The Head of Corporate Communications at the commission, Ibrahim Buwai, disclosed this in an interview with the News Agency of Nigeria on Sunday in Abuja.
According to him, PenCom has strengthened its internal processes, introduced reforms, and improved remittance systems to ensure that retirees now receive their accrued pension rights promptly.
“As of today, payments for November retirees have been completed. The accrued rights of those retiring in December will be paid before the 15th, as earlier announced, so they can receive their benefits ahead of the festive season,” Buwai said.
He noted that the Federal Government recently released ₦758 billion in bond proceeds to clear outstanding pension liabilities, including arrears from pension increases dating back to 2007. With these funds and reforms in place, delays in pension payments for treasury-funded MDA retirees will no longer occur.
“PenCom remains committed to strengthening the pension system and safeguarding the welfare of retirees nationwide,” he added.
Buwai further revealed that the commission is addressing the problem of employers who fail to remit pension contributions to Pension Fund Administrators (PFAs).
He explained that PenCom’s Director-General, Omolola Oloworaran, recently signed a Memorandum of Understanding (MoU) with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to recover unremitted pension contributions and enforce compliance.
“The MoU empowers the ICPC to ensure prompt disbursement of recovered funds into Retirement Savings Accounts and to hold defaulting employers accountable under the law. Defaulters will be punished as the law provides,” he said.
Buwai assured retirees that the commission will continue to enforce reforms aimed at guaranteeing timely payments and securing the pension rights of workers across the country.
