By LOVETH AZODO, Lagos
The National Pension Commission (PenCom) has issued a call to former employees of various defunct companies, urging them to approach their respective Pension Fund Administrators (PFAs) to reclaim N12 billion in the Transition Contribution Funds (TCF).
Representing the Director-General of PenCom, Aisha Daniel-Umar at the media parley organized by the Pension Fund Operators (PenOp), themed ‘At the Dawn of 20years of Pension Reform, What Are The Gains’? Ehimeme Ohioma, Head of Investment Supervision Department, revealed in Lagos that out of the N12 billion, N58 million has been transferred to the Retirement Savings Accounts (RSAs) of beneficiaries who provided necessary documents for fund payment.
Ohioma listed defunct institutions such as Julius Berger Construction Company, Diamond Bank, Intercontinental Bank, Citizen Bank, Mainstream Bank, and Oceanic Banks as the top entities whose workers have yet to claim their funds.
He said “In September what the commission did was to put a list of all the beneficiaries of its website according to each PFAs where these funds are located and we expect these people to go the website, search their names and approach the PFAs for payment.”
“I have funds there too since 2014, I didn’t know they were there, I have to let my colleagues know too, pls let us get these funds to theme, even if it is 200,000 they will be happy if it is transferred to their RSAs.”
He emphasized the publication of a beneficiary list on the commission’s website, urging individuals to search for their names and approach the PFAs for payment.
Detailing the payment process, Ohioma clarified that PFAs are prohibited from making cash payments and must transfer funds to RSAs, particularly for individuals working in other institutions who already possess RSAs, “virtually most of them are working in other institutions and they have RSA so it can be transferred once they make documents available,” he said.
The discovery of unclaimed funds was attributed to recovery agents engaged by the commission, with the funds currently held by the PFAs.
Regarding pension payments under the Contributory Pension Scheme (CPS), Ohioma assured that the commission consistently ensures pensioners receive their funds on or before the 25th of each month. He emphasized the importance of service delivery, stating that addressing contributors’ concerns is crucial for industry success.
Expressing concern about the limited investment windows for pension funds, Ohioma stated that the commission is actively engaging stakeholders in the capital market to address these challenges.
News1 week ago