The Nation Newspaper

Tag: National Pension Commission (PenCom)

  • PENCOM: Compliance officers urged to uphold ethical standards

    Compliance officers of the National Pension Commission (PenCom) have been urged to uphold excellent and ethical standards in the discharge their statutory roles of monitoring and reporting of non-compliance of Pension Fund Administrators (PFAs).

    The Acting Director General of PenCom, Mrs Aisha Dahir-Umar, who gave the charge on Monday at the 6th session of the Compliance Officers Forum (COF) in Uyo, said it is imperative that Compliance Officers discharge their statutory roles with the required professionalism, independence and integrity.

    According to her, “In an effort to promote a stable and sustainable pension industry, the Commission adopted zero tolerance for non-compliance and consultative supervisory philosophy in the issuance of guidelines and the review of existing ones to further promote sound corporate governance in the industry and ensure the security of the pension assets.

    Read Also: PENCOM sensitizes on micro-pension

    “In addition, the Commission has this year moved to a more risk based approach to supervising pension operators by aligning its supervisory framework with that of the Financial Services Regulation Coordinating Committee (FSRCC). We believe this will promote better risk management in licensed pension operators.”

    She further added that: “The Commission recently released the framework and guidelines for the implementation of the Micro Pension Scheme, which is targeted at increased participation of employees in the informal sector, Multi-fund structure and revised guideline for Fund Accounting as well as revised Circular for Branch opening and Service Centre by PFAs.

    “Similarly, Circulars on pension enhancement and processing procedures of deceased benefits entitlement were also released by the Commission.

    “The monitoring and reporting of non-compliance with regards to the implementation of these guidelines and other existing regulations remains part of the responsibilities of the Compliance Officers.”

    The forum focused on reviewing compliance and ethical culture; institutionalization of Know Your Customer (KYC) processes in the industry; matters of identity theft in data capturing; emerging risks and its mitigating factors as well as other general industry operational issues.

  • Financially excluded a minus to our GDP – SEC

    Securities and Exchange Commission (SEC) has lamented the non-participation of those in the grassroots in the financial sector, noting that this has affected the Gross Domestic Product (GDP) of the country.

    SEC’s Acting Director-General, Mary Uduk, stated this during its financial inclusion sensitization programme in Gwagwalada Area Council, Abuja, on Thursday.

    Uduk, who was represented by Head of Investor Education at the commission, Francis Okafor, stated that the sensitization programme hopes to enlighten those at the grassroots, and educate them on how to invest in the Capital Market and the financial industry.

    She said the target of the commission is to ensure that by the end of this year, every area council in Abuja is reached.

    Uduk said: “The last sensitization programme for this year will be held in Abaji area council. We want to ensure that by the end of this year, every area council in Abuja is reached.

     “If you buy shares, you are sure to get it back (dividends). Pension is not only for civil servants, but also for business people through the Micro Pension Scheme; that is why we have partnered PenCom.

    “In Kano we talked about commodity ecosystem and non-interest finance. It was quite successful in Kano.

    “Commodity Ecosystem is all about commodities – agricultural products. In the hay days of this country, we had things like the groundnut pyramids etc., today, those thing have died down. Beyond oil, Agriculture is a sector that can bring this country into limelight.

    “We hope to establish and increase commodity exchange that will compete, if not better than what we have today in the stock exchange.

    Read Also: Nigeria’s GDP contracts as oil production slumps

    “A committee has submitted a report on the Commodity Ecosystem; we are currently at the implementation stage.

    “We have partners and collaborators under financial inclusion. We have the Nigeria Deposit Insurance Commission (NDIC), National Pension Commission (PenCom), National Insurance Commission (NAICOM) etc.”

    The apex regulator of the capital market encouraged participants to embrace collective investment schemes like the Esusu and others that are regulated by SEC. Explaining that the Sukuk which is a non-interest finance scheme, is not a purely religious arrangement that excludes everyone else, urging participants to engage it.

    Head of Awareness Unit of Micro Pensions Department of PenCom, Mr. Emeka Onuora, said: “Micro pension is part of the Contributory Pension Scheme (CPS). It is a coverage extension of the CPS.

    “We have always placed emphasis on those that are working in government offices under the CPS; this time around, we want to include individuals working on their own. We want to educate them on the need to make provisions for their retirement regardless of whether they are working on their own.

    “For the Micro Pension Scheme (MPS), you have to be registered to get started just like you get registered under the CPS with Pension Fund Administrator (PFA).

    “When it comes to making payments (contributions), you can use your phones, ATM cards, USSD, banks, etc.

    “For the Micro Pension Scheme, you are not compelled on the amount you have to pay or the frequency of payment. You can pay in daily, weekly or monthly.

    “The MPS has incentives such that you have access to a certain percentage of your contributions for everyday expenses; this amounts to 40%. The other 60% is kept for your pension and is being invested by the Pension Fund Administrator so that when you retire, you are guaranteed your pension.”

  • Pension :New template will ensure prompt payment – Official

    Mr Idowu Muslim, a Business Development and Research Manager Nigeria, NLPC Pension Administration Ltd., said the ‘Revised Programmed Withdrawal Template,’ introduced by the National Pension Commission (PenCom) would ensure prompt payment of retirees’ monthly benefits.
    Muslim said this at an interactive session with the Staff of the News Agency of Nigeria (NAN) on Friday in Lagos.
    According to him, the programme allows Pension Fund Administrations (PFAs) to input retirees’ details for easy calculation of benefits.

    He said the introduction of the template on May 15 led to the reduction in the percentage of the lump sum paid to retirees as first tranche of benefits.
    Muslim said the minimum lump sum, that is, total upfront payment, was reduced from 25 per cent to 20 per cent, after which the monthly pension would be calculated from 20 per cent to 80 per cent.
    He said, “With the template, what we need to do is to put your age, sex, total amount contributed and salaries in the template.
    “Once all the information is inserted into the template, it tells you what retirees can take as lump sum and what to be taken as monthly pension.
    “Before the template, a retiree could get 25 per cent of total contribution as lump sum and the rest as programmed withdrawal or annuity depending on retiree’s choice,” said Muslim.
    He explained that failure to update statement of account and inaccurate information on date of birth were some of the factors affecting prompt payment of pension to retirees.
    Muslim said in choosing any option, retirees had to understand their peculiarities before deciding on which withdrawal method to choose.
    He added that other factors needed to be considered were job loss, plan before retirement as well as retirees’ contributions before opting for annuity or programmed withdrawal.
    “Annuity is guaranteed for 10 years, and thereafter for life, but provided the retiree is alive.
    “If after 10 years, the retiree dies, nothing goes to the family because he or she is guaranteed for 10 years.
    “So, after 10 years, what happens to the family if the retiree dies? I will advise that the retiree goes for annuity when he or she has a young family,” he added.
    He urged workers to always remember that the idea behind pension was to make provision for life after service as well as support one’s family after death.
    He said the Pension Reform Act of 2004 had made pension and life insurance compulsory, and that workers should know the difference between beneficiary and next of kin.
    According to him, only a beneficiary is entitled to the retiree’s benefits in case of death while next of kin is a contact for information.
    Muslim urged those still working to always check their statements of account regularly to ensure that they were informed on their monthly contribution instead of waiting to do so after retirement.

  • PenCom clears over 4000 firms to bid for FG contracts

    The National Pension Commission ( PenCom ), on Wednesday issued compliance certificates to more than 4,000 firms to enable them bid for Federal Government contracts.

    Dr Amino Farouk, the Head, Research and Corporate Strategy Department, PenCom made this known in an interview with our correspondent in Lagos.

    He said as at March 23, about 353 firms had complied with the requirements as stipulated in the Pension Reform Act ( PRA ) 2014, and were subsequently cleared to secure Federal Government’s contracts.

    “The 353 companies pushed the total sum of the companies the commission issued compliance certificates since PenCom’s inception to over 4000,’’ Farouk said.

    According to him, the certificate is evidence that they have fully paid the contributions of their employees.

    “The compliance certificates issued to the firms meant they had fully paid the contributions of their employees and had paid the premium for Group Life insurance covering their employees fully.

    “Thus, in the event of death in active service, their families will be paid benefits to the tune 300 per cent of the deceased’s full annual salary and allowances,’’ Farouk said.
    He appealed to Ministries, Departments and Agencies (MDAs) to support the initiative of issuing certificate of compliance to deserving firms.

    “Some MDAs often accept spurious evidence of compliance from contractors and being reluctant to ensure that companies bidding for works fulfilled their obligations relating to pensions as enunciated in the Public Procurement Act 2007.

    “The commission posited that methods deployed by MDAs include, the exclusion of the pension requirement in the advertisement for contractors or acceptance of spurious evidence of compliance from them.

    “We once again appeal to them to support the laudable initiative,’’ he stressed.

    According to Farouk, some of the firms cleared by the commission included Reynolds Construction Company Limited, which has 3,643 employees and has also contributed N726.43 million.

    Others are: Leadway Assurance Company Limited, with 283 employees, and has contributed N133.02 million, Ghazi Shipping and Trading Company Limited, with five employees contributed N3.13 million, AIICO Insurance Plc, with 264 employees contributed N135.11 million.

    Farouk also said Cornerstone Insurance Plc with 204 employees, contributed N132.20 million, Linkage Assurance Plc, which has 231 employees, contributed N65.50 million.

    NSIA Insurance Limited with 99 employees, contributed N27.95 million, while Solid Trust Insurance Brokers Limited with nine staff contributed N5.03 million.

    “Risk Analyst Insurance Brokers Limited, has nine employees and contributed N2.42 million.

    “Prorisk Insurance Brokers Limited has nine staff and contributed N2.42 million, while Image Brokers Limited has 16 employees and contributed N1.51 million.

    “Wib Insurance Brokers Limited with three staff, contributed N855,499.58 and Denos Insurance Brokers Limited with nine staff, contributed N660,240.12,” said Farouk.’’

    Similarly, Geo-Chem West Africa Limited with 19 employees contributed N3.86 million, while Setraco Nigeria Limited with 2839 employees contributed N455.05 million.

    North South Power Company Limited, with 331 employees contributed N114.65 million, just as Oriental Energy Resources Limited with 43 employees contributed N41.59 million, among several others.

    NAN

  • PenCom recovers N1.34bn pension in third quarter of 2017

    PenCom recovers N1.34bn pension in third quarter of 2017

    The National Pension Commission ( PenCom ) has recovered pension contributions and interest totaling N1.34billion from defaulting employers during the third quarter of 2017.

    The Commission in its 2017 third quarter report posted on its website said it used 55 consultants as recovery agents to get back the outstanding pension contributions and penalties from the defaulting employers.

    PenCom said the affected employers were issued with appropriate notice to remit the outstanding pension contributions.

    “During the quarter, the sum of N1.34 billion was recovered, this brings the total recoveries made since inception of the Recovery Agents’ activities in 2012 to N13.58 billion,” it stated.

    On Pension contributions within the period, it indicates that the total monthly pension contribution by contributors from the public and private sectors into their Retirement Saving Accounts ( RSA ) was N4.38 trillion.

    This, it said showed an increase of N135.22 billion representing 3.18 per cent over the total contributions as at the end of the previous quarter.

    According to the report, the aggregate total contribution shows that the public sector contributed 51.34 per cent, while the private sector contributed the remaining 48.64 per cent.

    It, however, pointed out that during the quarter under review; the public sector contributed 40.87 per cent of the total contributions received while the private sector contributed 59.13 per cent.

    It further revealed that the aggregate total pension contribution of the private sector increased from N2.05 trillion as at second quarter of 2017 to N2.13 trillion as at third quarter of 2017, representing a growth of 3.89 per cent.

    Also, the aggregate total pension contribution by the public sector grew by 2.52 per cent from N2.20 trillion to N2.25 trillion over the same period.

    The statement noted that the commission continued the ongoing refund of contributions made by military and other security service agencies personnel exempted from the contributory pension scheme.

    It added that during the quarter under review, the department responsible for military pensions processed 254 applications for the refund.

    PenCom said N39.83 million was refunded to the contributors while the sum of N127.13 million, representing contributions made by the Federal Government on their behalf was returned to the contributory pension account.

    The statement also indicated that 27 state governments have enacted laws to implement the Contributory Pension Scheme (CPS) as at the third quarter of 2017, while eight states were currently in the process of implementing the CPS law.

    The report revealed that Yobe was, however, yet to commence the process of enacting a law on the CPS.

    NAN

  • PenCom approved N8.26bn as death benefits in third quarter of 2017

    PenCom approved N8.26bn as death benefits in third quarter of 2017

    The National Pension Commission ( PenCom ) has approved N8.26 billion as death benefits to beneficiaries of 2,391 deceased employees during the third quarter of 2017.

    PenCom in its 2017 third quarter report posted on its website indicated that the approval in the quarter moved the cumulative death benefits payments to a total of N129.70 billion..

    PenCom said that the payment comprised of life insurance of 42,851 deceased employees from both private and public sector of the economy.

    The report also showed that the total number of retirees currently receiving their pensions under the Programmed Withdrawal (PW) increased from 158,409 in the previous quarter to 165,740 in the third quarter, 2017.

    This, it said represents 4.63 per cent (7,331) increase from the total retirement recorded through the PW.

    A sectorial breakdown of those that retired under the PW during the quarter shows that, the public sector had 50.81 per cent (3,725) of total retirees while the private sector was 49.19 per cent (3,606).

    During the quarter under review, the document revealed that 7,331 retirees were paid the sum of N17.91 billion as lump sum and N0.27 billion as monthly programmed withdrawals.

    The report shows that from inception to date, a total of 165,740 retirees have been paid the sum of N427.16 billion as lump sum and N5.63 billion as monthly programmed withdrawals.

    On retirement by annuity, the Commission approved a total of 5,243 applications for annuity retirement plan during the quarter, bringing the total number of retirees receiving their retirement benefits through the annuity plan to 41,688.

    It indicates that 5,243 retirees received N4.30 billion as lump sum payment and paid annuity premium of N27.74 billion to Insurance companies, totaling N53.98 billion and N205.85 billion as lump sum payments and annuity premium.

    It said that the retirees were receiving average monthly annuity of N1.85 billion as at the end of September 2017.

    On withdrawal of 25 per cent of Retirement Saving Account (RSA) balances, it said approval was granted for payment of N5.00 billion to 16,165 RSA holders.

    According to the report, the RSA holders were those under the age of 50 years and were disengaged from work and unable to secure another job within 4 months of disengagement.

    It said the cumulative total number of disengaged RSA holders who were paid 25 per cent was 221,777 and were paid N76.03 billion from inception to date.

    A further analysis on the payment of disengaged RSA holder, according to the report, showed that the private sector accounted for 95.40 per cent (221,777) while the public sector accounted for 4.60 per cent (10,687).

    NAN

  • NAICOM, others to lead discussions at NAIPCO 2017 conference

    NAICOM, others to lead discussions at NAIPCO 2017 conference

    The National Insurance Commission ( NAICOM ), National Pension Commission ( PenCom ) and Lagos State Government are to lead discussions on burning industry issues at the Insurance and Pension Correspondents 2017 Conference on Oct. 25.

    The National Association of Insurance and Pension Correspondents ( NAIPCO ), which disclosed this in a statement signed by its President, Mrs Omobola Tolu-Kusimo, said the conference would be held in Lagos.

    Tolu-Kusimo said that the theme of the conference would be “Legislation of Pensions, Intrigues, Interest, Governance and the People”.

    She said that the keynote address at the conference would be delivered by the Lagos State Governor, Mr Akinwunmi Ambode.

    The NAIPCO president said that solutions would be proffered to challenges facing the sector to enhance its contributions to economic growth.

    “The stakeholders will discuss legislations in the sectors and impact on Nigerians at large.

    “An investor and Industrialist, Chief Dele Fajemirokun, will chair the occasion, while the Iyaloja of Lagos, Mrs Folashade Tinubu-Ojo, is expected to lead the market women and traders to the conference.

    “The 3-in-1 event will also accommodate the launch of the Association’s Quarterly Journal named “NAIPCO Trumpet”, and awards for deserving legendaries in the insurance and pension sectors.

    “At the event, 21 individuals and companies have been slated for awards for their outstanding services and performance,” Tolu-Kusimo said.

    She said that the lead paper of the conference on  “Insurance Legislation: Beyond Lawmaking” would be delivered by the Managing Director, Leadway Assurance Ltd., Mr Oye Hassan-Odukale.

    “Another paper on ‘Insurance Consumption: The Apathy and Unknown Secret,’ will be delivered by the Deputy Commissioner, NAICOM, Mr Sunday Olorundare Thomas.

    “The Director General, Lagos State Pensions Commission (LASPEC), Mrs. Folashade Onanuga, will speak on ‘Boosting Customer Service Relations between Insurance and Pension Operators’.

    “A paper titled: ‘An Overview of Pension Administration in Nigeria’, is expected to be delivered by the Chairman, Pension Funds Operators’ Association of Nigeria (PenOp), Mr Lounge Eguarekhide,” the NAIPCO president said.

    NAN

  • PENCOM to launch micro-pension scheme for self employed

    PENCOM to launch micro-pension scheme for self employed

    The National Pension Commission (PENCOM) has said it will soon launch a micro pension scheme to take care of the interest of self-employed individuals in the country, just as it announced that only three, out of the 36 states in the country have fully implemented the Contributory Pension Scheme in accordance with the Pension Reforms Acts of 2014.

    Head of Research of the Commission, Farouk Aminu who spoke at the 10th Delegates Conference of the Nigeria Union of Pensioners (NUP) in Kaduna said the Pension Reforms Act  has made it possible for Pension to be extended to the self-employed.

    He also said that the Act made it mandatory for the 36 states to implement the Contributory Pension Scheme for their workers, adding that so far, 11 states babe shown signs of willingness to implement the scheme and are at various stages of implementation.

    However, he said only Jigawa, Kaduna and Ogun states have fully complied with the provisions of the act and are now implementing the scheme for their workers, but expressed the confidence that other states will soon join the league when the bill before their state assemblies is signed into law.

    Aminu said: “One of the beauty of the contributory pension scheme is that  it has established a robust institutional and legal framework particularly as regards pension assets. The Pension Fund Administrators just provide account services. But the Pension Fund Custodians are in custody of the funds and keep in trust the pension assets on behalf of the contributors.

    “Therefore, not a single kobo is with the National Pension Commission or the Pension Fund Administrators. The custodians are four major banks in the country and gas given us the guarantee on the total pension assets in their custody.

    “So, what ever happen in the pension industry, the pensions are fully safe under the custody of the four custodians. National Pension Commission is the regulator of all pension matters in the country, including supervision of the Pension Fund Administrators and regulating them, supervising and regulating the Pension Funds Custodians as well as supervision of PTAD.

    “Our happiness is that Pencom has a robust board that has as members, people that are really keen and interested in the way pension administration and regulations takes place as well as all the legislations.

    “The members include the President of the Nigeria Labour Congress, the Trade Union Congress and the Nigeria Union of Pensioners. This is just to tell you that whatever decisions are taken by the board will be in the total interest of pensioners in the country.

    “Due to the effort and intervention of the Chairman, House of Representatives Committee on Pensions, the Contributory Pension Scheme was given N54 billion by the Federal Government to clear some pension arrears.

    “We received an initial N12 billion and we have asked the Central Bank of Nigeria who is the custodian of those assets to the money to retirees of the Federal government who retired in January and February 2016.

    “We have also received cash backing of N41 billion which we are going to use to pay outstanding arrears of those who retired between March ad August 2016. We pray that when the inter-ministerial committee submits it’s report, the government will be able to give us the balance of the arrears.

    “The Pension Reform Act 2014 has made the implementation of the Contributory Pension Scheme mandatory on all states. So far, about 11 state government are implementing the scheme. Jigawa, Kaduna and Ogun states have fully implemented the scheme, while many other states are at various stages of implementation. “However, because of the regulation of pension, it is no longer an exclusive right of people who work in the public service or organised private sector. Pension is now available for people who are self-employed.

    “For us to ensure that these people are given the opportunity to participate in the pension scheme, pencom has introduced the Micro Pension Scheme. We will soon have a pilot launch of the scheme that will allow the self-employed to participate in the pension scheme.

    “The arrears that is owed by the federal government include the 1% of the minimum wage which is to be set aside for the establishment of the Pension Protection Fund which was provided for under section 82 of the Pension Reform Act 2014. There is also about N400 million that is due for the payment of pension of retired Permanent Secretaries.

    “The Pension Reforms Act recognised the need for pension increase as provided for by the section 173 of the 1999 constitution. For this reason, the 15% pension increase made to federal employees in 2007 has been computed and recognised and this amount to about N79 billion.

    “We are yet to do the computation of the 33% for the contributory pension scheme. But when we do that, we will definitely advice the necessity authority for the release of the money to be paid to the beneficiaries.”

    He assured that Pencom remain commuted to ensuring that every person who work, whether in the public or private sector receives his or her pension as and when due.

  • PenCom set to open transfer window – Mele

    The National Pension Commission (PenCom), has concluded arrangements for the opening of transfer window to customers.

    Mr Adamu Mele, Executive Director, Operations and Services, Premium Pension Limited, made the disclosure in an interview with the News Agency of Nigeria (NAN), in Abuja on Wednesday.

    According to him, there are several institutions handling the identities of Nigerians. “These institutions have to be harmonised to have a centralised data to guard against having multiple identifications.

    “It is going to be very difficult to really move people around in terms of their choices because we are talking of life savings here.

    “ Pension fund management is a very delicate business; you cannot work for 30 or 35 years and then wake up one day and find that you have lost your money.

    “So, we have been very careful with the system that we put in place.

    “We have had to ensure that right structures are in place to enable us adhere strictly to the guidelines laid out by PenCom with regard to the movement of customers across the Pension Fund Administrators (PFAs).

    “We are waiting to see what would happen soon. I don’t think it would take long before the transfer window opens’’, Mele said.

    He said that harmonised institution and a centralised data for identification of Nigerians would make it easy to determine a person’s biometric and know actually if he was the one being identified.

    He noted that PenCom was working round the clock to ensure a hitch-fee movement, adding that there are more than seven million people in the data base of the Contributory Pension Scheme.

    Mele added that the pension industry had generated close to N6.5 trillion, noting that the fund could be deployed to many areas in the economy to fast-track economic development in the country “following well-laid-out PenCom guidelines in this regard.’’

    The executive director also urged all the agencies and departments of the states and local governments, as well as corporate companies who had not joined the scheme to do so.

    According to him, the scheme remains the most rewarding and workable means of safeguarding the future of Nigerian workers.

  • N54bn pension arrears will boost economic activities – Experts

    Some experts have commended the Federal Government for releasing N54 billion pension arrears, saying it would boost demand for goods and services in the county.

    They told the News Agency of Nigeria (NAN) in interviews on Friday in Lagos that the funds would stimulate economic activities.

    NAN reports that the National Pension Commission (PenCom) is expected to disburse the fund to Pension Fund Administrators (PFAs) for onward payment to retirees.

    Mallam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., a PFA operator, said the release of the funds would boost economic activities through various investments.

    Kurfi, who commended the Federal Government for settling the arrears, saying that part of the funds would find their ways into the bond market, equities market and money market instruments.

    “The development is a good thing because we have many outstanding funds with PenCom; the release of the funds will go a long way in revitalising the economy,’’ he said.

    Kurfi said that PFAs, in line with their mandate to divert part of the money to investable incomes, would invest some of it in the market.

    He called on the government to avoid delays in paying pensioners, noting that some of the beneficiaries could have died before the release of the funds.

    “Pensioners should be paid as and when due for individuals to benefit from it and at the same time to kick-start economic activities”.

    Dr Uche Uwaleke, Head of Banking and Finance Department, Nasarawa State University, said that the issue of pension arrears had always been a knotty one for the Federal Government.

    Uwaleke told NAN that state governments were equally facing the same challenge which, in most cases, were due to under-appropriation or shortfalls in projected revenue.

    He said that governments’ inability to settle salaries and pension obligations contributed significantly to the current economic recession.

    “If fund for the pension arrears is released now, it will go a long way in boosting demand for goods and services as well as stimulating the economy, thereby hastening the recovery process,’’ Uwaleke said.

    He said that adequate provisions should be made in the annual budget to avoid arrears, especially now that the contributory pension scheme is in place.

    “Government at all levels, when rationing available revenue, should accord priority to the payment of workers’ salaries and pensions of retirees.”

    Reports have it that the Federal Government, on April 6, said it had cleared inherited arrears of accrued pension benefits for 2014, 2015 and 2016 by releasing N41.5 billion and N12.5 billion for January, February and March this year.

    Mrs Kemi Adeosun, the Minister of Finance, confirmed the release of the money in a statement signed by the Director of Information in the ministry, Salisu Dambatta.

    She said the government was concerned about the plight of pensioners who retired under the Contributory Pension Scheme without being paid.

    “Despite conflicting demands for available cash, President Muhammadu Buhari has always expressed concern about the plight of workers and pensioners.

    “Consistent with this, we have released N41.5 billion, which clears the arrears inherited from the previous administration from 2013 to 2015 and underpayments in 2016.

    “This will bring relief to thousands of our elders who have served and deserve to be paid their entitlements promptly and fully.

    “The amount we paid includes arrears and the impact is that those who retired as far back as 2013, who had been unable to access pension under the contributory scheme due to non-payment, will now be paid.”

    The minister said that henceforth, the monthly allocation to PenCom, based on the 2017 appropriation, would be paid regularly along with the monthly salaries of ministries, departments and agencies of the Federal Government.