Retirees under CPS to receive a raise in third such approval by PenCom
By Jeph Ajobaju, Chief Copy Editor
Retirees on programmed withdrawal under the Contributory Pension scheme (CPS) are to receive an increase in monthly pension from February 2023, approved by the National Pension Commission (PenCom)
PenCom said this is the third edition of pension increase under the CPS and applies to retirees under programmed withdrawal who have accumulated significant growth in their retirement savings accounts.
A programmed withdrawal is a method by which the employee collects his retirement benefits in periodic sums spread throughout the length of an estimated life span.
“PenCom is pleased to inform the general public that the third edition of pension enhancement under the contributory pension scheme (CPS) has been approved.
“The exercise is for existing retirees under programmed withdrawal who have accumulated significant growth in their retirement savings accounts (RSAs),” PenCom explained in a statement, per Nairametrics.
It urged all eligible retirees to contact their Pension Fund Administrators (PFAS) to complete all required documentation.
“The effective commencement date of the enhancement is February 2023. All relevant retirees are, by this notice, advised to contact their respective Pension Fund Administrators (PFAS) to complete the required documentation.”
PenCom assured all stakeholders of its commitment to the effective regulation, supervision, and administration of pension matters.
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Pension fund assets rise in value to N14.5tr
Pension fund assets rose to a historic N14.59 trillion in October, notching up 1.14 per cent on N14.42 trillion in September, an increase of N164.4 billion.
The latest monthly pension fund industry report of the National Pension Commission (PenCom) said the fund swelled by N1.16 trillion between January and October.
Retirement Savings Account (RSA) registrations jumped to 9.85 million in October, up from 9.79 million in September.
Investments in corporate debt securities by Pension Fund Administrators (PFAs) rose 2.64 per cent month-on-month (MoM) from N1.49 trillion in September to N1.53 trillion in October.
PFAs reduced their investments in real estate 4.93 per cent to N218.1 billion in October, from N229.4 billion at the beginning of the month, according to the report.
RSA fund II still accounted for most of the fund contribution with N6.35 trillion, representing 43.5 per cent of total funds, followed by RSA Fund III with N4.05 trillion or 27.8 per cent.
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