PenCom completes payments for November retirees, declares end to delayed pension disbursements 

The National Pension Commission (PenCom) says it has fully completed pension payments for all retirees who exited service in November, reaffirming that the era of delayed entitlements for workers in treasury-funded Ministries, Departments and Agencies (MDAs) has come to an end.

Head of Corporate Communications at PenCom, Mr. Ibrahim Buwai, confirmed the development to the News Agency of Nigeria (NAN) in Abuja on Sunday.

He said the Commission’s reforms and strengthened remittance processes have resulted in consistent, on-time payments of accrued pension rights.

“As at today, payments for November retirees have been completed,” Buwai stated. “The accrued rights of those retiring in December will be paid before the 15th as earlier announced, to enable them receive their benefits ahead of the festive season.” 

Reforms, bond proceeds drive clearance of backlogs 

Buwai attributed the improved efficiency to ongoing reforms in the pension administration framework and the Federal Government’s recent release of N758 billion in bond proceeds to clear long-standing pension liabilities, including arrears of pension increases dating back to 2007.

He said this progress demonstrates PenCom’s dedication to ensuring that no retiree under the Contributory Pension Scheme (CPS) suffers hardship due to delayed benefits.

“With these measures in place, delays in pension payments for treasury-funded MDA retirees will no longer be an issue,” he emphasized. “PenCom remains dedicated to strengthening the pension system and safeguarding the welfare of retirees nationwide.” 

Crackdown on non-remitting employers intensifies 

Buwai also disclosed that PenCom is intensifying efforts to curb the persistent challenge of employers failing to remit workers’ pension contributions to their Pension Fund Administrators (PFAs).

He noted that PenCom’s Director-General, Ms. Omolola Oloworaran, recently signed a Memorandum of Understanding (MoU) with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to recover un-remitted contributions and enforce strict compliance.

The MoU grants ICPC the power to recover outstanding pension funds and ensure they are promptly credited into workers’ Retirement Savings Accounts (RSAs), while holding defaulting employers accountable under the law.

“Defaulters would be penalised in accordance with the law,” Buwai said.