A recent circular from PenCom directed all federal ministries, departments, and agencies to ensure eligible staff participate in the exercise. The verification targets workers entitled to pension rights under the Pension Reform Act.
The exercise is important because it helps determine the exact pension liability of the federal government. It also ensures timely release of funds and prevents delays in benefit payments. The process will run in two phases. The first phase covers those retiring between 2027 and 2029, while the second phase includes those retiring from 2030 onward.
All affected agencies must upload employee details to PenCom's portal. Workers are also required to complete their verification with their pension fund administrators. The commission clarified that the exercise will not affect employees with extended service periods.
PenCom emphasized that compliance will help accurately determine pension obligations and prevent payment delays for retirees. The circular was signed by the director of the Contribution and Bond Redemption Department.
This move aims to streamline pension processing and ensure timely payments for eligible federal workers. All concerned parties are expected to participate within the given timelines.
