Trustfund Pensions Plc has emphasised the need for employers of labour and contributors to the Contributory Pension Scheme (CPS) to be regular in remittance and to maintain accurate and verifiable bio-data that will facilitate the processing of benefits upon the retirement of contributors to the scheme.
There have been complaints of delay in the processing and payment of retirement benefits of contributors since the introduction of the CPS, with some retirees struggling to access their lump sum payments. This development is due largely to mismatch in information supplied at the point of entry into the scheme and retirement.
At a pre-retirement and employers’ forum held separately in Lagos, officials of Trustfund said the difficulty in the processing of retirement benefits of contributors can be eliminated if the record about a contributor is accurate and free of ambiguity.
John Opara, customer relations officer of Trustfund Pensions, who spoke at the forum listed the factors that could cause the delay in benefit claims of a retiree to include incomplete documentation, discrepancies in age, signature and names, uncertified letter of administration (in survivor cases) incorrect/contradictory bank details.
Others include double pins, unremitted/excess contributions by an employer into the Retirement Saving Account (RSA) of the contributor, delay in submitting lump sum agreement form, third party identification, non NUBAN account among others.
To eliminate this challenge, Opara said there is the need for customers (contributors) to regularly update the PFA where there are changes in the information earlier supplied in terms of addresses, next of kin, date of birth , names etc. He also particularly charged employers on timely remittance of their employees’ contributions to enable Trustfund add value to such contributions by way of investment.
“There should be continuous interaction between the remittance schedule officers of organisations and our contributions/Business Development & Marketing perssonel to ensure proper follow up and reconcialiations of remittances made on behalf of their employees registered with us.
Employers are also to ensure that their schedule of remittance is promptly sent both on soft and hard copy to,” Opara said.
Obiora Ozoekwem, regional manager, Trustfund, Lagos, at the pre-retirement forum, said the annual event was necessary to enable Trustfund interact and educate its customers on how to avoid issues that could work against prompt payment of benefits.
JOSHUA BASSEY
