Posted on Leave a comment

Pension Enhancement Scheme 2020

The Acting Director General of the National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, has announced that the Commission has concluded an exercise to increase the monthly pension of retirees who opted for Programmed Withdrawal (PWD) due to the income earned on investing their pension assets.

She however said the exercise showed that 30 per cent of retiriees would not benefit from the increase due to insignificant income earned on the small balances in their respective RSAs.

The increase is calculated based on retirees RSA balances excluding voluntary contributions as at October 2019 and it will only affect retirees on PWD, who retired between July 2007 and December 2017.

The Commission has informed Pension Fund Administrators (PFAs) affected retirees are to sign a pension enhancement consent form, and the exercise should commence next month and end in April 2020.

Leave a Reply