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Home Markets Fixed Income Funds Management

PenCom okays N2.58billion for relatives of 591 deceased workers in three months

Abiola Odutola by Abiola Odutola
October 17, 2020
in Funds Management, Spotlight
Pencom, pension, Nigeria’s Pension Asset increased by N228 billion in October, PFAs increase investment in infrastructure to N40.52 billion   
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The National Pension Commission  (PenCom) has released N2.58billion for payment of pension benefits of 591 deceased workers under the Contributory Pension Scheme in the second quarter 2020.

This was disclosed in the commission’s second-quarter 2020 report.

READ: PenCom should pay 50% of workers’ pension at retirement – TUC

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According to the report, the beneficiaries included 288 from the Federal Government sector, 135 from State Government sector and 168 from the private sector, making a total of 591 relatives.

It read, “The commission approved the payment of N2.58bn as death benefits to the beneficiaries of the 591 deceased employees during the quarter under review.”

READ: PenCom recovers N17.51billion from defaulting employers, imposes penalties

PenCom also said that during the quarter under review, the Pension Fund Administrators recaptured 56,990 Retirement Savings Account holders and uploaded their data on the Enhanced Contributory Registration System.

It stated that the Enhanced Contributor Registration System, which was deployed in June 2019, had provided a platform for addressing various issues identified with the Contributor Registration System.

READ: How foreign exchange risks and others affect the Nigerian pension industry 

It said the PFAs under the assistance of Pension Operators Association had commenced the implementation of a shared service approach in order to speed up the data recapture exercise.

The commission said it generated a total number of 190 employer codes in the period under review using the ECRS.

READ: FUGAZ Banks suffer N1.9 trillion in CRR Debits in Q2

Over 92% of employer codes generated were for private sector companies, including about seven per cent for small businesses, it stated.

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Tags: Business NewsNational Pension Committee (PENCOM)Nigeria News
Abiola Odutola

Abiola Odutola

For further inquiries about this article, contact: Email: abiola.odutola@nairametrics.com Twitter: @AbiolaOdutola @nairametrics

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Comments 3

  1. Sani Garba Gusau says:
    October 18, 2020 at 8:19 am

    I would like to emphasize on the way Zamfara State retired civil servants are still suffering on their contributions refund all agreements were reached with pencom to effect the refund but uptil now there is no sign. But so surprising they have refunded some of the serving civil servants while the programme is duly for retirement. Please we need your urgent and effective arrangements to overcome the issues we are facing in Zamfara State and refund the retired civil servants their contributions. Some are seriously sick, some died and many are starving waiting for their refund. Hope you will expediate action on this matter. Thanks.

    Reply
  2. Abdullahi says:
    March 29, 2021 at 1:36 pm

    Good day. Sir lost my dad since 2014.he was a police officer he died in service and I have submitted all the documents to his PFA in 2018.since then nothing has been done

    Reply
  3. Anonymous says:
    May 25, 2021 at 12:53 am

    Good day sir I need help, I lost my dad on 4th of Jan. 2016. I applied since 2017 for his gratuity and pension I have not heard anything till now. What should I do about it?

    Reply

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