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N14.5trn pension fund not idle – PENCOM

The National Pension Commission (PENCOM) says the N14.5trn pension fund is not idle. It also assured that federal workers would no longer face delay in…

The National Pension Commission (PENCOM) says the N14.5trn pension fund is not idle.

It also assured that federal workers would no longer face delay in payment after their retirement.

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PENCOM Director-General, Aisha Dahir-Umar, stated these yesterday in her submission to the Senate Committee on Finance at an interactive session on proposals for the 2023-2025 Medium Term Expenditure Frame Work (MTEF) and Fiscal Strategy Paper (FSP).

She said the N14.5trn available pension fund was not idle as N9.5trillion out of it is invested in federal government security, N1.23trn in equity shares and 35 percent of the fund in the money market.

She said the backlog of accrued rights component of pension payments to pensioners causing delay in payment over the years was almost cleared by the federal government.

Dahir-Umar said for the past 17 years, the federal government had been paying N49bn per month to offset the accrued rights backlog of pensioners.

“Late payment of pension to pensioners will be a thing of the past very soon as required steps in that direction have been taken by the federal government whose retirees are affected,” she said.

She, however, advised pensioners to carry out required documentation a year to their retirement to fast tracking the process.

She said PenCOM would need N500m to acquire offices in the six geo political zones.