By Favour Nnabugwu
The National Pension Commission (PenCom has approved the increase of monthly pensions for retirees under the contributory pension scheme (CPS).
PenCom in a statement said this is the third edition of pension enhancement under the CPS which will take effect from next month
However, it urged all eligible retirees to contact their pension fund administrators (PFAS) to complete all required documentation.
“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 statement reads.
“The exercise is for existing retirees under programmed withdrawal who have accumulated significant growth in their retirement savings accounts (RSAs).
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.”
PecCom, therefore, assured all stakeholders of its commitment to the effective regulation, supervision, and administration of pension matters in Nigeria.