The Federal Government, through the National Pension Commission (PenCom), has officially commenced preparations to enroll prospective retirees for 2025, underscoring the importance of early planning.
In a recent announcement, PenCom issued a stern warning to all ministries, departments, and agencies to avoid any last-minute rush that could disrupt the enrollment process and negatively affect retirees’ transitions into their new phase of life.
Omolola Oloworaran, the acting Director-General of PenCom, disclosed this information during a workshop organized to kick-start the 2024 online enrolment applications for pension desk officers of Federal government treasury-funded MDAs on Monday in Abuja. This workshop marks the beginning of the final preparations for the 2024 Online Enrolment Exercise aimed at prospective retirees for 2025.
As of now, Nigeria has 7,348,028 individuals, or 10.58 percent of the total working population, registered under the National Pension Scheme. In the second quarter of 2024, the commission reported that it paid N1.1 trillion to 129,435 life annuity applicants, indicating an increase in pension payouts.
In her address, Oloworaran emphasized that the exercise aims to gather accurate data to assess the Accrued Pension Rights of prospective retirees, enabling the Federal Government to make necessary budgetary provisions. She noted significant progress in automating the enrollment process, introducing an Online Enrolment Application that facilitates seamless registration, verification, and enrollment of retirees.
Oloworaran stated, “At PenCom, we hold firmly to our statutory responsibility of ensuring a seamless pre-retirement verification and enrollment process for employees of Federal Government Treasury-funded MDAs. Each year, we embark on this exercise to gather accurate data for determining the Accrued Pension Rights of prospective retirees, so that the Federal Government can make the necessary budgetary provisions.”
The workshop is designed to equip Pension Desk Officers (PDOs) with the skills and knowledge needed to effectively use the application and address challenges during the enrollment process. Oloworaran highlighted that the new system, comprising the Retiree, MDA, PFA, and PenCom modules, represents the future of pension administration in Nigeria.
She added, “We understand that some challenges, like application downtimes, have occasionally hindered the process, particularly during last-minute rushes. I am pleased to inform you that we are actively developing a new, more efficient enrollment application that will provide a user-friendly experience for all stakeholders.”
Oloworaran also reassured stakeholders that significant progress has been made to clear outstanding pension liabilities and implement long-term solutions to prevent future funding delays.
“Despite some setbacks, including delays in the release of funds for retirees’ accrued rights, I am confident that these issues will soon be resolved. Today is not just about addressing technical issues; it is also about reaffirming our shared responsibility to Nigeria’s retirees, who deserve timely and seamless access to their benefits.”
