in unlisted portfolios. Botswana and Namibian pension pots also often invest extraordinary amounts in equities abroad.

The Botswana Civil Service Pension Fund may have bought all of the country’s debt and still have plenty of money to spare. CEO Moemedi Malindah says he wants to invest more locally, but his options are limited. I had a hard time finding private equity managers, so I had to run a program to create them.

The story of diversification into alternative assets is ahead of reality. In Nigeria, for example, pension funds invest only 0.5% of their assets in infrastructure. This is partly because fund managers don’t know how to assess risk, says Wale Okunrinboye of Sigma Pensions, one of the country’s largest funds.

The same is true when fund managers look at private equity. “Some of them want to submerge their toes, but they’re just scared,” said Abi Mustapha-Maduakor, CEO of the African Private Equity Venture Capital Association, an industry group.

There is an effort to change that. In Kenya, more than 20 pension funds have formed a consortium to invest in infrastructure, pooling the ability to detect unexploded ordnance. Governments and foreign donors are thinking of ways to take some of the risk by issuing guarantees.

The long-term investment period of the pension fund is consistent with the need for “patient capital” to build the continent. But the first job of a pension fund manager is to protect the savings of future pensioners.

The types of public-private partnerships they may invest in have had different consequences in Africa. Until they have a proven track record of success, most will simply lend to the government and have politicians build roads instead.

Patoma Admin by — October 2, 2021 in Pension 0
PFAs invest N66.86 bn in infrastrature

By admin

 

Pension Fund Administrators, PFAs have invested N66.86bn funds under the Contributory Pension Scheme in infrastructure.

The National Pension Commission in a report, titled ‘Unaudited report on pension funds industry portfolio for the period ended 31 July 2021: Approved existing schemes, closed pension fund administrators and RSA funds’.

It said total funds under the scheme stood at N12.78tn as of July 2021.

According to PenCom, the total Retirement Savings Accounts stood at 9.4 million as of June.

The commission had in its amended investment regulation highlighted the requirements for investing the funds in line with the provisions of Pension Reform Act, 2014.

It said the purpose of the regulation was to provide uniform rules and standards for the investment of pension fund assets.

According to the regulation, pension fund custodians must only take written instructions from licensed PFAs with respect to the PFAs’ investment and management of pension fund assets held in the custody of the PFCs on behalf of the contributors.

It said the PFCs, in discharging their contractual functions to PFAs, must not contract out the custody of pension fund assets to third parties except for allowable investments made outside Nigeria.

“The PFC shall obtain prior approval from the commission before engaging a global custodian for such allowable foreign investments,” it said.

According to the regulation, the PFAs, in discharging their contractual functions to contributors, must not contract out the investment/management of pension fund assets to third parties except for open/close-end/hybrid funds and specialist investment funds allowed by the regulation.

PenCom stated that the PFAs must maintain a multi-fund structure as provided in the regulation to govern the investment of pension fund assets of RSA funds.

It said, “In addition to the requirements of other guidelines issued by the commission on corporate governance, ethics and business practices, each PFA shall establish an investment strategy committee as well as a risk management committee, in compliance with section 78 of the Pension Reform Act, 2014.

The investment strategy committee, in addition to other functions specified in the Act, shall formulate internal investment strategies to enable compliance with this regulation, taking into cognisance the macro-economic environment as well as the investment objectives and risk profile of the respective PFA Funds.”

It also said the internal investment strategies must be approved by the PFA in a formal board meeting at least once every year or as frequently as changes occur in the macroeconomic environment that may affect pension fund assets.

Patoma Admin by — September 12, 2021 in Pension 0
Pension assets under management increased by 13% YoY to N12.78trn in July 2021

By Favour Nnabugwu

National Pension Commission, PenCom said assets under management (AUM) of the regulated pension industry increased by 13.0 percent y/y to NGN12.78trn (USD31.1bn) at end-July and by 1.0 percent.

FGN debt securities represented 64.2 percent of the total at end-July. When we include corporate and state government issuance, we find fixed-income exposure equivalent to 72.4 percent of the industry’s AUM. This is a highly skewed allocation of assets in the EM universe, for which some explanations are warranted.

The share of domestic equities rose from 4.6 perceny to 6.7 percent of AUM over the twelve months, and members’ holdings by 65 percent to NGN862bn. Over the same period the all-share index (ASI) increased by 56 percent indicating a small underlying shift by the institutions into domestic equities. It may qualify as distant history in some eyes, but we should recall the beating the PFAs took from the stock market crash of 2008/09.

Another trend to report that is not strictly fixed income is the steady rise over several years in holdings of money market securities. The share of AUM has increased to 16.5 percent in July from 15.8 percent twelve months earlier.

These are mostly bank placements. We suspect that the pressure from the regulator on DMBs to meet its tighter loans-to-deposit ratio requirements has created good opportunities for the nimbler domestic institution.

The holdings of FGN paper are predominantly the bonds, which represented 59.9 percent of total AUM. Investors have enjoyed a very healthy run since the start of the year following the anomalous Q4 ’20.

The driver in our view has been the huge deficit financing requirement of NGN5.60trn in the 2021 budget (before the passage of the supplementary by the National Assembly before the summer recess).

The Debt Management Office (DMO) has raised NGN1.92trn from bond auctions in eight months this year (including non-competitive bids). It is on schedule to raise its initial domestic funding target for the year of NGN2.34trn, an increase of more than 40% on its collection from auctions in 2020.

The average value of a retirement savings account (RSA) at end-July was NGN1.08m, marginally higher than the previous month.

Just NGN177m was invested at end-July in the newest RSA fund (no V), which has been created for micro pensions for the self-employed and SMEs.

Patoma Admin by — September 8, 2021 in Pension 0
Nigerian pension fund asset rises to N12.8 trillion as RSA contributors hits 9.4 million

By Favour Nnabugwu

 

The pension asset value rose by N123.47 billion in July 2021 to close at N12.78 trillion compared to N12.66 trillion recorded in the previous month.

This is contained in the pension funds industry report for the review month as released by the National Pension Commission.

According to the report, the net asset value of Nigeria’s pensions fund recorded a 0.98% increase in the month of July 2021, while 22,349 RSA registrations were recorded in the same month increasing total contributors to 9.4 million.

A cursory look at the data, reveals pension asset value has gained N474.49 billion between January and July of the year. In the same vein, 189,765 more contributors have been registered into the scheme, year-to-date.

Pension Fund managers in Nigeria have been recording stellar performances in their various portfolios year-to-date, owing to their systematic investments, so as to edge other competitors in the industry. Recall, that the competition in the industry has grown significantly since contributors can now easily transfer from one administrator to another.

A recent analysis by Nairametrics shows 70% of the 22 PFAs recorded positive growth across their four retirement savings account funds (RSA I – IV), with Stanbic IBTC, Veritas Glanvills and APT Pension leading the list of best-performing PFAs between January and July 2021.

While the growth in the number of RSA registration seems to be increasing in a linear form, it is still very small compared to Nigeria’s labour force or working population. In context, Nigeria’s labour force data as released by the National Bureau of Statistics (NBS), shows that 30.57 million and 15.92 million Nigerians are fully and underemployed respectively.

Simple computation of the total 46.5 million employed Nigerian indicates that only 20% of the working population is currently captured in the Nigerian pension fund scheme. This is significantly low for a country that boasts of being the largest economy on the continent.

Meanwhile, South Africa’s Government Employees Pension Fund (GEPF) with a lesser population boasts of Africa’s largest pension fund with over 1.2 million active members and assets in excess of R1.61 trillion (N46.3 trillion).

 

Patoma Admin by — September 6, 2021 in Pension 0
Ronke Adedeji moves on from Leadway Pensure

By admin

 

 

The Managing Director of Leadway Pensure PFA, Mrs Ronke Adedeji is moving on after over a decade at the helm of affairs of the organisation. She is passing the baton to explore new opportunities after years of dedication, strategic thinking, and impeccable work ethic.

During her tenure as the Managing Director of Leadway Pensure PFA, Mrs. Adedeji propelled the brand from a new company into a renowned pension powerhouse it is today. Amongst many other landmark achievements, she executed the digital transformation of the company, leveraged technology for business growth and efficiency, while also driving cutting-edge innovations within the pension industry.
According to the Chairman, Mr. Oye Hassan-Odukale “On behalf of the board, management and staff of Leadway Pensure PFA, I want to thank our Managing Director, Ronke Adedeji, for her professionalism, dedication, and commitment to building and propelling the Leadway Pensure brand through the years. The impeccable achievements our company recorded under her leadership are testaments to her transformational leadership. I wish her all the best in her future endeavours.”

The outgoing Managing Director has built a successful career, one bedecked with accomplishments. Before her career in Leadway Pensure PFA, she was the Head of Capital Issues Division of ICON Limited (Merchant Bankers).

From there, she moved to MBC International Bank Limited and then rose to become the Executive Director. Her banking experience covers Investment Banking, Retail Banking, Corporate Banking, Treasury, Corporate Services, Capital Markets, and Securities.

Mrs. Ronke Adedeji is a Fellow of the Association of Chartered Certified Accountants, UK (FCCA), a Fellow of The Institute of Chartered Accountants of Nigeria (FCA), and an Associate Member of the Chartered Institute of Taxation of Nigeria (ACIT). She has attended various leadership, strategy, and corporate governance courses at Lagos Business School, IESE Business School Barcelona, University of Pennsylvania-Wharton Business School, Stanford University-Graduate School of Business, INSEAD, and Northwestern University-Kellogg School of Management.

She was the first female president of the Pension Fund Operators Association, Nigeria (PENOP) and has received several awards and recognition for driving excellent service delivery for Leadway Pensure PFA. She is passionate about excellence, good governance and best practice.

It is significant to note that Leadway Pensure PFA has appointed a new Managing Director, Mr. Lanre Idris. He is a seasoned financial practitioner, who will continue to lead the brand forward and sustain its position as one of the foremost Pension Fund Administrators in Nigeria

Patoma Admin by — September 2, 2021 in Pension 0
25,645 workers transfered N102.59bn RSAs to other PFAs

By Favour Nnabugwu

 

 

 

A total numbe of 25,645 workers who were displeased with their Pension Fund Administrators have transferred N102.59 billion in their Retirement Savings Accounts to other PFAs.

The National Pension Commission disclosed this in a presentation titled ‘Understanding the RSA transfer process’ during a seminar for journalists in Lagos.

According to the presenter,  done by Hajiya Maryam Bello (Assistant General Manager, National Databank Management of the Commission, ” 2,799, 12,681 and 10,165 workers transferred N18.90bn, N47.78bn and N35.91bn in fourth quarter of 2020, Q1, 2021 and Q2, 2021 respectively.
The pension regulator opened the transfer window in November 2020″

She made mentioned of section 13 of the Pension Reform Act 2014 which empowered an RSA holder to transfer their RSA to any PFA of choice, not more than once a year.

Bello informed that effective transfer of RSAs from one PFA to another required an accurate and reliable database as it was important to ensure that the pension assets transferred belonged to the bona-fide RSA holders initiating the transfers.

PenCom stated that opening of the RSA transfer window was delayed to ensure that robust IT infrastructure that would drive the process was put in place.

This process was finalised in June 2019 with the deployment of an enhanced registration system for the pension industry.

The pension regulator stated that ECRS incorporated extensive validations, controls and data requirements that would deliver high data integrity standards for the pension industry.

On the need to thatu upgradeof RSA holders’ details to meet the ECRS standards was, therefore, a prerequisite for RSA transfers.

Those who registered with various PFAs from inception of the Contributory Pension Scheme to June 2019 were required to get recaptured.

To ensure that all RSA holders who needed to be recaptured were speedily recaptured, PenCom would have to approved the appointment of two agents to carry out a nationwide recapture exercise, beginning August 2021.

Bello said the agents were to recapture all staff of various employers, both in the public and private sectors, irrespective of their PFAs.

The exercise would be structured and carried out in accordance with the timetable approved by PenCom, while she added that respective employers would be contacted by the agents during the period scheduled for the recapture of their employees.

Bello stated that the PFAs would continue to recapture their clients who had urgent need for such.

Patoma Admin by — July 30, 2021 in Pension 0