All Posts in "Pension"

Industry operators yearn for redesign of Micro insurance & Pension plans 

CAPTION:

L- Director General/Chief Executive Officer, Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyere Almona, President of the Chartered Insurance Institute of Nigeria, CIIN, Mr. Edwin Igbiti presenting plague to Mr Cyril Ajagu, Chairman of Africa Allianc at the event

 

By Favour Nnabugwu

 

 

Insurance and Pension practitioner have called for the redesign of the micro insurance and pension plans to accommodate both the Nano enterprise and Small and Medium Enterprises (SMEs).

Micro Pension Plan refers to an arrangement under the Contributory Pension Scheme (CPS) that allows the self-employed and persons working in organisations with less than three (3) employees to make financial contributions towards the provision of pension at their retirement or incapacitation.

Industry operators who spoke at the 7th edition of NAIPCO conference in Lagos, said that operators must recognize the segmentation of the informal sector and begin to offer products to suit their needs . This they said must be done in order to improve the adoption level of the plan.

This is even as the experts fear that this will further trigger old age poverty as huge percentage of SMEs are yet to onboard into the plan.

Speaking on the theme, ‘On-Boarding Small and Medium Scale Enterprises into Micro Insurance and Pension Space in Nigeria, Managing Director, Heirs Life Insurance Limited, Mr. Niyi Onifade, noted that MSMEs and SMEs have several risks that insurance operators must look into to provide a cover in order  to  limit old age risk.

According to him, insurers must begin to understand that SMEs are not just the artisans, vulcanisers on the road, but has expanded  to the technology guys, photographs including the well educated who control different kinds of businesses. 

He urged operators to improve on the awareness level to further deepen adoption of the plan.

“We must also have appropriate products services that meet the needs of the SMEs  because the needs are different. What you offer to the mechanic cannot be the same as what you offer to the professional photographer.The  requirements are different and we have to come up with specific products for each and every class.”

On her part, Chief Executive officer, Enterprise Risk , Mrs Funmi Omo said: “For us as insurance practitioners, there are a lot we should do. We have to start by engaging people at the level of which they are.

“Since we have a lot of educated and non educated people in the informal sector then we have to be diverse in our engagement.”

According to her, this can be achieved through adoption of technology adding, “using digital means is crucial because it ensures efficiency.”

On his part, Chief Executive Officer, Pension Fund Operators Association of Nigeria, (PenOp) Mr. Oguche Agudah lamented the low adoption of the plan while describing it as a national emergency scheme which will be used to save the future of the country.

According to him, operators must begin to look at how to make the scheme suitable, available and how to  incentivize them.

Patoma Admin by — November 7, 2022 in Insurance 0
Insurance, pension operators propelled for incentives to NMSMEs

By Favour Nnabugwu
Director General/Chief Executive Officer, Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyere Almona has advised insurance and pension operators to come with incentives to attract micro clients
Almona while delivering paper on the “Onboarding MSMEs into Micro Insurance and Pension Space in Nigeria,” at the 7th Annual Conference of the National Association of Insurance and Pension Editors (NAIPE) in Lagos, Thursday gave the advise.
“Although the Insurance and pension sectors have been doing a lot in driving the financial inclusion initiative of the Federal Government, there is need to incentivize and encourage those in the informal sector, the Nigerian Nano, Micro, Small and Medium and Enterprises NMSMEs operators to embrace micro insurance and join the micro pension plan,” Dr. Almona said.
While calling on Insurance underwriters and pension administrators to take advantage of numerous opportunities that abound in the NMSME sector, she said “NMSMEs presents huge opportunity for the micro insurance and pension industry due to the size of the workforce.”
Other opportunities include Large MSMEs employment/labour force, large willing adult population, expanding distribution channels, favourable regulatory environment, mature financial services sector and revolution in information technology and digital

Statistically, the LCCI DG said the total number of employment by MSMEs stood at 61.9 million representing 87.9% of the total labor force in the country, adding that the number of employment generated by the informal sector was 16 million while the formal sector generated 7.5 million in 2020.

On the need to step up awareness and enlightenment of the NMSMEs on the benefits of micro insurance and micro pension and application of technology Dr Almona said “investment in enlightenment campaigns and enabling technology are required.”

The benefits, according to her, include a safety net at retirement, alignment with the current social empowerment programmes, minimizes old-age poverty, Improves standard of living for the elderly

While calling on the National Insurance Commission (NAICOM) and the National Pension Commission (PenCom) to provide necessary regulatory framework that supports NMSMEs, said stated “With regulatory support, Nigeria is well placed to achieve meaningful micro-pension coverage rapidly as well as enhance insurance penetration.

Speaking on the micro insurance Industry, Dr Almona said the ratio of insurance assets to gross domestic product (GDP) has remained stagnant at 1%, noting that Microi-insurance in Nigeria is at a very early but growing phase.

On the Nigerian Micro Pension Industry, she said the percentage ratio of pension assets to GDP remains low, stating that the total pension contribution remitted by the public sector is slightly higher than that of the private sector which, according to her, further justifies the low penetration of pension in the private sector of the economy.

Also, the Head, South West Office of PenCom, Dr Tunde Alayande that the on-boarding SMEs into the Micro Pension scheme is one of the strategies in which the pension industry has been contributing to the financial inclusion initiative of the Federal Government.

He said the micro pension plan was designed for those in the informal sector including the SMEs

Dr Alayande said that PenCom In collaboration with the Pension Operators Association of Nigeria (PenOp), has come up with lots of initiatives for the SMEs for the benefit of the industry.

In his goodwill message on behalf of all members of the Nigerian Insurers Association (NIA), the Chairman , Sugun Omosehin commended NAIPE for the conference., noting that the conference the conference is not only significant to the insurance Insurance Industry but also to the entire financial services industry.

According to him, “the reason personally I am here today is that significant. NAIPE is not only projecting the image of the industry but in such a manner of making people get to understand what we do, what we represent and how he can impact our economy”

Earlier in her welcome address, the Chairman of NAIPE, Mrs Nkechi Naeche Esezobor said the theme of the conference Onboarding MSMEs into Micro Insurance and Pension Space in Nigeria,” was considered because of the importance of SMEs as driver and engine of growth of the Nigerian economy and the need to support it to continue to contribute to the growth of the economy.

She urged micro insurance and micro pension operators to see SMEs as their growth assets by ensuring that they are properly captured .
Patoma Admin by — November 5, 2022 in Insurance 0
Faces at NAIPCO ‘s 7th Conference in Lagos

By Favour Nnabugwu

 

The Nigerian Association of Insurance and Pension Editors, NAIPE held its 7th Annual Conference in Lagos. Faces at the event held at Oriental Hotel. Lagos

CAPTIONS:

L- Chairman, Nigerian Insurers Association, NIA, Mr. Olusegun Omosehin and the President of the Chartered Insurance Institute of Nigeria, CIIN, Mr. Edwin Igbiti at the National Association of Insurance and Pension Correspondents, NAIPCO 7th annual conference in Lagos

Mr. Director- General of the College of Insurance and Financial Management, Mrs Abimbola Tiamiyu; President of the Chartered Insurance Institute of Nigeria, CIIN, Mr. Edwin Igbiti; Olabisi Adekola of African Alliance and Funmi Omo of MD, Enterprise Life Insurance at the event.

R- President of the Chartered Insurance Institute of Nigeria, CIIN, Mr. Edwin Igbiti, Mr Cyril Ajagu,  Chairman of Africa Alliance, Nkechi Naeche-Esesebor, chairman of Nigerian Association of insurance and Pension Editors, NAIPE, Deputy Director, Communication & Market Development, Mr. AbdulRasaaq Salami and MD of Enterprise Life, Mrs Funmi Omo at the conference

L- Deputy Director, Communication & Market Development, Mr. AbdulRasaaq Salami present plague to the Director General/Chief Executive Officer, Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyere Almona

L- Director General/Chief Executive Officer, Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyere Almona, President of the Chartered Insurance Institute of Nigeria, CIIN, Mr. Edwin Igbiti presenting plague to Mr Cyril Ajagu, Chairman of Africa Allianc at the event

R- Managing Director of Royal Exchange General Insurance, Mr Benjamin Agili and Dr. Tunde Alayande of National Pension Commission

R- Director-General of the Nigerian Insurers Association, NIA, Mr. Yetunde Ilori and Funmi Omo of MD, Enterprise Life Insurance

Dr Ben Ujoatuonu of Universal Insurance, Mr Cyril Ajagu, Chairman of Africa Alliance and Mr Sylva Ogwemoh of Africa Alliance

L- Damilola Ayinde of ARM Pension, Mr Kunle Odewunmi, president of the Association of Registered Insurance Agents of Nigeria, ARIAN and Jeremiah Okpako of ARIAN

 

Patoma Admin by — November 3, 2022 in Insurance 0
Access Corporation to acquire equity stake in Sigma Pensions Ltd

By Favour Nnabugwu

Access Holdings Plc, trading as Access Corporation ha been granted approval by the National Pension Commission (PenCom) and the Federal Competition and Consumer Protection Commission (FCCPC) to First Guarantee Pension Limited (FGPL) and First Ally Asset Management Limited (First Ally)of Sigma Pensions Ltd

FGPL and First Ally to acquire the entire issued shares of Actis Golf Nigeria Limited (AGNL) being the sole shareholder of Sigma by extension Sigma Pensions Limited (Sigma). 

The Corporation had recently announced its acquisition of majority equity stake in FGPL. It is intended, subject to the receipt of relevant regulatory approvals that the operations of FGPL and Sigma will be merged to create Nigeria’s fourth largest Pension Fund Administrator (PFA) by Assets Under Management.

Commenting on this landmark transaction, Group Chief Executive, Access Corporation,. Dr. Herbert Wigwe said, “Having concluded our divestment from the pension funds custody sector and our recent acquisition of FGPL, we are pleased with the progress we are making regarding our diversification and growth into the pension funds administration sector. We are particularly pleased to have reached this agreement with Actis. Our plan is to consolidate these entities to create a formidable pension funds administration business”

Wigwe further stated, “The  proposed consolidation will leverage the Corporation’s expansive distribution network, strong risk management culture and best-in-class governance standards to provide contributors with sustainable world class pension funds administration services.”

Speaking on the transaction, Natalie Kolbe Non-Executive Director of Actis, Mr. Natalie Kolbe noted, “Sigma has transformed during our partnership, and we are delighted that Access, a well-respected operator, is set to support the company across its next phase of growth. The market Sigma operates in is ripe for consolidation and I have no doubt that with such a capable backer, they will go from strength to strength.”

The Corporation promised to update the market in accordance with its disclosure obligations.

 

Patoma Admin by — October 25, 2022 in Pension 0
PenCom to start online verification, enrolment from October 17

By Favour Nnabugwu

 

 

The National Pension Commission (PenCom) will flag off the 2023 online verification and enrolment exercise for retirees/prospective retirees of Federal Government Treasury-Funded Ministries, Departments and Agencies (MDAs) from 17 October to December 31, 2022.

PenCom in a statement pointed out that those eligible are employees of federal government treasury-funded MDAs scheduled to retire in 2023 and, those who missed the enrolled exercises in previous years.

The concerned Prior are required to visit their PFAs to undergo the data recapture exercise which entails providing their Retirement Savings Account (RSA) registration details, Personal Identification Number (PIN) and their National Identity Number (NIN).

However, those who had undergone the data recapture exercise earlier are not required to repeat it.

There are two options of enrolment, first the self-assisted, they are required to visit PenCom’s website (www.pencom.com.ng) and upload their employment details as well as scanned copies of required documents before proceeding to their respective PFAs for physical verification and enrol.

The second, pension desk officer/PFA-assisted, were those who were unable to complete the online registration for any reason are expected to approach their respective MDAs or visit their PFAs for assistance.

Patoma Admin by — October 13, 2022 in Pension 0
PenOp says PenCom Guideline on mortgage will create massive jobs

By Favour Nnabugwu

 

 

 

The Pension Fund Operators Association of Nigeria (PenOp) has commended the National Pension Commission (PenCom) for the release gog guideline on mortgage would creat massive jobs

PenOp in a statement on Tuesday said the guideline jobs in the construction value chain for artisans and others

it will be recalled that the guidelines released by PenCom allows pensioners to use their Retirement Savings Account (RSA) as equity contribution for obtaining residential mortgages.

“We believe it will create massive jobs for artisans and blue color workers involved in the construction value chain and also further open up wealth management and financial planning industry”

“RSA holders will now begin to plan towards a target RSA balance because they have a goal of owning a home.

Though the provision, PenOp said had been part of the amendments that occurred when the Pension Reform act was amended in 2014.

“We are aware that the process of actualizing this portion of the act has gone through a number of iterations and stakeholder engagement and we are happy that it has finally been released”.

“Whilst we realize that there might be some initial teething problems, we the pension operators are excited and are primmed to partner with the commission, RSA holders and other stakeholders to ensure that this policy actualizes the reason for why it was set up”.

It added that the home ownership ratio and first-time home buyer statistics in Nigeria is very low and we believe that this policy will help to improve this and also provide increased benefits to RSA holders in the immediate.

This policy is very catalytic in nature and has the potential to spur growth in other sectors of the economy, It should boost the mortgage finance and home loan sector, in addition to having a positive effect on the construction value chain and building materials sector.

“We also believe that voluntary contributions will increase because people can use the contingent portion of their voluntary contributions as part of the equity contribution for residential mortgages. In addition, more companies will now take their contributions more seriously as will staffs of these companies.

“For those who do not have an RSA account and are working in the formal sector, we urge them to commence the process in conjunction with their employers.

“For those in self-employment, we also encourage them to take advantage of the Micro Pension Plan (MPP). Regarding the MPP, we are also happy that the policy extends to this is extended to self-employed individuals and those in the informal sector.

“We believe this will help to grow the Micro Pension business and ensure that millions of Nigerians in the informal sector will have the opportunity to enjoy structured pensions when they retire and also benefit from the gains of the pension reform.

“Overall, we believe this policy is net positive for the pension industry and the economy as a whole.”

It noted that the effects are catalytic and will help to galvanize various sector of the economy, while adding that the pension industry over the years has played a significant role in the local debt and equity market, financing National and Sub National projects and debt programs and financed transformational companies and projects.

The industry according to the Association is primmed to do more and we believe that this new policy is another milestone in the positive effect of the pension industry on the economy and also another example of the collaborative nature of the pension regulator that leads to gains for the wider economy

Patoma Admin by — October 10, 2022 in Pension 0
PenCom Guidelines will address housing deficits – MBAN

By Favour Nnabugwu
THE Mortgage Bankers Association of Nigeria, MBAN, on Sunday said that the federal government’s approval of the guidelines for access to 25 percent pension savings will address the nation’s housing deficit.
MBAN described the approval as an elixir for the staggering housing deficit, as well as positively impact the economy generally.
It will be recalled that the federal government through PenCom on Friday, announced the approval of the guideline, which now allows eligible  Savings Account, RSA, holders to approach their Pension Fund Administrators, PFA, in order to gain access to 25 percent of their pension savings, strictly for mortgage purposes
MBAN President, Mr. Ebilate Mac-Yoroki, and the Executive Secretary, Mr. Kayode Omotoso, commended President Muhammadu Buhari and PenCom for taking a decision that will make it easier for working-Nigerians to become home owners.
It also lauded the initiative that resulted in the approval, saying it was one of the landmark steps and decisions for which the Buhari-led administration will be remembered, praising the Director-General of PenCom, Mrs. Aisha Dahir-Umar, for her role in the approval.
It, however, charged the federal government to take the next step of firming up the effectiveness of the financing initiative by setting up and operationalizing the Nigeria Mortgage Guarantee Company (NMGC), a credit enhancement platform, which it said is already being finalized by the FSS2020, a department of the Central Bank of Nigeria (CBN).
It expressed delight at the fruition of a move it claimed to have initiated as an advocacy issue with PenCom, and later further escalated by other stakeholders in the sector.
“We are indeed glad and elated that this novel idea has finally become a reality. It commenced silently as an advocacy issue with PenCom that originated from MBAN, which thereafter was escalated to full advocacy issue by stakeholders on the platform of the former Nigerian Housing Finance Program (NHFP).
“However, all the continuous efforts were in the last few months finally coordinated with PenCom by FSS2020 and MBAN, which culminated into the broad guidelines issued by PenCom on the idea.
“The Mortgage Bankers Association of Nigeria wishes to commend the federal government, under the watch of President Muhammadu Buhari, the Central bank of Nigeria (CBN) and particularly the National Pension Commission (PenCom), for this landmark approval. This is another reason for which the President’s name will be remembered positively.
“The estimated over 28 million units of housing deficit is staggering indeed and will be requiring trillions of naira to offset. This new approval, though not all that might be needed to solve the problem, will be a giant step towards bridging the housing gap for many Nigerians, whose major setback has been financing.
“With granting of the approval that allows Retirement Savings Account (RSA) holders to access 25% of their balance towards payment of equity for residential mortgage, government will be solving more than just the problem of housing, but will also be giving the economy a boost as many mortgage-related sectors, like construction and banking, will receive more vigour.
“As an association, which is directly concerned with the mortgage market, MBAN will, in its usual approach, be doing everything necessary to support government in ensuring that the primary target of giving the approval, which is eliminating the housing gap and creating an easy environment for beneficiaries to acquire their dreamed homes, is achieved to the adequately.
“This step by government will have a rippling impact on our nationhood and the achieve the sort of reform we have hoped for in the work place, either private or public. For instance, it will rejuvenate the work ethics and culture across the sectors because, as they say, a man or woman who has solved his housing question is a more productive employee.”
On how the approval will achieve its designed potential, the statement said “its breadth and depth would only be fully achieved with the setting up and take-off by the Nigeria Mortgage Guarantee Company (NMGC), a credit enhancement initiative that is currently being finalised by FSS2020, NMRC, MBAN/mortgage banks, for Nigerians to take the fullest advantage.”
Patoma Admin by — September 26, 2022 in Pension 0
PenOp, Omo, Onifade, Abolarin live at 2022 NAIPCO Conference

By Favour Nnabugwu

All is set for the 2022 Conference of the National Association of Insurance and Pension Correspondents, NAIPCO as some of the executives among panelists on extending coverage to Small and Medium Scale, SMEs operators through micro insurance and micro pensionare coming live on November 3, 2022

Some of the Executives include Chief Executive Officer, Pension Fund Operators Association of Nigeria, (PenOp), Mr. Oguche Agudah and Managing Director, Enterprise Life, .Mrs Funmilayo Omo

Others expected to speak are Mr. Niyi Onifade, Managing Director of Heirs Life Insurance Limited and managing director/CEO of NLPC Pension Fund Administrator (NLPC PFA), Samuel Abolarin.

With the theme: “On-boarding Small and Medium Scale Enterprises into Micro Insurance and Pension Space in Nigeria.” the conference will hold at Oriental Hotel, Lekki Road, Lagos.

The event will also feature the unveiling of NAIPCO New Name and Logo to stakeholders in both sectors of the economy.

Chairperson of NAIPCO, Mrs Nkechi Naeche-Esezobor, noted that the theme of the conference is apt as the SMEs sector has been the main driver and engine of growth of the Nigerian economy, and being the sector with the highest employers of labour, needs all the support to enable it continue to contribute significantly to the economy.

“Incidentally, the larger population of operators and employees in this space are left unattended to, with a lot of them not benefiting at all from the nation’s financial inclusion project, and this therefore underscores why the microinsurance and micropensions players should see this group as a growth asset,” Nkechi added.

According to her, experts, stakeholders and the general public will converge on the conference to proffer solutions on the way forward.

Patoma Admin by — September 25, 2022 in Insurance 0
Pencom approves Guidelines on accessing RSA balance for payment of equity contribution for residential mortgage by RSA Holders

By Favour Nnabugwu
In it’s efforts to make sure that the desires of stakeholders and the general public hold sway, the National Pension Commission (PenCom) has approved the issuance and immediate implementation of the Guidelines on Accessing Retirement Savings Account, RSA balance towards payment of equity contribution for residential mortgage by RSA Holders.
The Guidelines also specifies that married couples, who are RSA holders, are eligible to make a joint application, subject to individually satisfying the eligibility requirements
PenCom in a statement released yesterday saif the approval is in line with Section 89 (2) of the Pension Reform Act 2014 (PRA 2014), which allows RSA holders to use a portion of their RSA balance towards payment of equity for residential mortgage.
Highlighting some of issues in the Guidelines:
1. Eligibility: The Guidelines cover pension contributors in active employment, either as a salaried employee or as a self-employed person. Interested RSA holders (applicants) must meet the following conditions:
I.  Have an Offer Letter for the property duly signed by the property owner
and verified by the Mortgage Lender.
ii. The RSA of the applicant shall have both employer and employee’s
mandatory contributions for a cumulative minimum period of 60 months (five years).
iii. A Contributor under the Micro Pension Plan (MPP) is also eligible,
provided he/she has made contributions for at least 60 months (five years) prior to the date of his/her application.
iv. RSA Holders that have less than three years to retirement are not eligible
For married couples, the Guidelines state
vi. RSA holders, if registered before 1 July 2019, must have their records
updated through the RSA data recapture exercise.
vii.Application for equity contribution for residential mortgage shall be in
person and not by proxy.
2. Maximum Withdrawal Percentage: The maximum amount to be withdrawn
shall be 25% of the total mandatory RSA balance as at the date of application,
irrespective of the value of equity contribution required by the mortgage lender.
Where 25% of a contributor’s RSA balance is not sufficient for payment as
equity contribution, RSA holders may utilise the contingency portion of their
voluntary contributions (if any).
3. Eligibility criteria for mortgage lender: To qualify as a Mortgage Lender for
this purpose, the company must be licensed by the Central Bank of Nigeria
(CBN), comply with the Contributory Pension Scheme (CPS) and have valid
Pension Clearance Certificate (PCC). The Commission shall publish names of
the eligible mortgage lenders on its website.
The Commission, hereby, invites interested RSA holders to contact their PFAs for more information and guidance. The complete Guidelines can be found on www.pencom.gov.ng.
Patoma Admin by — September 23, 2022 in Pension 0
Nigeria, Egypt, 5 other countries record highest growth in pension fund assets

By Favour Nnabugwu
 
Nigeria, Egypt and five other countries in Africa have recorded the highest pension fund assets as global pension fund assets grew by over 10% to $38.5 trillion in 2021.
The other five countries are Ghana, Kenya, Namibia, Zimbabwe and Uganda. This is according to a report by the
Organisation for Economic Co-operation and Development (OECD).
Pension funds are investment pools that accumulate wealth to pay for workers’ retirement. Typically, pension funds are contributed by both workers and their employers, especially in African countries where compulsory pension schemes exist.
Pension fund managers invest in different asset classes such as equities, fixed income assets such as bonds, treasury bills and corporate bonds, Collective Investment Schemes (CIS0, etc.
These seven countries altogether held 92.4 percent of pension fund assets in the OECD area.”
Business Insider Africa said the seven African countries that made it to the top list.
Nigeria’s pension fund assets grew by 9.1 percent to $32.6 billion, representing 7.6 percent of the country’s GDP.
Egypt’s pension fund asset grew by 8.0 percent to $6.2 billion, representing 1.5 percent of the country’s 2021 GDP.
The countries are: Ghana’s pension fund asset grew by 27.2 percent to $4.7 billion, representing 6.3 percent of the country’s GDP in 2021;  Kenya: The country’s pension fund asset grew by 10.6 percent to $13.7 billion, resenting 12.9 percent of the country’s 2021 GDP;  Namibia: This Southern African country’s pension fund assets grew by 17.6 percent to $11.8 billion, representing 103.0 percent of the country’s 2021 GDP.
The remaining two countries include: Uganda’s pension fund assets grew by 15.8 percent to $5.3 billion, representing 12.4 percent of the country’s GDP and
Zimbabwe’s pension fund assets grew by 285.8 percent to $2 billion, representing 7.6 percent of GDP.
The report focused specifically on pension fund assets in 68 countries or reporting jurisdictions, consisting of 38 OECD countries and 30 non-OECD countries in Eastern Europe, Asia and Africa.
“Overall, pension fund assets amounted to USD 38.5 trillion in a total of 68 reporting jurisdictions at end-2021.
Most of these assets were held by pension funds in the OECD area, totalling USD 37.7 trillion. The United States recorded the largest amount of assets in pension funds (USD 22.6 trillion), followed by the United Kingdom (USD 3.6 trillion), Australia (USD 2.3 trillion), the Netherlands (USD 2.0 trillion), Canada (USD 1.7 trillion), Japan (USD 1.5 trillion) and Switzerland (USD 1.2 trillion).
Patoma Admin by — September 23, 2022 in Pension 0