PenCom to take over pen­sion pay­ment of re­tired permsecs

Daily Trust - - BUSINESS - By Fran­cis Arinze Iloani

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

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