Pencom begins verification of 2020 prospective retirees july 1

A timely update!

According to the Pension Commission (PenCom), the verification of prospective retirees for 2020 will commence on July 1, 2020. This is a crucial step in the process of determining the eligibility of retirees for their retirement benefits.

For those who are unaware, the Pension Reform Act (PRA) 2014 established the National Pension Commission (PenCom) as the regulatory body responsible for the administration of the Contributory Pension Scheme (CPS) in Nigeria. The CPS is a mandatory savings scheme for employees in the formal sector, designed to provide a safety net for workers in their retirement years.

The verification process is an important step in ensuring that only eligible retirees receive their retirement benefits. During this process, PenCom will verify the credentials of prospective retirees, including their employment records, pension contributions, and other relevant information.

It's essential for prospective retirees to ensure that their records are accurate and up-to-date to avoid any delays or issues with their retirement benefits. If you're a prospective retiree, it's recommended that you check your records with your employer and PenCom to confirm your eligibility for retirement benefits.

Stay informed, and happy retirement planning!