Abuja: The National Pension Commission (PenCom) has announced that the issues of delayed pension payments for retirees from treasury-funded Ministries, Departments, and Agencies (MDAs) have been resolved. Mr. Ibrahim Buwai, Head of the Corporate Communications Department at PenCom, conveyed this development in an interview with the News Agency of Nigeria (NAN).
According to News Agency of Nigeria, Buwai highlighted that PenCom has achieved timely remittance of accrued pension rights through ongoing reforms and enhanced remittance systems. Since July, the commission has been ensuring that retirees receive their entitlements within the month of retirement. Payments for November retirees have been completed, and those retiring in December will receive their benefits before the 15th of the month, allowing them to enjoy the festive season without financial worries.
Buwai also mentioned that the Federal Government recently released N758 billion in bond proceeds to clear outstanding pension liabilities, including arrears for pension increases dating back to 2007. These actions underscore the commission’s dedication to preventing hardship for retirees under the Contributory Pension Scheme (CPS) due to delayed payments.
PenCom is also addressing the issue of non-remittance of employee pensions by employers to their Pension Fund Administration (PFA). Buwai noted that Ms. Omolola Oloworaran, the Director-General of PenCom, has signed a Memorandum of Understanding (MoU) with the anti-graft agency, ICPC, to recover un-remitted pension contributions and enforce pension compliance. The MoU authorizes ICPC to ensure that recovered funds are promptly disbursed into Retirement Savings Accounts (RSA) and hold defaulting employers legally accountable, with penalties for non-compliance.