PenCom creates new department to tackle complaints by retirees

National Pension Commission (PenCom) has created a new department to address complaints by retirees, particularly in the area of data capturing.
There had been growing cases of complaints by retirees seeking to assess pension benefits, with the commission saying about 150 to 200 instances were being recorded daily.
   
Delivering a paper, titled ‘Enhancing Customer Service in the Pension Industry’, the Head of Customer Protection Department, Ikenna Chidi-Ebere, said the commission has set up a framework for prompt payment of pensions without delays.
   
At a one-day workshop, organised for journalists, Chidi-Ebere also urged Pension Fund Administrators (PFA) to ensure requests by retirees are promptly settled.
    
He sought collaboration of the media towards creating awareness on adoption of the pension scheme for the benefit of self-employed, semi and non-organised informal sector operators.
  
 Also, Head of Corporate Communications, Abdulqadir Dahiru, said the commission’s proactive regulatory approach has strengthened oversight and governance of pension funds, promoting transparency, accountability, and safeguarding the interests of pension. 
    
According to him, the Contributory Pension Scheme has ensured that public and private sector workers can build retirement savings throughout their working lives, fostering financial security during their twilight years. 
  
 He said, sadly, some organisations were not remitting workers’ contributions into the Retirement Savings Account (RSA).
  
 “The recovery of pension contributions is an ongoing process, and the commission has substantially recovered both principal contributions and applicable penalties from employers. For instance, during the first quarter of 2023, N384.28 million, comprising contributions of N193.06 million and penalties of N191.22 million, was recovered from 34 defaulting employers,” he explained. 

Meanwhile, from commencement of the exercise in June 2012 to March 31, 2023, the commission has recovered N24.53 billion (contributions of N12.44 billion and penalties of N12.09 billion) from defaulting employers. PenCom also prosecuted recalcitrant employers who persistently default on remittance of pension contributions.