The Pension Fund Operators Association of Nigeria (PenOp) has assured the National Pension Commission (PenCom) that its members will comply with the directive mandating pension benefit payments within three working days of receiving complete applications.
PenCom recently instructed Pension Fund Administrators (PFAs) and fund custodians to process and disburse pension benefits within the specified timeframe.
Speaking with NAN in Lagos, Mr. Oguche Agudah, Chief Executive Officer of PenOp, described the directive as a positive step that would enhance accountability and efficiency in the pension system.
“This is a great development for pensioners, PFAs, and the entire system. Our members are committed to ensuring compliance with this directive, which is set to take effect in June,” Agudah said.
He reaffirmed PenOp’s dedication to maintaining service quality and ensuring that retirees receive their funds promptly.
“We recognise the importance of timely pension payments and will continue working closely with PenCom to achieve this goal,” he added.
