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The National Pension Commission has approved the third pension enhancement for all retirees under the Contributory Pension Scheme.

In a press release on 20 December PenCom revealed that the enhancement will take effect from February 2023 and urged all retirees to contact their Pension Fund Administrators (PFAs) to complete the required documentation.

The press statement reads:

  1. The National Pension Commission (PenCom) is pleased to inform the general public that the third edition of pension enhancement under the Contributory Pension Scheme (CPS) has been approved. The exercise is for existing retirees under Programmed Withdrawal who have accumulated significant growth in their Retirement Savings Accounts (RSAs).
  2. The effective commencement date of the enhancement is February 2023.
  3. All relevant retirees are, by this notice, advised to contact their respective Pension Fund Administrators (PFAS) to complete the required documentation.
  4. Finally, PenCom assures all stakeholders of its commitment to the effective regulation, supervision, and administration of pension matters in Nigeria.

Source: PenCom

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