In a welcome development, pensioners under the Contributory Pension Scheme (CPS) are set to receive the federal government’s palliative resulting from the removal of the petroleum subsidy. This news follows the earlier assurance given to pensioners under the Defined Benefit Scheme (DBS) in October 2023, making them part of the priority groups eligible for the approved N25,000 Conditional Cash Transfer (CCT).
The Nigeria Union of Pensioners (NUP) has confirmed that retirees under the Pension Transitional Arrangement Directorate (PTAD) will be the first to receive payments, as PTAD has already provided the necessary details of the retirees. The conditional cash transfer is part of the federal government’s poverty alleviation plans, aimed at supporting the economic livelihood of vulnerable groups across the country.
Action Required for Pensioners Under CPS:
To facilitate the direct crediting of accounts, Pension Fund Administrators (PFAs), being private organizations, require the consent of retirees to release their names and bank details to the Ministry of Humanitarian Affairs and Poverty Alleviation. However, information gathered by PensionTalk is that not all pensioners under the CPS are eligible. The criteria could perhaps be based on the RSA balance, amount of take-home pension, etc. Retirees under the CPS are strongly advised to take the following steps:
Contact PFAs Immediately: Reach out to your pension fund administrator promptly to initiate the process. Doing this will let the retirees know whether they are eligible or not.
Consent Form: PFAs will provide retirees with a consent form, which needs to be filled and submitted. Many PFAs have introduced electronic options, allowing retirees to fill out the consent form online. Verify the authenticity of SMS and email communications from PFAs to prevent fraudulent attempts.
Urgency is Key: Some PFAs may have set a deadline for retirees to fill out the consent forms. It is crucial to act promptly to ensure inclusion in the palliative distribution.
Note for Annuity Pensioners:
Retirees under annuity are also enjoined to contact their insurance companies to confirm their eligibility in the palliative distribution.
Please treat this information as urgent. PensionTalk has received reports that some PFAs have set a deadline, with requests for retirees to fill out consent forms by Tuesday, December 19, 2023. If you are reading this after this date, contact your PFA immediately to inquire about the possibility of inclusion.
Note: This publication has been updated to reflect new information.
