PenCom completes payments for November retirees, declares end to delayed pension disbursements
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The National Pension Commission (PenCom) says it has fully completed pension payments for all retirees who exited service in November, reaffirming that the era of delayed entitlements for workers in treasury-funded Ministries, Departments and Agencies (MDAs) has come to an end.
Head of Corporate Communications at PenCom, Mr. Ibrahim Buwai, confirmed the development to the News Agency of Nigeria (NAN) in Abuja on Sunday.
He said the Commission’s reforms and strengthened remittance processes have resulted in consistent, on-time payments of accrued pension rights.
“As at today, payments for November retirees have been completed,” Buwai stated. “The accrued rights of those retiring in December will be paid before the 15th as earlier announced, to enable them receive their benefits ahead of the festive season.”
Reforms, bond proceeds drive clearance of backlogs
Buwai attributed the improved efficiency to ongoing reforms in the pension administration framework and the Federal Government’s recent release of N758 billion in bond proceeds to clear long-standing pension liabilities, including arrears of pension increases dating back to 2007.
He said this progress demonstrates PenCom’s dedication to ensuring that no retiree under the Contributory Pension Scheme (CPS) suffers hardship due to delayed benefits.
“With these measures in place, delays in pension payments for treasury-funded MDA retirees will no longer be an issue,” he emphasized. “PenCom remains dedicated to strengthening the pension system and safeguarding the welfare of retirees nationwide.”
Crackdown on non-remitting employers intensifies
Buwai also disclosed that PenCom is intensifying efforts to curb the persistent challenge of employers failing to remit workers’ pension contributions to their Pension Fund Administrators (PFAs).
He noted that PenCom’s Director-General, Ms. Omolola Oloworaran, recently signed a Memorandum of Understanding (MoU) with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to recover un-remitted contributions and enforce strict compliance.
The MoU grants ICPC the power to recover outstanding pension funds and ensure they are promptly credited into workers’ Retirement Savings Accounts (RSAs), while holding defaulting employers accountable under the law.
“Defaulters would be penalised in accordance with the law,” Buwai said.
What you should know
- Last month, PenCom says more than 552,000 retirees in Nigeria are now receiving regular monthly pensions under the Contributory Pension Scheme (CPS).
- The Commission also disclosed that total pension assets have surpassed N25 trillion, marking a milestone in Nigeria’s pension administration and its contribution to national development.
- The Director-General of PenCom, Ms. Omolola Oloworaran, made this known in Yola during a two-day sensitisation workshop on the workings of the CPS for employees and pensioners in the North-East.
