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Retirees get N679.68bn pensions in 11 years – PenCom

A total of N679bn has been paid as accrued pension rights to retirees from 2007 to September this year, the National Pension Commission has stated.

In its update on the status of accrued right payment, PenCom said the money for the 2018 budget was released on September 27, 2018, which was used to make payments in October 2018.

The payments, according to the commission, are N6.056bn for 1,210 retirees in August 2017; N591.68m for 270 deceased benefits batch 63; N317.63m for 142 deceased benefits batch 64; and additional N3bn for 666 retirees in batch 38, comprising those who had retired but missed out on previous years enrolment.

“We are expecting August and September 2018 funds release due from the Federal Ministry of Finance, which would beenough to pay September to December 2017 batches of retirees,” the commission stated.

While giving update on activities of the Pension Transitional Arrangement Directorate, the commission stated that it had continued to monitor the payment of pensions to public service retirees under the Defined Benefit Scheme by PTAD.

During the second quarter of 2018, the commission added, “A total number of 11 complaints on the Defined Benefits Scheme were received and forwarded to PTAD for resolution.”

It added that a follow-up of the complaints ensured that all the complaints were resolved, while a review of the statutory monthly returns rendered by PTAD revealed that a total of N6.81bn had been paid to 221,309 pensioners in the quarter ended 30 June, 2018.

PenCom also stated that it constituted a committee to enhance the contributor registration system.

According to the commission, the main objective of the enhanced CRS was to allow data recapture on the existing Retirement Savings Account holders.

It stated, “The aim of this exercise is to remove all forms of multiple registration, which inhibit the commission to open transfer window that would allow the transfer of Retirement Savings Accounts between Pension Fund Administrators. It would also provide a platform for the registration of micro pension contributors.” – Punch

About Lanre Oyetade

A multiple award winner in Economics and business journalism, Lanre Oyetade has served close to two decades in the media industry, spanning different notable stables, where he is privileged to have risen to the position of a title editor. A masters degree holder in Economics from the University of Lagos and doctoral student at the Babcock University, he is a winner of the prestigious NMMA Capital Market Award for two consecutive years (2004 & 2005), and was also a nominee for the body’s banking and finance and money market awards for two years. In 2013, he also won the Most Outstanding Business-Reporting Title Editor award of the National Institute of Marketing of Nigeria (NIMN). A minister in the LORDS’s vineyard, he has been an inspirational speaker and resource person at many corporate and religious fora since early 2004, and has so far authored three books on the capital market; on personal effectiveness, and on personal finance, in 2008 and 2014, respectively.