The National Pension Commission (PenCom) is finalising arrangements to commence verification process for prospective federal government retirees who would be retiring in year 2019 from the public service, LEADERSHIP learnt.
The verification exercise, which is expected to commence from 25th June and 17th of August, 2018, is scheduled to hold in 15 centres across the country.
Speaking at the Pre-Retirement Workshop for federal government would-be retirees, due to retiree in 2019, in Akoka, Lagos, last week, the acting director-general, PenCom, Mrs. Aisha Dahir-Umar, said, prior to the impending exercise, there is the need to undertake adequate sensitisation and public enlightenment in order to prepare the prospective retirees on steps to take towards a hitch free retirement life.
Stating that the workshop was tailored towards addressing the challenges that prospective retirees might face as they enter retirement life under the Contributory Pension Scheme (CPS), Dahir-Umar, who was represented by head, Benefits & Insurance Dept. PenCom, Mrs. Ekanem Aikhomu, added that, the seminar will make their retirement life more comfortable.
The salient objectives of the Pension Reform Act (PRA 2014), according to her, is to make pension administration transparent and seamless, noting that, the commission has established uniform set of rules, regulations and standards for all aspects of pension administration, including payment of retirement benefits to retirees.
“This was achieved in the case of the latter, through issuance the Regulation on Administration of Retirement and Terminal Benefits; Regulation on Retire Life Annuity; the Frameworks on Pension Enhancement & Programmed Withdrawals; and the Circular on Voluntary Contributions amongst others,” she pointed out.
The deputy zonal head, South West Zonal Office, Mr. Sola Adeseun, while disclosing to the participants documents required for the enrollment exercise, said, employees of agencies not under IPPIS but whose parent Ministries have joined IPPIS should use the names of their agencies as their employers when completing the enrolment forms.
Listing the parameter for the computation of Accrued Pension Rights, he said, Date of Birth, Date of First Appointment, Gender, Terminal/Final emolument based on grade level and step as at June 2004, Mortality Table, Schedule (of the PRA 2014) for determining accrued rights and Date of Retirement, Coupon/Interest rate, are information needed to access accrued pension rights.
Accrued rights, he said, are based on number of years worked up to 30 June, 2004, Terminal allowances base on applicable grade level and step as at June 2004 and Payment instructions to the Central Bank of Nigeria (CBN) to transfer funds from the RBBRF account to Pension Fund Custodians (PFCs) for the credit of respective Retirement Savings Accounts (RSAs).
Listing the challenges of the new Pension Scheme, Ekanem Aikhomu, mentioned them, to include; limited public awareness of the workings of the new Contributory Pension Scheme, different interpretation of some provisions of the Act by retirees, comparison of benefits under the old and new scheme by retirees, comparison of benefits by colleagues on similar positions but with different variables/data and delay in payment of Accrued Rights leading to delay in processing retirement benefits as and when due.
She, however, said, Pension Enhancement is for retirees with appreciable investment income, as the investment income is utilised to enhance the pension eligible retirees.
“The first beneficiaries of pension enhancement are those pensioners on Programmed Withdrawal that retired between July, 2007 and December, 2014 using their RSA balances as at 31 December, 2016,” she pointed out.
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