PenCom approves increase of retirees’ monthly pension

The National Pension Commission (PenCom) says it has approved an increase of monthly pensions for retirees on “programmed withdrawal” under the contributory pension scheme (CPS).

The commission which said this in a statement issued recently, noted that this is the third edition of pension enhancement under the CPS.

PenCom also said the new increase will take effect in February, 2023.

However, it urged all eligible retirees to contact their pension fund administrators (PFAS) to complete all required documentation.

“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 statement reads.

“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.”

PecCom, therefore, assured all stakeholders of its commitment to the effective regulation, supervision, and administration of pension matters in Nigeria.

Meanwhile, the commission commenced the 2023 online verification and enrollment exercise for retirees/prospective retirees of the federal government treasury-funded ministries, departments, and agencies (MDAs) on October 17, 2022.

It advised retirees/prospective retirees who are unable to complete the online registration for any reason should approach the pension desk officer of their respective MDAs or visit their PFAs for assistance.

PenCom added that the verification and enrollment exercise will end on or before December 31, 2022.