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National Pension Commission Notice to all Employers/Employees on the Compliance with PRA 2014 on Life Insurance Policy for Employees and Display of Insurance Certificate for 2021

In accordance with the provisions of Section 4(5) of the Pension Reform Act (PRA) 2014, every employer shall maintain a Group Life Insurance Policy (GLIP) in favour of all .employees. The GLIP should be a minimum of three times the annual total emolument of the employees. Similarly, Section 5.5 of the Revised Guidelines on GLIP for Employees provide that the employer shall display a copy of the GLIP certificate in a conspicuous place within its premises, for the information of the employees and as evidence of having taken such policy.

National Pension Commission

Employers that have not displayed a copy of the GLIP certificate within their premises are advised to do so on or before 31 July, 2021. Failure to provide GLIP is a violation of Section 4(5) of the Pension Reform Act (PRA) 2014.

The Revised Guidelines on GLIP for Employees can easily be accessed and downloaded from the Commission’s website: https://www.pencom.gov.ng

For further enquiries, please contact:

The Director-General

National Pension Commission

Plot 174, Adetokunbo Ademola Crescent, Wuse II

PMB 5170 Wuse

Abuja, Nigeria

Signed

Management

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