A total of N679bn has been paid as accrued pension rights to retirees from 2007 to September this year, the National Pension Commission has stated.
In its update on the status of accrued right payment, PenCom said the money for the 2018 budget was released on September 27, 2018, which was used to make payments in October 2018.
The payments, according to the commission, are N6.056bn for 1,210 retirees in August 2017; N591.68m for 270 deceased benefits batch 63; N317.63m for 142 deceased benefits batch 64; and additional N3bn for 666 retirees in batch 38, comprising those who had retired but missed out on previous years enrolment.
“We are expecting August and September 2018 funds release due from the Federal Ministry of Finance, which would be enough to pay September to December 2017 batches of retirees,” the commission stated.
While giving update on activities of the Pension Transitional Arrangement Directorate, the commission stated that it had continued to monitor the payment of pensions to public service retirees under the Defined Benefit Scheme by PTAD.
During the second quarter of 2018, the commission added, “A total number of 11 complaints on the Defined Benefits Scheme were received and forwarded to PTAD for resolution.”
It added that a follow-up of the complaints ensured that all the complaints were resolved, while a review of the statutory monthly returns rendered by PTAD revealed that a total of N6.81bn had been paid to 221,309 pensioners in the quarter ended 30 June, 2018.
PenCom also stated that it constituted a committee to enhance the contributor registration system.
According to the commission, the main objective of the enhanced CRS was to allow data recapture on the existing Retirement Savings Account holders.
It stated, “The aim of this exercise is to remove all forms of multiple registration, which inhibit the commission to open transfer window that would allow the transfer of Retirement Savings Accounts between Pension Fund Administrators. It would also provide a platform for the registration of micro pension contributors.”