PenCom to retirees: Outstanding pension liabilities will be paid soon

The National Pension Commission (PenCom) has assured that all outstanding pension liabilities will be paid soon.

Omolola Oloworaran, acting director-general (DG), PenCom, gave the assurance on Tuesday at a workshop on the online enrolment application for pension desk officers (PDOs) of treasury-funded ministries, departments and agencies (MDA) of the federal government.

Oloworaran said concerted efforts by critical stakeholders had reached an advanced stage, to clear all the federal government’s outstanding pension liabilities under the contributory pension scheme (CPS).

She said efforts put in place would also provide lasting solutions that would address the problems of inadequate funding and delay in fund releases for the payment of accrued rights.

“Although the current delay in release of funds by the federal government for the payment of retirees’ accrued rights negates the cardinal objective of the CPS of payment of retirement benefits as and when due,” Oloworaran said.

“I would like to assure you that this situation will soon be resolved.”

The acting DG reiterated the commitment of the commission to continuous service improvement in the pension industry so that contributors and retirees receive the best possible experience regarding pension matters.

PENCOM TO CONTINUE COLLABORATING WITH PDOS

Oloworaran also assured that PenCom would continue to collaborate and work closely with the PDOs towards a successful 2024 online enrolment exercise, scheduled to commence on October 7 and subsequent periods.

She said the workshop kick-started the final preparations towards the commencement of the 2024 online enrolment exercise for 2025 prospective retirees of treasury-funded MDAs.

According to the acting DG, the objective of the workshop is to train the PDOs with the requisite knowledge on the relevant modules of the enrolment application.

Oloworaran added that the workshop would focus on addressing the gaps observed in the previous exercises and enlighten PDOs on the modalities for the upcoming enrolment exercise for 2025 prospective retirees.

“I, therefore, urge you all to actively participate and ask questions as well as seek further clarifications, where necessary, so as to ensure proper understanding,” she said.

“Let me also state that the commission is not oblivious of the challenges being experienced occasionally with the enrolment application due to downtimes.

“It is important to note that these downtimes mostly occur during the last-minute rush by retirees and relevant stakeholders to meet the enrolment deadline.

“The commission is committed to providing support to PDOs during those few periods of downtime.

“I am particularly pleased to inform you that the commission has already engaged a consultant to design and develop a new enrolment application.”

Oloworaran also said the application will not only address issues but also provide users with a more friendly and seamless experience during the enrolment process.