The National Pension Commission (PenCom) says only 18,000 pensioners are yet to receive pension accrued benefits despite the Federal Government’s N44 billion provision between March and September 2023.
The commission made this known at a workshop organised by PenCom for media on the development of the sector in Lagos.
The Director General of PenCom, Omolola Oloworaran, who at the programme, said that the disbursement from March to September confirmed the strength of the Contributory Pension Scheme (CPS) but lamented the lack of funds to cover accrued rights since September 2023.
She explained that the 18,000 Nigerians who haven’t received their accrued rights was a significant number.
“Regrettably, we do not have sufficient funds to cover payments from September 2023 to date, and the persistent delays in the payment of accrued rights remain a challenge.”
She assured stakeholders that the commission was engaging the government to develop a sustainable solution that ensures retirees receive their benefits promptly with minimal delays.
The DG announced the introduction of a revised programme withdrawal template designed to simplify access to voluntary contributions and align en-bloc payment thresholds with the new minimum wage.
“The reforms aim to make retirement processes more efficient and user-friendly,” she said, highlighting the success of the e-Application Portal for Pension Clearance Certificates (PCC), launched in October 2024.
“This initiative replaces the previous manual process, allowing companies to seamlessly apply for and receive PCCs online. Since its deployment, the Commission has issued over 38,000 PCCs, significantly enhancing the ease of doing business and ensuring compliance,” she disclosed.
The DG reiterated the commission’s commitment to improving service delivery and minimising delays, ensuring that pensioners access their entitlements without undue stress.
At the event, the commission also said it had issued over 38,000 Pension Clearance Certificates (PCC) to organisations in 2024.
PCC is an evidence of CPS compliance with the Pension Act. It serves as a prerequisite for all suppliers, contractors, or consultants soliciting contracts or business from ministries, departments and agencies (MDAs) of the Federal Government.
PenCom commenced the issuance of PCC to organisations in 2012 in line with the Pension Reform Act (PRA), which mandates all organisations with at least three employees to participate in CPS.
The certificate Is valid up to Dec. 31 of the year it is obtained, irrespective of the date it was issued within the year.
According to the commission, technology has become the backbone of transformation across all sectors and the pension industry is no exception. Hence, PenCom has embraced the transformation wholeheartedly.
Oloworaran said that there are over 10.5 million contributors, while pension assets were over N21.9 trillion as of October.
