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Chuks Udo Okonta
The National Pension Commission PenCom) has said that allowing retirees to access their Retirement Savings Accounts (RSAs) without the payment of accrued pension rights may hinder government from giving attention to release of the fund.
The Director-Genera of PenCom Ms. Omolola Oloworaran, stated this while responding to questions at the recently held PenCom and Pension Fund Operators Association of Nigeria (PenOp) Journalist Workshop in Lagos.
She note that agitations on non-payment of the accrued rights often help in pressuring government to observe its responsibility to retirees, adding that even retirees may be silent having accessed their RSA without accrued rights.
She further stated that the Pension Reform Act PRA (2004) does not provide for retirees to access their RSA without the components of accrued pension rights.
Speaking on delay in payment of accrued rights, she submitted that the PenCom has continued to face the persistent issue of delays in the payment of accrued rights, stressing that recently, N44 billion was approved under the 2024 budget appropriation to settle accrued pension rights for retirees from March to September 2023.
Ms. Oloworaran maintained that moving forward, PenCom is working with the Federal Government to put in place a sustainable solution that ensures retirees receive their benefits promptly and without undue stress.
She noted that since assuming office, her team has been focused on strengthening compliance, enhancing service delivery, diversifying pension assets to optimize returns, improving benefits and expanding coverage to include more Nigerians, especially those in the informal sector.
