The National Pension Commission (PenCom) has revealed that over 18,000 Federal Government retirees from last year are still awaiting the release of funds for their accrued pension rights.

PenCom?s Director General, Mrs. Omolara Oloworaran, disclosed this during a media retreat in Lagos themed ?Tech-Driven Transformation: Shaping the Pension Landscape.?

She explained that the federal government last disbursed N44 billion to cover accrued rights payments for retirees verified and enrolled between March and September 2023, as well as for some deceased employees. However, retirees funded through the treasury who retired in 2023 are still awaiting their accrued rights.

Mrs. Oloworaran addressed the challenges and advancements in the pension industry during her keynote speech:

?Technology has become the backbone of transformation across all sectors, including pensions. At PenCom, we now have over 10.5 million contributors and oversee pension assets exceeding N21.9 trillion as of October. Despite this progress, inflation continues to erode pensioners? purchasing power. We are actively seeking innovative solutions to address this issue,? she stated.

She noted the persistent delays in accrued rights payments, emphasizing that the N44 billion approved under the 2024 budget covers retirees from March to September 2023. PenCom is collaborating with the Federal Government to develop a sustainable system that ensures retirees promptly receive their benefits.

The DG highlighted the importance of the micro-pension plan: ?The initiative ensures that no one, regardless of their earnings, is left behind. Technology is crucial in expanding coverage to the informal sector, enabling mobile enrollment, real-time account management, and efficient benefits administration.?

In October, PenCom launched an e-Application Portal to streamline the PCC process. The portal replaces the manual application process, allowing companies to apply and receive PCCs online. Since its deployment, over 38,000 PCCs have been issued, enhancing compliance and ease of business operations.

Mrs. Oloworaran shared updates on this initiative, designed to digitize pension contributions and remittances, ensuring seamless processing and resolving discrepancies caused by incomplete remittance details.

The DG reaffirmed her commitment to strengthening compliance, enhancing service delivery, diversifying pension assets, and expanding coverage to more Nigerians. She expressed optimism that these reforms, coupled with technological advancements, would significantly improve the pension system and address the challenges faced by retirees. (Vanguard)

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