PenCom assures workers retiring in Q4 of receiving pension benefits before Dec 15

The National Pension Commission (PenCom) has assured all federal government workers retiring between October and December that they will receive their benefits before December 15.

Omolola Oloworaran, PenCom director-general (DG), addressed employees and pension desk officers on the contributory pension scheme (CPS) at a two-day workshop in Lagos on Wednesday.

Oloworaran said PenCom is finalising the payment of N758 billion pension arrears, dating back nearly two decades, before year-end, following President Bola Tinubu’s bond approval.

“The waiting time is almost over; we are at the finishing line,” she said.

“Very soon, all retirees under the CPS with outstanding benefits will be paid, thanks to the bold step taken by President Tinubu, who has shown genuine care for ordinary Nigerians.

“This ordinarily would’ve been paid earlier, but I like to take my time to ensure the necessary things are done.“

The DG listed new measures to strengthen pension fund administrators (PFAs), including revised capital requirements, whistleblowing guidelines, and investment regulations to ensure effective management of contributors’ funds.

She said the commission has released a framework for accredited pension agents and guidelines for personal pension plans to enhance inclusion and coverage for informal sector workers.

“The President has mandated that no Nigerian should be left behind. We are deploying accredited pension agents nationwide to reach rural areas and informal workers, ensuring everyone has access to retirement savings,” Oloworaran said.

The director-general said PenCom is introducing a free health insurance scheme for low-income retirees, slated to take effect before the end of 2025.

Oloworaran also said PenCom is developing a new self-service mobile application for a seamless retiree experience, urging stakeholders to participate in the upcoming one-off enrollment exercise to determine pension liabilities.

She added that the accrued rights of contributors will be credited to their RSAs during the exercise, allowing them to earn returns before retirement.