PenCom orders PFAs to raise retirees’ pensions

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The National Pension Commission has directed the Pension Fund Administrators to implement pension enhancement for retirees on programmed withdrawal under the Contributory Pension Scheme.

PenCom said in a statement that this would be the second edition of the pension enhancement for retirees on the programmed withdrawal mode of retirement. It stated, “The pension enhancement is for Contributory Pension Scheme retirees who have accumulated significant growth in their Retirement Savings Accounts and retired between July 2007 and December 2017. “

Accordingly, the retirees referred to above are by this notice advised to contact their respective Pension Fund Administrators to confirm their eligibility and complete requisite documentation.” It would be recalled that in January 2017, PenCom implemented the first pension enhancement plan for the programmed withdrawal retirees.

However, some retirees were not entitled to the increase due to low balances in their RSAs. PenCom stated that it had concluded the exercise and increased the monthly pension of all retirees on the programmed withdrawal due to the income earned on investing their pension assets.

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