Pensioners to Receive 7.5% CPS Refund as Refund Process Begins
The National Pension Commission has approved the refund of 7.5% of contributions under the Contributory Pension Scheme (CPS) to exempted pensioners in Niger State.
This development was announced by the Director General of the Niger State Pension Board, Mallam Nasiru Saidu Namaska, during the disbursement of gratuities to Batch Nine beneficiaries in Minna.
Namaska explained that pension fund administrators are set to issue letters of no objection this week, allowing refunds to commence immediately afterward. He expressed optimism that the refunds would be completed by the end of December and praised Governor Umar Mohammed Bago for ensuring the prompt release of funds for retirement benefits.
He reassured retirees that the board is working diligently to ensure the timely payment of benefits. However, he acknowledged a shortfall in the Batch Nine list due to the omission of some retired permanent secretaries, who will be included in the upcoming tenth batch.
Namaska urged retirees to remain patient, emphasizing that all eligible pensioners will receive their entitlements as scheduled. He also called on pensioners to participate in the “AM ALIVE” verification exercise, set to begin in January 2025.
“Pensioners will be required to visit any bank of their choice to complete the verification process,” he added.