The National Pension Commission (PenCom), Director-General (D-G), Ms Omolola Oloworaran has reiterated the Contributory Pension Scheme’s (CPS) commitment to fulfil its mandate of timely payment and adequate retirement benefits to retirees.
Oloworaran said this at a news conference in Abuja on Thursday, saying that the pension reform had achieved a milestone.
“A defining milestone in our nation’s pension administration has been achieved through the approval of a N758 billion Federal Government bond to fully settle outstanding pension liabilities under the CPS.”
President Bola Tinubu has signalled a new dawn for pensioners, ensuring that the CPS fulfils its mandate of providing timely and adequate retirement benefits,” the D-G said.
She said that the president had set a new standard for pension administration in the country, effectively resetting the CPS on the path to sustainability. Oloworaran said that achieving full implementation required strategic collaboration.”
PenCom will continue working with all stakeholders to ensure the seamless issuance of the bond and the timely disbursement of pension payments.”
Our priority remains efficiency, transparency and accountability in the administration of retirement benefits,” she said.
Oloworaran said that the resolution of pension liabilities restores confidence in the CPS and positions the pension industry for long-term growth.
She said that beyond the immediate payments to retirees, it would stimulate the economy, deepen the capital market, and enhance financial stability.
Oloworaran said that the landmark bond resolves all accumulated pension liabilities covering: N253 billion accrued pension rights to settle outstanding entitlements for retirees of the Federal Government Treasury-funded MDAs.
She said that addressing the delays caused by previous funding shortfalls, going forward accrued pension rights would be included in the monthly personnel cost general warrant, ensuring automatic and timely payments.
Oloworaran said that N388 billion pension increases since 2007, had been approved, adding that the long-overdue entitlement would benefit more than 250,000 retirees.
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