PenCom Approves Monthly Pension Increase from February

The National Pension Commission (PenCom) has approved a monthly pension increase for retirees on programmed withdrawal under the contributory pension scheme (CPS).

In a statement, PenCom said the development marks the third edition of pension enhancement under the CPS, which started more than 10 years ago.

The pension industry regulator stated that the new increase will take effect in February 2023.

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The commission also stated that the increase would apply to retirees under programmed withdrawal who have accumulated significant growth in their retirement savings accounts.

It stated, “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).”

The organisation 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,” part of the statement read.

The PenCom also assured all stakeholders of its commitment to the effective regulation, supervision and administration of pension matters in Nigeria.

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