FG to pay outstanding 2.5% pension contribution to retirees this week

The Federal Government through National Pension Commission (PenCom) has revealed plans to begin the payment of outstanding 2.5 per cent pension contributions to retirees between 2019 to 2020 and also 2014 to 2018.

Speaking at a workshop organised by the PenCom in Lagos, the Director-General, PenCom, Mrs. Aisha Dahir-Umar, said, the growth in the pension fund assets under the new pension scheme is an indication of prudent and sincere management of the pension fund by the operators and the regulator.

According to her, the number of registered contributors under the Contribution Pension Scheme (CPS) has grown to 9.38 million while pension fund assets have accumulated to N12.66 trillion as of June 30, 2021.

“The maintenance of a consistent growth trajectory continues to justify the commission’s overriding investment philosophy of ensuring the safety of pension fund assets,” he said.

Dahir-Umar, who was represented by the Head, Corporate Communications, PenCom, Peter Aghahowa stressed that the regulator will continue to dish out policies that will enhance the growth of the pension assets as well as investment options that will ensure that the assets are not depleted.

Head, Contribution Bond Redemption Department, Abdulrahman Saleem, who also spoke on the development, said the Commission, working in line with the approval given by the Federal Government for the payment of outstanding accrued pension rights and 2.5 per cent contributions, is set to pay outstanding benefits to retirees.

He stated that retirees that retired from 2019 to 2020 would get their 2.5 per cent in this week, while those that retired between 2014 to 2018 would also be settled.

He noted that the Commission is also working to ensure that all active contributors and retirees get their outstanding benefits as and when due without delay.