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Pensions: 18,525 disengaged workers withdrew N9.45bn savings in six months

No fewer than 18,524 disengaged workers withdrew N9.45hbn from their Retirement Savings Accounts with the Pension Fund Administrators between January and June this year, the National Pension Commission revealed on Friday in its quarterly report titled, ‘Withdrawal due to temporary loss of employment.’

The report revealed that during the first quarter of 2021, “The commission granted approval for the payment of N5.02bn to 10,619 RSA holders under the age of 50 years, who were disengaged from work and unable to secure jobs within four months.

It added that in the second quarter of the year, “The commission approved the payment of N4.43bn to 7,906 RSA holders under the age of 50 years, who were disengaged from work and unable to secure jobs within four months.”

According to the Pension Reform Act 2014, employees who either left or lost their jobs and could not get another paid employment after four months could access 25 per cent of the balance in their Retirement Savings Accounts.

To enhance compliance with the Contributory Pension Scheme during the second quarter, the commission said it carried out sensitisation workshops, capacity-building programmes and stakeholder engagement meetings.

It stated that the activities included a meeting with the Governor of Plateau State, Simon Lalong, to review the steps taken by the state towards implementing the CPS.

An interactive meeting with the newly constituted Bayelsa State Technical Committee on the Implementation of the CPS was also held, it said.

PenCom stated that the meeting was to guide the committee on the roadmap to implementing the CPS in the state.

The agency said it also held engagement meetings with the governors of Edo, Ondo and Osun states to drive the implementation of the CPS in their states.

Furthermore, PenCom held an enlightenment workshop on the RSA transfer system for employees of the National Orientation Agency in Ilorin, Kwara State.

A virtual sensitisation/enlightenment workshop on the workings of the CPS for the management and staff of Livestock Feeds Plc, among others, was also held.

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