PenCom Directs PFAs On Retirees’ Payments, Funds Withdrawal

BY EDMOND ODOK, ABUJA – Following concerns expressed by retirees over the activities of some Pension Fund Administrators (PFAs) that unduly delay their payments, the National Pension Commission (PenCom) on Monday moved to address noticeable systemic hiccups and put smiles on the faces of many disturbed pensioners.

Consequently, the nation’s pension sector regulator has instructed all PFAs to commence immediate implementation of the second phase pension enhancement exercise for pensioners on Programmed Withdrawal mode of retirement.

The Commission explained that the pension enhancement is for Contributory Pension Scheme (CPS) retirees who have accumulated significant growth in their Retirement Savings Accounts (RSAs) and had retired between July 2007 and December 2017.

In line with the directives, PenCom stated that retirees in the above categories are by this notice advised to contact their respective PFAs to confirm their eligibility.

The directives contained in a statement by the Corporate Communication Department of PenCom in Abuja on Monday, also urged affected retirees to use the opportunity of engaging the PFAs and complete requisite documentations for ease of their benefits’ payment.