TheCable

The National Pension Commission (PenCom) says it will commence the pilot run of its online pre-retirement verification and enrolment exercise for retirees in government ministries, departments and agencies (MDAs) next month.

PenCom announced this on Tuesday, during a two-day workshop for journalists, titled “Positioning the Pension Industry in a Post-COVID era.

The commission said it recently developed an online application which has the capability to register, verify and enrol prospective retirees of treasury-funded federal government MDAs for the purpose of computing their accrued pension rights and budgetary allocation.

“As a prelude to the formal deployment of the online Enrolment Application, PenCom would commence a Pilot Run of the exercise from 2nd to 20th August 2021 with selected MDAs in the six Geo-Political Zones and the Federal Capital Territory (FCT) in order to test-run the application with real-time data,” it said.

“Accordingly, the online Enrolment Application would be hosted on PenCom website: www.pencom.gov.ng

“The application would GO-LIVE after the conclusion of the pilot run on a date to be announced by PenCom in due course.”

PenCom said prospective retirees are required to undergo the data recapturing exercise with their respective pension fund administrators (PFAs) as it is a prerequisite for the online enrolment.

Maryam Bello, PenCom’s assistant general manager of the national databank management department, said since the commencement of the retirement savings account (RSA) transfer system, 25,645 workers has transferred a total value of N102.59 billion to other PFAs.

Bello explained that 2,799, 12,681 and 10,165 workers transferred N18.90 billion, N47.78 billion and N35.91 billion in the fourth quarter (Q4) of 2020, Q1 2021 and Q2 2021 respectively.

Meanwhile, the commission said pension fund assets surged to N12.66 trillion as at June 30, 2021, with 9.38 million registered RSAs.