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By Taiye Olayemi
Mr Babatunde Raimi, a retirement coach, has commended the National Pension Commission (PenCom) on its directive to Pension Fund Administrators (PFAs) and custodians to pay pension benefits within three working days.
Raimi, speaking with the News Agency of Nigeria (NAN), described the directive as a “welcome development” that would bring relief to many pensioners.
The coach, Founding Partner, Babatunde Raimi Consulting, who works with retirees and soon-to-be retirees to plan and navigate their post-work lives, said this would further boost accountability and transparency in the system.
“It is a new dawn for Nigerian workers. This directive is a significant step forward in ensuring that pensioners receive their benefits in a timely and efficient manner.
“It’s a major win for retirees who have worked hard and contributed to the pension system throughout their careers.
“Prior to this circular, it took an average of 14 working days for PFAs to review, process and forward all benefit payment applications to the commission for approval.
“To get a ‘No-Objection’ approval from PenCom before they instructed their pension fund custodian to credit retirees’ accounts.
“Ms Omolola Oloworaran, Director-General of PenCom, is undoubtedly a transformational and result-oriented leader, doing a lot to alleviate the hardships of Nigerian workers,” he said.
Raimi said that he saw a new dawn for Nigerian retirees and that all they needed was a little patience.
He advised eligible retirees to acquire a comprehensive understanding of the pension access process, including the necessary documents and requirements, to facilitate seamless retrieval of their benefits.
“I advise retirees to take their time to study. I also suggest that they request the differences between programmed withdrawal and annuity from their pension fund administrators, as well as the retiree pack compiled by PenCom.
“They should study it and seek counsel,” the coach said.
A retiree, Mr Wale Ojetimi, who relayed his challenging experience before receiving his pension, said the development is quite heartwarming if PenCom would take steps to truly monitor the prompt payment.
Ojetimi, Chief Executive Officer of Amatropics Newslive, said PenCom should remain diligent as a pension regulator to ensure that the funds are truly disbursed after their remittance to PFAs.
“I am of the opinion that it is not in the interest of PFAs to pay retirees their pension promptly, due to my experience.
“I suffered a lot of back and forth before being paid due to mistakes made by my PFA.
“I was only able to receive my pension six weeks after PenCom had disbursed to my PFA. This is bad.
PenCom should be able to monitor payment to all retirees. It is the duty of PenCom to monitor,” he said.
Also, Mr Peter Dada, a retired public officer from the News Agency of Nigeria (NAN), commended PenCom’s move, which would enhance the financial planning of retirees.
Dada noted that the three-day payment directive would help reduce the stress and anxiety that many pensioners experience while waiting for their benefits.
He urged PenCom to continue its efforts to improve the pension system and ensure that retirees receive the benefits they deserve.
“This is important for retirees who rely on their pension benefits as their primary source of income.
“We look forward to seeing more initiatives that support retirees and the pension system as a whole,” he said. (NAN) (nannews.ng)
Edited by Modupe Seriboh/Olawunmi Ashafa
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