Abuja: The National Pension Commission (PenCom) states that the era of delayed pension payments for retirees of treasury-funded Ministries, Departments, and Agencies (MDAs) is now over.
Mr Ibrahim Buwai, Head of the Corporate Communications Department at the commission, stated this in Abuja on Sunday.
According to Buwai, PenCom has achieved promptness in the remittance of accrued pension rights, following sustained reforms and improvements to its remittance systems.
He said the commission has been paying accrued pension rights as and when due, since July, ensuring that retirees receive their entitlements within the month of retirement.
As of today, payments for November retirees have been completed.
“The accrued rights of those retiring in December will be paid before the 15th as earlier announced, to enable them to receive their benefits ahead of the festive season,” Buwai said.
He recalled that the Federal Government recently released N758 billion bond proceeds to settle outstanding pension liabilities, including arrears for pension increases owed since 2007
Buwai said the developments reflected the commission’s commitment to ensuring that no retiree under the Contributory Pension Scheme (CPS) experienced hardship due to delayed payments.
“With these measures in place, delays in pension payments for treasury-funded MDA retirees will no longer be an issue.
“PenCom remains dedicated to strengthening the pension system and safeguarding the welfare of retirees nationwide,” he said.
Buwai also stated that the commission is collaborating with stakeholders on the issue of non-remittance of pension funds for employees to their Pension Fund Administration (PFA) by employers.
To address this challenge, Buwai recalled that the Director-General of PenCom, Ms Omolola Oloworaran, recently signed a Memorandum of Understanding (MoU) with the anti-graft agency, ICPC, to recover unremitted pension contributions and enforce pension compliance..
He said the MoU empowers the ICPC to enforce the prompt disbursement of recovered funds into Retirement Savings Accounts (RSAs) and hold defaulting employers accountable under the law.
According to him, defaulters would be penalised in accordance with the law.
