PenCom to take over pension payment of retired permsecs
The National Pension Commission (PENCOM) is finalizing arrangements to take over the payment of retired Federal Heads of Service and Permanent Secretaries who fall under the Contributory Pension Scheme from January, 2018 from the Pension Transitional Arrangement Directorate (PTAD).
There are 217 retired Federal Heads of Service and Permanent Secretaries, out of which 137 fall under the Defined Benefit Scheme (DBS) while 80 are of the Contributory Pension Scheme (CPS).
Recall that PTAD administers all pension matters under the Defined Benefit Scheme and PENCOM handle retirees under the Contributory Pension Scheme.
Under two Memoranda of Understanding (MoU) signed in 2016 and 2017 between both Pension agencies, an agreement was reached for PTAD to pay the monthly pensions of retired Federal Heads of Service and as such, budgetary provisions were made in the 2017 Budget for payment of all 80 retired Federal Heads of Service and Permanent Secretaries under the Contributory Pension Scheme.
Thus far, PTAD has been able to ensure that these senior citizens have received their pension entitlements till date and will continue to do so until 31st December, 2017.
PENCOM has prepared the necessary guidelines for the payment of the retired Federal Heads of Service and Permanent Secretaries under the CPS.
This was a critical area the Executive Secretary of PTAD, Sharon Ikeazor, had earlier stressed a need for to ensure smooth transition devoid of hitches which could negatively impact on pension payments.
The Acting Director General of PENCOM, Aisha Dahir-Umar gave assurances to the Council of Retired Federal Permanent Secretaries (CORFEPS) representatives of a seamless transition as budgetary preparations were in progress to ensure payments are effected from January, 2018.
PTAD had recently carried out a verification of retired Federal Heads of Service and Permanent Secretaries.
The representatives of the CORFEPS in attendance were Mr. Japh Nwosu, the General Secretary; Dr. Goke Adegoroye, the Publicity Secretary and Mr. Akin Arikawe, Treasurer.
Pension Retirement Saving