Pension

PenCom begins disbursement of outstanding 2.5% pension contributions to retirees

Participants at the event

*Pension assets soar to N10.66tn in June

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Chuks Udo Okonta

The Federal Government through National Pension Commission (PenCom) may begin disbursement of outstanding 2.5 per cent pension contributors to retirees from tomorrow.

This is coming as the nation’s pension fund assets had soared to N12.66 trillion as at the end of June, 2021.

Speaking at the ongoing 2021 Journalists Workshop programme, organised by the PenCom in Lagos today, 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 pension operators and the regulator.

According to her, “the number of registered contributors under the CPS has grown to 9.38 million while pension fund assets have accumulated to N12.66 trillion as at 30 June 2021. The maintenance of a consistent growth trajectory continues to justify the Commission’s overriding investment philosophyof ensuring the safety of pension fund assets.”

Dahir-Umar, who was represented by the head, corporate communications, PenCom, Peter Aghahowa, added 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, said PenCom working in line with the approval given by the federal government for payment of outstanding accrued pension rights and 2.5 per cent contributions, is set to pay all outstanding accruing to retirees, stating that retirees that retired from 2019 to 2020 would get their 2.5 per cent from tomorrow, 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.

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