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The National Pension Commission (PenCom) has announced plans to launch a pilot scheme of its online pre-retirement verification and enrolment process for retirees in the country’s government ministries, departments, and agencies (MDAs).

The Commission announced the enrolment period will run from August 2nd to August 20th, 2021, at a workshop titled ‘Positioning the Pension Industry in a Post-COVID Era’ in Lagos.

PenCom stated that it would be able to register, verify, and enroll prospective retirees of treasury-funded federal government MDAs in order to calculate their accrued pension rights and budgetary allocations.

“As a prelude to the formal deployment of the online enrolment application, the Commission would begin the exercise with selected MDAs in the six geopolitical zones and the Federal Capital Territory (FCT) to test-run the application with real-time data. As a result, the online enrolment application will be hosted on the PenCom website: the Commission stated”

The Commission encouraged prospective retirees to participate in data recapturing exercises with their respective pension fund administrators (PFAs), as this is a requirement for online enrolment.

Maryam Bello, Assistant General Manager, National Databank Management Department, PenCom, stated that since the start of the retirement savings account (RSA) transfer system, 25,645 workers have transferred a total of N102.59 billion to other PFAs.

Bello stated that 2,799, 12,681 and 10,165 workers transferred N18.90 billion, N47.78 billion, and N35.91 billion in the fourth quarter (Q4) of 2020, Q1 2021, and Q2 2021, respectively.

Source: The Guardian

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