The Pension Fund Operators Association of Nigeria (PenOp) has assured the National Pension Commission (PenCom) of its full compliance with the new directive mandating the payment of pension benefits within three working days.
The directive requires Pension Fund Administrators (PFAs) and fund custodians to approve and disburse benefits to eligible retirees within three days of receiving complete applications.
Speaking in Lagos, Oguche Agudah, Chief Executive Officer of PenOp, described the move as a positive step that would enhance accountability and efficiency within the pension system.
“This is a good development for pensioners, PFAs, and the entire system,” Agudah said. “PFAs will comply with this new directive, which is set to take effect in June. We are committed to maintaining service standards and ensuring retirees receive their funds promptly.”
He reiterated PenOp’s commitment to working closely with PenCom to ensure a seamless and efficient pension administration process in Nigeria.
The directive is expected to improve retirees’ access to their pensions and strengthen public confidence in the country’s pension system.
(NAN)