Tuesday, October 20, 2020

PenCom approves N2.58bn for relatives of deceased workers

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The National Pension Commission says it released N2.58bn for payment of pension benefits of deceased workers under the Contributory Pension Scheme between April and June 2020.

It disclosed this in its report on the second quarter of 2020 saying the beneficiaries included 288 from the Federal Government, 135 from States and 168 from the private sector.

PenCom also said that during the quarter under review, the Pension Fund Administrators recaptured 56,990 Retirement Savings Account holders and uploaded their data on the Enhanced Contributory Registration System.

It stated that the Enhanced Contributor Registration System, which was deployed in June 2019, had provided a platform for addressing various issues identified with the Contributor Registration System.

PenCom said the PFAs under the assistance of Pension Operators Association had commenced the implementation of a shared service approach in order to speed up the data recapture exercise.

The commission said it generated 190 employer codes in the period under review using the ECRS.