The National Pension Commission (PenCom) has launched its online verification and enrolment exercise for federal government employees set to retire in 2025. The move is part of efforts to streamline the pension process and ensure timely budgetary provisions for accrued pension rights.
Speaking at a workshop for pension desk officers (PDOs) in Abuja, Omolola Oloworaran, PenCom’s acting director-general, said the commission is addressing past challenges, including system downtimes, by developing a more efficient enrolment application. She emphasized the importance of the annual exercise in collecting accurate data for determining retirees’ pension entitlements.
“This workshop is not just a routine gathering; it is part of PenCom’s commitment to building the capacity of stakeholders, specifically the Pension Desk Officers, whose roles are indispensable in this process,” Oloworaran stated.
She acknowledged gaps in previous enrolments, including last-minute technical issues, but reassured that improvements were underway. The commission remains focused on enhancing service delivery and resolving delays in the release of accrued pension rights.
In a related development, PenCom has granted pension fund administrators (PFAs) greater autonomy in processing retirement benefits, aiming to cut bureaucratic delays and speed up disbursements under the contributory pension scheme (CPS). According to a circular dated March 12, PFAs will now approve payments for programmed withdrawals, retiree life annuities, job loss benefits, and exemptions without requiring prior clearance from PenCom.
Under the new framework, PFAs must complete approvals and instruct pension fund custodians (PFCs) to process payments within two working days. Beneficiaries are expected to receive funds in their accounts within 24 hours of PFC authorization.
To support the transition, PenCom has revised five regulatory frameworks, removing the requirement for PFAs to seek approval for various retirement benefits, voluntary contributions, RSA withdrawals for mortgages, and pension enhancements. However, the commission will still oversee approvals for depleted RSAs and death benefits.
PenCom says the changes will significantly improve efficiency and ensure retirees gain quicker access to their entitlements
