By Adedapo Adesanya
The National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) have signed a Memorandum of Understanding (MoU) to revise regulations on Retiree Life Annuity, the guidelines on group life insurance policy for employees and Contributory Pension Scheme (CPS) Retiree Pack.
The regulators for both pension and insurance sectors signed the agreement on Tuesday, September 1, 2020, according to a statement from the Head of Corporate Communications Department at PenCom, Mr Peter Aghahowa.
The MoU was signed by the Acting Director-General, PenCom, Mrs Aisha Dahir-Umar and Commissioner for Insurance, Mr Sunday Thomas at the event which was held in Abuja.
The PenCom spokesperson explained that the regulation was for employees and those with the Contributory Pension Scheme (CPS) retiree pack, adding that the revised regulations and guidelines provide clarity on the Provisions of the Pension Reform Act (PRA) of 2014 in areas relating to Retiree Life Annuity.
He said that they focus on guiding stakeholders to make an informed decision, ensure the safety of Retiree Life Annuity funds and assets, address concerns of mis-selling and de-marketing by pension and insurance operators in the country.
According to him, the guidelines will also bring stability to the financial sector of the economy, noting that, “Today’s landmark event is the outcome of the collaborative efforts of PenCom and NAICOM.”
Aduragbemi Omiyale 
Modupe Gbadeyanka