The federal government has intensified efforts to improve participation in the ongoing mandatory verification and enrolment exercise for civil servants with accrued pension rights.
This is due to the low turnout despite the exercise’s importance.
This was noted in a statement by the management of the National Pension Commission in Abuja on Wednesday.
According to PenCom, the commission is conducting a one-time nationwide online verification and enrolment exercise for all active employees of treasury-funded ministries, departments and agencies who were employed before June 30, 2004.
It said the exercise, which commenced on February 2 and was expected to end on July 31, was aimed at capturing accurate, complete data on eligible workers.
According to the statement, this will support the timely payment of their accrued pension rights under the Contributory Pension Scheme.
PenCom said that the initiative was part of the federal government’s efforts to settle pension obligations carried over from the old Defined Benefit Scheme, which existed before the introduction of the CPS in 2004.
“Under section 15(1) of the Pension Reform Act 2014 (PRA 2014), employees who moved to the CPS are entitled to accrued pension rights, representing benefits earned under the DBS.
“To fund these obligations, the law provides for the establishment of the Retirement Benefits Bond Redemption Fund, domiciled with the Central Bank of Nigeria,” it said.
It said that a circular issued by the head of the civil service of the federation, Didi Walson-Jack, on April 27, directed all treasury-funded MDAs to support the exercise.
PenCom said that the circular also emphasised that the verification was essential for determining the Federal Government’s outstanding pension liabilities and making adequate budgetary provisions for their settlement.
“Prior to the automation of the verification by PenCom a few years ago, the process relied on manual processes that were often affected by incomplete records and delays.
“The current exercise is fully digital and a significant technological improvement from the initial online enrolment platform,” it said.
