The Federal Government is intensifying efforts to boost participation in the ongoing online verification and enrolment exercise for accrued pension rights, following a low turnout among eligible civil servants.
The National Pension Commission (PenCom) stated that the one-off nationwide exercise targets all active employees of treasury-funded Ministries, Departments, and Agencies (MDAs) who joined the public service before June 30, 2004. The process commenced on February 2 and is scheduled to conclude on July 31.
PenCom explained that the exercise is intended to capture accurate data on eligible workers to facilitate the timely payment of their accrued pension rights under the Contributory Pension Scheme (CPS).
According to the commission, the initiative forms part of the Federal Government’s efforts to settle pension liabilities carried over from the Defined Benefit Scheme (DBS), which preceded the CPS in 2004.
“Under Section 15(1) of the Pension Reform Act 2014 (PRA 2014), employees who transitioned to the CPS are entitled to accrued pension rights, representing benefits earned under the DBS.
“To fund these obligations, the law provides for the establishment of the Retirement Benefits Bond Redemption Fund, domiciled with the Central Bank of Nigeria (CBN),” the statement said.
To address the low turnout, a circular issued by the Head of the Civil Service of the Federation, Mrs. Didi Walson-Jack, dated April 27, directed all treasury-funded MDAs to support the exercise.
PenCom noted that the circular underscored the importance of the verification process in determining the Federal Government’s outstanding pension liabilities and ensuring adequate budgetary provisions for their settlement.
The commission added that the exercise is now fully digital, replacing earlier manual processes that were often hampered by incomplete records and delays.
“The current exercise is fully digital and represents a significant technological improvement on the initial online enrolment platform,” it stated.
For implementation, PenCom has deployed the Contributions and Bond Redemption Application (COBRA) to manage data capture and validation.
The platform incorporates multiple layers of verification, including biometric capture and cross-checking of employment records, to enhance data accuracy and minimise errors that could delay pension payments at retirement.
“To ensure seamless implementation and prevent system congestion, the exercise has been structured in phases,” the commission added.
Under the process, MDAs are required to upload details of eligible staff onto COBRA, after which affected employees must visit their Pension Fund Administrators with the necessary documentation to complete enrolment.
Permanent Secretaries and heads of MDAs have been directed to publicise the exercise and drive participation.
“Failure to participate in the exercise may complicate the processing of accrued pension rights at retirement and could result in delays in accessing benefits,” the commission warned.
