By Sandra Ezenwajiaku
National Pension Commission (PenCom) has been increasing monthly pensions for retirees on “Programmed Withdrawal” under the Contributory Pension Scheme (CPS) through a pension enhancement window.
But many retirees that qualify for this increase are not aware of what step to take to ensure that they partake of the increase.
Founder, Money Counsellors Michael Oyebola said retirees should endeavour to contact or visit their Pension Fund Administrators (PFAs) to know if they are eligible for the increase and complete all required documentation if necessary.
He advised that retirees and contributors should always have interest in how their PFAs manage their Retirement Savings Account (RSA).
Oyebola explained that the exercise is for retirees under Programmed Withdrawal who have accumulated significant growth in their RSAs.
Read Also: 2027: El-Rufai not God to decide Tinubu’s fate, Nigerians will, says analyst
He said: “Retirees should take it as part of their responsibility. Nobody should wait for 35 years before they find out how much they have in their pension account. The problem with a lot of people is that they think they should wait till it’s 35 years before they ask questions from their PFAs. They think it is going to be a large pot of money and this is so unrealistic. What people need to do is that apart from saving your money yourself, on a monthly basis people should request for a statement of account from their PFAs.
“The National Pension Commission (PenCom) has said PFAs have to send out statements on a minimum of quarterly basis to the people. But unless people also ask, they may not get it as often as they should get it.’’ A lot of people sit back and expect things to come to them. Sometimes for things to work, people need to go out and enquire. As an individual, it is your right to ask for your statement from your PFAs. So who is your PFA? If you don’t know, ask your employer.’’