The Contributory Pension and Happy Retirement Advocacy (COPEHRA) says the new policy by the National Pension Commission (PenCom) will boost transparency, accountability and the integrity of the pension system.
The COPEHRA Senior Technical Advisor, Alhaji Sani Mustapha, said this in an interview with the News Agency of Nigeria (NAN) in Abuja on Monday.
Mustapha was reacting to a circular released by PenCom mandating payment of retirement benefits within three days.
According to him, from June 1, PFAs will no longer be required to seek approval from PenCom before processing and disbursing benefits.
He said that the new directive affected programmed withdrawal, retiree, life annuity, and temporary loss of employment benefits, among others.
Mustapha said that the policy initiative was aimed at expediting the payment of benefits to Retirement Savings Account (RSA) holders.
He said that the efforts were to enhance operational efficiency and service delivery.
Mustapha urged PenCom to intensify its oversight of PFAs and their activities.
“PenCom should continue to monitor the implementation of this policy through its regulatory technology platforms and other supervisory mechanisms to ensure full compliance,” he said.
He also advised prospective retirees to submit all relevant documents six months before retirement according to the commission’s regulations and guidelines.
Mustapha said that the timely submission of the necessary documentation to their PFAs was crucial for seamless access to benefits.
He said that the Contributory Pension Scheme (CPS) was the best for the country.
“This is a welcome development and we hope for better days to come.
“I commended the director general of PenCom for this laudable development in the pension industry, as it will boost more trust in the industry,” Mustapha said.
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