Aisha Dahir-Umar, Director General, National Pension Commission (PenCom) in her welcome remarks at the Journalists Workshop which was organized by the Commission On 26-27, July,2021 at Ikeja, Lagos
Speaking further she said elated to inform you that His Excellency, President Muhammadu Buhari, GCFR had recently approved the Commission’s submission on the payment of some outstanding pension liabilities of the Federal Government, under the CPS.
Dahir-Umaru who was ably represented at the event by Peter Agahawa, the head, corporate communications of PenCom says the Presidential approval covered payment of outstanding accrued pension rights for verified and enrolled retirees of treasury-funded MDAs that are yet to be paid their retirement benefits, as well as the back log of death benefits claims due to beneficiaries of deceased employees of treasury funded MDAs.
Furthermore, she noted that the President also approved the payment of 2.5 percent differential in the rate of employer pension contribution for FGN retirees and employees, which resulted from the increase in the minimum pension contribution for employers from 7.5 percent to 10 percent, in line with Section 4(1) of the Pension Reform Act (PRA) 2014.
“These payments would undoubtedly, boost the RSA balances of the beneficiaries towards better retirement benefits. According to her the settlement of these outstanding accrued pension rights of verified and enrolled FGN retirees would result in reversing a major challenge that has lingered since 2014. Also, the commencement of payment of the reviewed monthly pension contribution rate by the Federal Government is another significant step in ensuring compliance with the PRA 2014, director general concluded.
