Fed Govt Remits N103b Outstanding Contribution of MDA Employees

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  • Fed Govt Remits N103b Outstanding Contribution of MDA Employees

The Federal Government has paid N103.02 billion outstanding pension contribution of its employees from treasury funded Ministries, Departments and Agencies (MDAs) from April to June 2018 to their Pension Fund Administrators (PFAs).

The Head of Compliance, Stanbic IBTC PFA, Ms. Edidiong Akan made this known yesterday at the Annual Pension Fund Operators Association of Nigeria (PenOp) Retreat held in Lagos.

She added that N14.85 billion was also paid to the FGN retirees and deceased employees of treasury funded MDAs for the period under review. On their part, the pension operators have made benefits payments of 334,765 from inception of the Contributory Pension Scheme (CPS) in 2007 till date.

Ms. Akan said while 12,569 benefit payments have been made between April and June this year, 275,172 benefits payments were made to disengaged members from inception to June 3, 2018 and 50,317 payments was made to deceased employee in the same period.

On the new developments in the pension industry, she said the National Pension Commission (PenCom) has released the framework on the access to retirement benefits using the revised Programmed Withdrawal Template (PWT) for prospective retirees under the CPS which introduced the revised PWT effective, 15 May, 2018.

However, she said the revised PWT was suspended on August 8, 2018 and a final revised template was issued on September 5, 2018.

In her words: “The revised PWT incorporated the payment of appropriate arrears where benefits were not paid as and when due as at the date of retirement and date of programming differs. It extended computation of benefits to 100 years to accommodate professors and any future retirement age review. It also allows for the computation of benefits below the age of 50 years to accommodate those who retire on health grounds.

“There was also the development and deployment of Additional Benefits Template (ABT) to operators for computation of additional retirement benefits of retirees effective July 2, 2018 while commenced Pension Enhancement (PE) for retirees under the Programmed Withdrawal. As at July 12, 2018, PenCom had granted approval for the PE of 53,851 retirees as the 12 July 2018”, she added.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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