PenCom assures retirees of prompt payment
The National Pension Commission (PENCOM) has promised that federal retirees would no longer face delays in pension payments after retirement.
The commission also said N14.5 trillion available pension fund was not idle as N9.5 trillion out of the amount has been invested in Federal Government security, N1.23 trillion in equities and 35 per cent of the fund in the money market.
The Director-General (DG), PenCom, Aisha Dahir-Umar, disclosed this to the Senate Committee on Finance at the just held interface with government agencies on the 2023 – 2025 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
Dahir-Umar said the backlog causing a delay in payment over the years is almost cleared by the Federal Government.
According to her, in the last 17 years, the Federal Government has been paying N49 billion per month to offset the accrued rights to pensioners.
“Late payment of pension to pensioners will be a thing of the past very soon as required steps in that direction have been taken by the government whose retirees are affected,” she said.
She informed the committee on the development of the N14.5 trillion available pension fund, saying it is invested in government projects across the country, while 35 per cent of the fund is invested in the money market.