PenCom Set to Verify 2019 Retirees

pension fund
  • PenCom Set to Verify 2019 Retirees

The National Pension Commission has said it will soon commence the verification of intending retirees in the federal service.

The Acting Director-General, PenCom, Aisha Dahir-Umar, said this during the pre-retirement seminar in Lagos for Federal Government workers due to retire in 2019 under the Contributory Pension Scheme.

“As part of our annual regulatory activities, the commission has finalised arrangements to commence the verification of prospective retirees, who will be retiring in year 2019 from the public service. The verification exercise is scheduled to be undertaken from June 25 to August 17, 2018 in 15 centres across the country,” she stated.

Dahir-Umar explained that the impending exercise necessitated the need to undertake adequate sensitisation and public enlightenment in order to prepare prospective retirees for the steps to take towards a hitch-free retirement life.

According to her, the commission decided to enlighten them on the enrolment exercise and documentation requirements, accessing retirement and terminal benefits under the CPS and life after retirement.

“It is our hope that the workshop will educate participants on what they need to know on documentation requirements, payment of retirement benefits and life after retirement,” Dahir-Umar said.

According to her, the workshop is tailored towards addressing the challenges that prospective retirees may face when they retire under the CPS.

The acting director-general said one of the salient objectives of the Pension Reform Act, 2014 was to make pension administration transparent and seamless.

According to her, the commission has established uniform set of rules, regulations and standards for all aspects of pension administration, including payment of retirement benefits to retirees.

“This was achieved in the case of the latter, through issuance of the regulation on administration of retirement and terminal benefits; regulation on retirement life annuity; the frameworks on pension enhancement and programmed withdrawals; and the circular on voluntary contributions, among others,” she added.

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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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