The Office of the Accountant General of the Federation (OAGF), has released N22 billion to partially settle unpaid accrued pension rights for retirees of Federal Government Treasury-funded Ministries, Departments, and Agencies (MDAs) under the Contributory Pension Scheme, CPS. According to the National Pension Commission (PenCom), the payment is part of the 2024 Appropriation for the period July to September. In …

The Bureau of Public Service Reforms (BPSR) and the National Pension Commission (PenCom) have announced plans to enhance pension management and facilitate a smoother transition for retiring public servants in Nigeria. This was revealed in a statement by the Head of Strategic Communication at BPSR, Aliyu Umar, on Thursday. The development was discussed during a courtesy visit by BPSR to …

The National Pension Commission (PenCom), has disclosed that it disbursed N117.89 billion as retirement benefit to retirees in the fourth quarter of 2023, Q4’23. Data obtained from the PenCom quarterly report shows a 22.88% increase as against N95.94 billion recorded in the third quarter of 2023, Q3’23. According to PenCom, the increase is a result of  higher lump-sum and annuity premium payments …

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has announced its innovative specialised mortgage solution designed to address the challenge of accessing mortgage finance for salary earners. Leveraging the Pension Commission’s policy update allows pension contributors to access part of their retirement savings as equity contributions for a mortgage. This unique product provides individuals with a more accessible pathway …

The National Pension Commission (PenCom) has warned private employees in the private sector against opening multiple retirement savings accounts. The commission said employees who open more than one retirement savings account would encounter problems at the end of their work life. PenCom’s Director General, Aisha Dahir-Umar, disclosed this at a one-day interactive session with the organised private sector on the …

The National Pension Commission (PenCom) has transferred a total of N10.2 billion to 142,486 Retirement Savings Accounts (RSA) owners of the Organized Private Sector (OPS) under the Nigerian Social Insurance Trust Fund (NSITF) scheme to date. This was made public by the director general of PenCom Aisha Dahiru Umar at a one-day interactive session with the Organised Private Sector on …