Nigeria’s National Pension Commission (PenCom) has issued a revised regulation on retirement and terminal benefits for immediate implementation.
This is the maiden comprehensive review of the regulation
since its initial issuance in the year 2007.
The regulation guides the process of accessing retirement
and terminal benefits by pension contributors and retirees under the
Contributory Pension Scheme (CPS).
In line with its consultative approach, PenCom obtained
input from key stakeholders in order to ensure a more efficient retirement
benefit administration.
The commission disclosed the new development on it’s
verified twitter handle.
The revised regulation contains several new provisions on
pension enhancement, voluntary contributions, temporary access to RSA due to
loss of job, payment under the Micro Pension plan, administrative sanctions for
violations by Pension Fund Administrators (PFAs), amongst others.
The new regulation introduces salient amendments to several
existing provisions while providing more clarity on others.
While the old regulation outlined the documents required for
retirees to access benefits, the revised regulation has simplified the
documentation process.
The new regulation mandated PFAs to make efforts to ensure
that all documentation preparatory to the retirement of the Retirement Savings
Account (RSA) holder be provided and concluded within a period of four months
prior to the date of retirement.
In order to ensure that prospective retirees are duly
educated on the modes of accessing their benefits, PFAs have also been mandated
to advise prospective retirees to check their websites and be acquainted with
the CPS retirement pack containing features of Programmed Withdrawal (PW) and
Retiree Life Annuity (RLA) at least three months to date of retirement.
The pack also contains other salient issues that would guide the retirees towards a smooth retirement process.
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