The National Pension Commission has pushed back the deadline for a mandatory online verification and enrolment exercise for eligible federal workers, citing poor participation so far.
The One-Time Online Verification and Enrolment Exercise, which began in February, was originally due to end on July 31. It will now run until December 31, PenCom announced.
Only 31,099 employees had completed the process by the end of July, even though ministries, departments and agencies had uploaded 62,320 records of active staff and retirees. The commission estimates that about 150,000 active Federal Government employees are entitled to the accrued pension rights covered by the exercise.
PenCom said the low numbers, combined with requests from several MDAs for more time, prompted the extension. It urged those yet to enrol, and those who started but did not finish, to complete the process before the new deadline.
The exercise aims to determine accurately the accrued pension rights of workers who moved from the old Defined Benefit Scheme to the Contributory Pension Scheme introduced in 2004. Under the Pension Reform Act 2014, these rights cover benefits earned from the date of first appointment up to June 30, 2004.
A circular issued on April 27 by the Head of the Civil Service of the Federation directed all treasury-funded MDAs to support the process and ensure eligible staff take part. The exercise is conducted through PenCom’s Contributions and Bond Redemption Application, known as COBRA.
MDAs must first upload the details of eligible employees. Staff then complete enrolment at their Pension Fund Administrators with the required documents. Pension Desk Officers in the MDAs, who have received training from PenCom, are expected to coordinate the process and guide workers.
Once the amounts are determined and funded by government, the funds will be credited to employees’ Retirement Savings Accounts so they can begin earning investment returns.
PenCom said it continues to work with MDAs, pension fund administrators and other stakeholders to raise awareness and improve participation. It stressed that all active employees of treasury-funded MDAs who were in service on June 30, 2004, are covered and should not wait until the final weeks to enrol.
A story of courage, wonder, and the transformative power of self-belief; perfect for readers aged 10+ who love adventure. To place order: +234 806 130 3237 | +234 803 582 0870 OR Tap the link to grab a copy:https://www.zeekapublish.com/product/the-magical-life-of-anna
