The National Pension Commission (PenCom) has assured that outstanding pension liabilities will be settled soon. This announcement was made by Ms. Omolola Oloworaran, Acting Director-General of PenCom, during a workshop for Pension Desk Officers (PDOs) from Treasury-funded Ministries, Departments, and Agencies (MDAs) of the Federal Government, held in Lagos on September 17, 2024.
Oloworaran explained that efforts by key stakeholders are nearing completion to address and clear all outstanding pension liabilities under the Contributory Pension Scheme (CPS). These efforts aim to resolve issues related to inadequate funding and delays in fund releases for the payment of accrued pension rights.
“The current delay in fund release by the Federal Government affects the core objective of the CPS, which is to ensure timely payment of retirement benefits,” Oloworaran stated. “However, we are committed to resolving this situation soon.”
The Acting Director-General also highlighted the upcoming 2024 Online Enrolment Exercise, scheduled to begin on October 7, 2024. This exercise is crucial for verifying and enrolling prospective retirees of Treasury-funded MDAs for 2025. PenCom has automated this process with the deployment of the Online Enrolment Application, which includes modules for retirees, MDAs, Pension Fund Administrators (PFAs), and PenCom itself.
The workshop aimed to train PDOs on using the enrolment application effectively, addressing gaps from previous exercises, and preparing for the upcoming enrolment process. Oloworaran emphasized the importance of these workshops for enhancing PDOs’ knowledge and capacity in managing the enrolment process.
She also acknowledged challenges with the current application due to downtimes during peak periods and announced that PenCom has engaged a consultant to develop a new, more user-friendly enrolment application to improve the process.
Oloworaran urged PDOs to actively participate, seek clarifications, and ensure a thorough understanding to support a successful enrolment exercise.
