The National Pension Commission says delays in pension payments for retirees of treasury-funded ministries, departments and agencies have been eliminated following reforms that improved the timeliness of remittances.
Ibrahim Buwai, head of PenCom’s Corporate Communications Department, said in an interview Sunday that the commission has achieved prompt payment of accrued pension rights, ensuring retirees receive benefits within the month they exit service.
“As of today, payments for November retirees have been completed,” Buwai said.
“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.”
He said the turnaround followed the federal government’s recent release of N758 billion in bond proceeds to clear outstanding pension liabilities, including arrears of pension increases dating back to 2007.
Buwai said the reforms demonstrate PenCom’s commitment to preventing hardship for retirees under the Contributory Pension Scheme.
“With these measures in place, delays in pension payments for treasury-funded MDA retirees will no longer be an issue,” he said.
“PenCom remains dedicated to strengthening the pension system and safeguarding the welfare of retirees nationwide.”
He added that the commission is working with stakeholders to address non-remittance of employee pension contributions by some employers.
PenCom recently signed a memorandum of understanding with the Independent Corrupt Practices and Other Related Offences Commission to recover unremitted contributions and enforce compliance.
The agreement empowers the anti-graft agency to ensure recovered funds are paid promptly into workers’ Retirement Savings Accounts and to hold defaulting employers accountable.
