The National Pension Commission has put the cumulative accrued pension rights paid to retirees from 2007 to September this year as N679 billion.
The commission, in its update on the status of accrued right payment, stated that the provision in the 2018 budget was released on September 27 and had been used to make payments to beneficiaries this month.
An analysis of the payments based on figures provided by the commission showed that N6.056 billion was used to paym 1,210 retirees in August 2017; while N591.68 million was paid to 270 deceased benefits under batch 63.
Also, PenCom disclosed that N317.63 million was paid to 142 deceased benefits of batch 64; and additional N3 billion was paid to 666 retirees in batch 38, comprising those who had retired but missed out on previous years enrolment.
The commission stated further that it was expecting August and September 2018 funds release due from the Federal Ministry of Finance, which would be enough to pay September to December 2017 batches of retirees.
On activities of the Pension Transitional Arrangement Directorate (PTAD) in the pension management generally, the commission pointed out that it had been monitoring the payment of pensions to public service retirees under the Defined Benefit Scheme by PTAD.
The commission stated that in the 2nd quarter of this fiscal year, a total number of 11 complaints on the Defined Benefits Scheme were received and forwarded to PTAD for resolution, adding that a follow-up of the complaints ensured that all the complaints were resolved.
This is even as stated that a review of the statutory monthly returns rendered by PTAD showed that a total of N6.81 billion had been paid to 221,309 pensioners by the end of the 2nd quarter this year.
While disclosing that it has constituted a committee to enhance the contributor registration system, it stated that the main objective of the enhanced CRS was to allow data recapture on the existing Retirement Savings Account holders.
The commission expatiated: “The aim of this exercise is to remove all forms of multiple registration, which inhibit the commission to open transfer window that would allow the transfer of Retirement Savings Accounts between Pension Fund Administrators. It would also provide a platform for the registration of micro pension contributors.”
