Niger: Pension fund administrators get approval to refund 7.5% CPS contributions

Pension Fund Administrators in Niger State have received approval from the National Pensions Commission (PENCOM) to commence the refund of the 7.5% Contributory Pension Scheme (CPS).

The Director-General of the Niger State Pension Board, Mallam Nasiru Saidu Namaska, disclosed this while flagging off the payment of gratuities to Batch 9 beneficiaries at the Pension Board premises on Ladi Kwali Road, Minna, the state capital, on Monday.

He stated that this week, the Pension Fund Administrators (PFAs) will be issued letters of no objection to begin refunding the 7.5% contributions of individuals exempted from the CPS.

Namaska explained that once this process is finalised, the PFAs will commence refunds to the beneficiaries, hopefully before the end of December 2024.

He commended His Excellency, Governor Mohammed Umaru Bago of Niger State, for the timely provision of funds to pay retirement benefits to retired civil servants in the state.

He assured that the Pension Board has improved significantly, stating, “Myself, the entire management staff, and other staff are working day and night to ensure that retirement benefits are paid as and when due.”

Namaska further explained that the smaller number of Batch 9 beneficiaries is due to the inclusion of retired permanent secretaries who have waited years to be captured. He noted that some will be included in Batch 10, urging retirees to exercise patience, as all eligible persons will receive their benefits in due time.

He also appealed to pensioners in the state to participate in the “I Am Alive” verification exercise when it begins.

Namaska disclosed that the verification exercise is scheduled to start in January 2025, and all pensioners must visit the bank of their choice to complete their registration.

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