The National Pension Commission supervision of the departure of the military and other security agencies who were exempted from the Contributory Pension Scheme, the supervision of the Pension Transitional Arrangement Directorate and the their involvement with the Nigerian Social Insurance Trust Fund were knit in the second quarter report of this year in the fashion of a soothing balm.
PenCom review of its supervision in the second quarter detailed approval granted for the refund of N6,708,448.96 to 56 personnel of the military and other security agencies who were exempted from the Contributory Pension Scheme.
It also stated that it monitored the monthly statutory returns rendered by PTAD covering the payment of pensions to public service retirees under defined benefit scheme (DBS).
The report stated that six complaints regarding the DBS were received during the quarter. According to PenCom, four of these complaints were subsequently forwarded to PTAD for resolution, while the other two were directly resolved by the Commission.
On NSITF, PenCom stated that 332 NSITF contributors applied for transfer of contributions, however, 298 members were successful leading to the transfer of N17,026,367.10 to their retirement savings accounts (RSAs). On a similar note, the Commission approved monthly pensions in the sum of N62,327,832.97 to 3,629 NSITF pensioners.
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