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PenCom increases retirees’ monthly pension from February 2023

The National Pension Commission (PenCom) says it has approved a monthly pension increase for retirees on “programmed withdrawal” under the contributory pension scheme (CPS).

PenCom, in a statement, said the new increase will become effective February 2023, and is the third edition of pension enhancement under the CPS.

The statement reads: “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 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.”

The Commission assured stakeholders of its commitment to effective regulation, supervision, and administration of pension matters in Nigeria.

The exercise is for existing retirees under programmed withdrawal who have accumulated significant growth in their retirement savings accounts (RSAs).

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