Be ambassadors of CPS, PenCom tells retirees

Worried by the inability of some section of the public to differentiate between the old and the new pension schemes, the National Pension Commission (PenCom) has called on retirees who are beneficiaries of the Pension Reform Act (PRA) 2004 to be ambassadors of the Contributory Pension Scheme (CPS).

Acting Director-General, PenCom, Chinelo Anohu-Amazu

The Acting Director-General, PenCom, Mrs. Chinelo Anohu-Amazu, made this call in Lagos while addressing retirees that the modest achievements recorded by the Commission in the last nine years would not have been possible without the support and understanding of all stakeholders, especially the esteemed retirees.

She called on retirees from the new scheme to share the benefits they enjoy over those in the old scheme, stressing that the reports of fraud published often stemmed from the old scheme. 

She said: “The modest achievements recorded by the Commission in the last nine years would not have been possible without the support and understanding of all stakeholders, especially our esteemed retirees. I therefore urge you to sustain your support for the CPS and remain as its ambassadors in projecting the laudable successes of the pension reform.”

She noted that the Contributory Pension Scheme has eliminated one of the major challenges associated with the old Defined Benefit, Pay-As-You-Go scheme, in the area of irregular payment of monthly pension benefits, stressing that it is indeed gratifying that as opposed to uncertainties encountered in receiving monthly pensions, today these benefits are remitted seamlessly on due dates to individual retirees’ bank accounts without any unnecessary hassles.

She said the Commission remains committed to institute further measures aimed at improving the retirement benefit administration processes to enhance the comfort of the senior citizens who have given much to the collective progress of the nation.