The National Pension Commission (PenCom) has directed the Pension Fund Administrators (PFAs) to implement pension enhancement for retirees on programmed withdrawal mode under the Contributory Pension Scheme.
PenCom disclosed this in a statement while revealing that this would be the second edition of the pension enhancement for retirees on the programmed withdrawal mode of retirement.
According to the statement, “The pension enhancement is for Contributory Pension Scheme (CPS) retirees who have accumulated significant growth in their Retirement Savings Accounts (RSAs) and had retired between July 2007 and December 2017.
“Accordingly, the retirees referred to above are by this notice advised to contact their respective Pension Fund Administrators (PFAs) to confirm their eligibility and complete requisite documentations.”
It would be recalled that that in January 2017, PenCom implemented the first pension enhancement plan for the programmed withdrawal retirees. However, some retirees were not entitled to the increase due insufficient balances in their RSAs.