Invest Wisely after Retirement, PenCom Advises Retirees

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Amby Uneze in Owerri

The National Pension Commission (PenCom) has advised prospective retirees to invest in businesses that would generate regular incomes after retirement to sustain their lifestyles.

The Acting Director General of the Commission Mrs. Aisha Dahir-Umar gave the advice at a recent pre-retirement workshop held in Owerri for prospective retirees, who will be retiring in 2019 from public service.

In her opening remarks, Mrs. Dahir-Umar said the workshop was part of their annual regulatory activities.
The Director, who was represented by Mrs. Carol Alex-Uzomah said the Commission had finalized arrangements to commence the verification of prospective 2019 retirees.

She said the exercise, necessitated the need to undertake adequate sensitization and public enlightenment in order to prepare prospective retirees on the steps to take towards a hitch free life after retirement.

She expressed hope that the workshop would educate pension participants on what they need to know on documentation requirements, payment of retirement benefits and life after retirement.

Papers presented at the workshop included ‘Enrolment Exercise and Documentation Requirements’, ‘Accessing Retirement and Terminal Benefits under the Contributory Pension Scheme’ and ‘Life after retirement’.

The Director recalled that one of the salient objectives of the Pension Reform Act (PRA 2014) is to make pension administration transparent and seamless, adding that the Commission established uniform set of rules, regulations and standards for all aspects of pension administration, including payment of retirement benefits to retirees.

This was achieved in the case of the latter, through issuance the Regulation on Administration of Retirement and Terminal Benefits; Regulation on Retire Life Annuity; the Frameworks on Pension Enhancement & Programmed Withdrawals; and the Circular on Voluntary Contributions amongst others.

She said as part of their annual regulatory activities, the Commission has finalised arrangements to commence the verification of prospective retirees who would be retiring in year 2019 from the public service since the verification exercise is scheduled to be undertaken from 25th June, to 17 August, 2018 in 15 centres across the country.

“The impending exercise, therefore, necessitated the need to undertake adequate sensitization and public enlightenment in order to prepare prospective retirees on the steps to take towards a hitch free retirement life”, she said.

Papers were presented on three topics; including; Enrolment Exercise and Documentation Requirements, Accessing Retirement and Terminal Benefits under the CPS and Life after Retirement, noting that the Workshop would educate participants on what they needed to know on documentation requirements, payment of retirement benefits and life after retirement.