The National Pension Commission (PenCom) has announced that it has authorised a raise in the monthly pensions of retirees participating in the contributory pension scheme (CPS) who are on “programmed withdrawal”.
The commission stated this in a recent statement.
PenCom claims that this is the CPS’s third instalment of pension enhancement.
PenCom stated that the new increase would be implemented in February 2023.
It did, however, strongly suggest that all qualified retirees get in touch with their pension fund administrators (PFAS) to finalise the necessary paperwork.
“PenCom is pleased to inform the general public that the third edition of pension enhancement under the contributory pension scheme (CPS) has been approved,” the announcement states.
“The exercise is for existing retirees under programmed withdrawal who have accumulated significant growth in their retirement savings accounts (RSAs).
“The effective commencement date of the enhancement is February 2023. All relevant retirees are, by this notice, advised to contact their respective pension fund administrators (PFAS) to complete the required documentation.”
As a result, PecCom has given its word to the Nigerian public that it will regulate, supervise, and administer pension matters efficiently.
Also, on October 17, 2022, the commission kicked up the 2023 online verification and enrollment exercise for retirees/prospective retirees of federal treasury-funded ministries, departments, and agencies (MDAs).
Retirees and those considering retirement were urged to seek help from the pension desk officer at their local MDA or PFA if they cannot finish the online registration process.
PenCom noted that the enrollment and verification process would conclude by December 31, 2022.