PenCom confirms pension disbursement for November retirees
The National Pension Commission has announced that it has finalized pension payments for all retirees who left their positions in November, marking the conclusion of persistent delays in benefits for employees in treasury-funded Ministries, Departments, and Agencies.
Mr. Ibrahim Buwai, the Head of Corporate Communications at PenCom, made this announcement on Sunday in Abuja, as reported by the News Agency of Nigeria.
He stated that the commission's reforms and enhanced remittance processes have facilitated the consistent and timely payment of accrued pension benefits.
“As of now, payments for retirees in November have been concluded,” Buwai declared. “The accrued rights of those retiring in December will be disbursed before the 15th as previously announced, allowing them to receive their benefits prior to the festive season.”
Buwai attributed the enhanced efficiency to ongoing reforms in the pension administration system and the Federal Government’s recent allocation of N758 billion from bond proceeds to address long-standing pension liabilities, including arrears of pension increments since 2007.
He remarked that this development highlights PenCom’s commitment to ensuring that retirees under the Contributory Pension Scheme do not face financial difficulties due to delayed payments.
“With these initiatives in place, delays in pension disbursements for retirees from treasury-funded MDAs will no longer be a concern,” he stressed. “PenCom is committed to enhancing the pension system and protecting the welfare of retirees across the nation.”
Buwai also indicated that PenCom is increasing its efforts to address the ongoing challenge of employers neglecting to remit their employees’ pension contributions to their Pension Fund Administrators.
He pointed out that PenCom’s Director-General, Ms. Omolola Oloworaran, recently entered into a Memorandum of Understanding with the Independent Corrupt Practices and Other Related Offences Commission to recover unremitted contributions and enforce stringent adherence.
Under the MoU, the ICPC is authorized to recover outstanding pension funds, ensure they are promptly credited to workers’ Retirement Savings Accounts, and legally hold negligent employers accountable.
“Defaulters will face penalties as stipulated by the law,” Buwai stated.
Last month, PenCom revealed that more than 552,000 retirees in Nigeria are now receiving regular monthly pensions under the Contributory Pension Scheme.
The Commission also reported that total pension assets have surpassed N25 trillion, marking a significant achievement in Nigeria’s pension administration and its contribution to national development.
Leave A Comment