PenCom recovers N10bn outstanding pension contributions

The National Pension Commission (PenCom) has recovered over N10 billion outstanding pension contributions, and the payment of outstanding pension liabilities.

PenCom also added that the different reforms it initiated under the Contributory Pension Scheme (CPS) have reduced the challenges faced by Nigerian employees.

PenCom stated this recently in a video message, highlighting the gains of the scheme to Nigerians.

The Contributory Pension Scheme (CPS) is an arrangement where both the employer and the employee contribute towards the payment of the worker’s pension at retirement.

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“The several reforms which PenCom has implemented have led to the recovery of over N10 billion outstanding pension contributions and liabilities and recently approved the increase of monthly pensions for retirees on “programmed withdrawal” under the CPS,” it said.

The pension sector regulator added that, “The online enrollment and verification exercise, multi-fund structure, non-interest fund, retirement savings account transfer system, and data recapture exercise have eased all the challenges that contributors experience.

As we speak, the total pension assets in the country have amounted to over N14 trillion and PenCom has launched the new edition of pension enhancement for retirees on programme withdrawal under the contributory pension scheme. 

The most exciting benefit is that [it is] not only public and civil servants will be enjoying pension in our country; private sector, traders, tailors, fashion designers, shoemakers, civil societies and almost all citizens can enroll in the pension scheme under the micro pension plan.”