• Sunday, July 21, 2024
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Pensions: What to do if you are retiring in 2023

More Nigerians fall back on pension savings for survival

The year 2022 is barely two and a half months to end, meaning that any plan for 2023 should start happening immediately.

For Pension Contributors and Retirement Savings Account (RSA) holders looking forward to retire in 2023, this is the time to go for date recapture with your Pension Fund Administrator (PFA).

This is applicable to every RSA holder, whether or not you are employed in a private or public constitution, because the earlier you did this, the earlier you start receiving your pensions in retirement, except you have done it before now.

PenCom introduced the Data Recapture Exercise (DRE) in August 2019 in order to obtain complete, accurate and current data of all RSA holders (both active and retired), and therefore directed PFAs to obtain the relevant information required for the DRE from RSA holders.

The National Pension Commission in the effort to prepare public sector employees has on Monday 17th October 2021 commenced the 2023 online Verification and Enrolment Exercise for retirees/prospective retirees of Federal Government Treasury-Funded Ministries, Departments and Agencies (MDAs).

According to the Commission, those eligible for the online verification and enrolment exercise are employees of Federal Government Treasury-Funded MDAs scheduled to retire in 2023 and Employees of Federal Government Treasury-funded MDAs who missed the enrolment exercises in previous years.

Read also: Experts see mortgage for residential home drive pension savings

The Commission says prerequisite for the enrolment are that, “all retirees/prospective retirees are required to visit their PFAs to undergo the data recapture exercise.

PenCom said the data recapture exercise entails retirees/prospective retirees providing their Retirement Savings Account (RSA) registration details, Personal Identification Number (PIN) and their National Identity Number (NIN).

Retirees/Prospective retirees who had undergone the data recapture exercise earlier are not required to repeat it.

On options for the enrolment, the commission said its as follows: Self-Assisted Retirees/prospective retirees are required to visit PenCom’s website and upload their employment details as well as scanned copies of required documents before proceeding to their respective PFAs for physical verification and enrolment.

The step by step procedure for the Online Enrolment is hosted on the PenCom website.

Pension Desk Officer/PFA-assisted Retirees/prospective retirees who are unable to complete the online registration for any reason should approach the Pension Desk Officer of their respective MDAs or visit their PFAs for assistance.

According to the commission, verification and enrolment by all concerned must be completed on or before 31 December, 2022.10.17.

The objective of the CPS is to ensure that every person who worked in either the Public or Private Sectors in Nigeria including the self-employed persons receives his/her retirement benefits as and when due.