PenCom Calls on Former Workers of Diamond Bank, Oceanic Bank, Others to Claim N12bn Fund
- PenCOm has urged ex-workers of some defunct companies in Nigeria to show up to collect their fund
- The Commission said it would put a list of all the beneficiaries and where the funds are located on its website
- Beneficiaries are expected to contact their respective PFAs to recover a total of N12 billion from the TFC
Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.
The National Pension Commission (PenCom) has notified former staff members of several dissolved corporations to come forward for their Transition Contribution Funds (TCF).
The companies include Diamond Bank, Intercontinental Bank, Citizen Bank, Mainstream Bank, Oceanic Banks and others.
Source: UGC
The Commission encourages them to contact their respective Pension Fund Administrators (PFAs) to recover a total of N12 billion from the TFC.
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This follows an earlier disclosure by PenCom that 13,126 Nigerian workers who lost their jobs and are still under 50 withdrew N12.56 billion from their pension fund contributions in the first three months of 2023.
Beneficiaries to approach the PFAs for payment
Ehimeme Ohioma, PenCom's Head of the Investment Supervision Department, disclosed that from the N12 billion, N58 million has been disbursed to the Retirement Savings Accounts (RSAs) of beneficiaries who submitted the required documentation for fund disbursement.
According to the Independent, Ohioma spoke on behalf of Aisha Dahir-Umar, the Director-General of PenCom, during the media gathering hosted by the Pension Fund Operators (PenOp) with the theme themed 'At the Dawn of 20years of Pension Reform, What Are The Gains'?
He said:
“In September what the commission did was to put a list of all the beneficiaries on its website according to each PFA where these funds are located and we expect these people to go to the website, search their names and approach the PFAs for payment.”
“I have funds there too since 2014, I didn’t know they were there, I have to let my colleagues know too, pls let us get these funds to them, even if it is N200k they will be happy if it is transferred to their RSAs.”
Providing insights into the payment procedure, Ohioma clarified that PFAs are restricted from disbursing cash payments and are mandated to transfer funds to RSAs, especially for individuals employed in other institutions who already hold RSAs.
The identification of unclaimed funds is credited to recovery agents enlisted by the Commission, and these funds are presently under the custody of the PFAs.
Concerning pension disbursements within the Contributory Pension Scheme (CPS), Ohioma affirmed that the Commission maintains a steadfast commitment to ensuring pensioners receive their funds on or before the 25th of every month.
Emphasizing the significance of service delivery, he underscored that addressing contributors' concerns is pivotal for the industry's success.
Legit.ng report earlier showed that about 21 state governments in Nigeria owed retirees close to N800 billion in inherited pensions and gratuities.
Workers' retirement secured as penCom recovers N25bn unremitted pension contributions
In related news, Legit.ng reported that PenCom reported the effective retrieval of N25.13 billion from defaulting employers.
This disclosure comes from a PenCom-issued report outlining that the recovered sum comprises N12.80 billion in principal contributions and N12.33 billion in penalties for delayed payments.
The report specifies that these recoveries encompass the period from June 2012 to the previous month.
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Source: Legit.ng
