The National Pension Commission (PenCom) has declared that the era of pension delay for retirees in treasury-funded Ministries, Departments, and Agencies (MDAs) is over. The commission said reforms have led to faster processing and payment of accrued pension rights.
Ibrahim Buwai, Head of Corporate Communications at PenCom, spoke to the News Agency of Nigeria in Abuja on Sunday. He said the commission has been paying retirees’ entitlements on time since July. This marks a major turnaround from the previously slow payment system.
No More Pension Delay for Treasury-Funded Retirees
Buwai explained that retirees now receive their accrued rights within the month they retire. “Payments for November retirees are complete. December retirees will be paid before the 15th. This ensures benefits arrive ahead of the festive season,” he said.
He credited the Federal Government’s release of N758 billion in bond proceeds for clearing outstanding pension liabilities. The funds also covered arrears from pension increases owed since 2007. These actions show PenCom’s commitment to eliminating pension delay and protecting retiree welfare.
“With these measures, pension delays for MDA retirees will no longer occur,” Buwai added. “PenCom is dedicated to strengthening the pension system and safeguarding retirees nationwide.”
PenCom Partners ICPC to Enforce Pension Compliance
Buwai also noted a continuing challenge: some employers fail to remit pension contributions to employees’ Retirement Savings Accounts (RSAs). To address this, PenCom’s Director-General, Ms. Omolola Oloworaran, signed a Memorandum of Understanding (MoU) with the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
The MoU empowers ICPC to recover withheld contributions and enforce compliance. Recovered funds go directly into employees’ RSAs. Employers who default will face legal penalties. This partnership reflects PenCom’s commitment to accountability and transparency in the pension system.
