The Pension Fund Operators Association of Nigeria (PenOp) has assured the National Pension Commission (PenCom) that its members will comply with the recent directive to settle all pension benefits within three working days.

The National Pension Commission has mandated Pension Fund Administrators (PFAs) and fund custodians to approve and pay pension benefits to eligible applicants within three working days of receiving complete applications.

Oguche Agudah, chief executive officer of PenOp, speaking in Lagos, said that the directive was positive and could foster accountability.

Mr Agudah said PenOp members were fully aligned with PenCom’s efforts to enhance the efficiency and effectiveness of the pension system in Nigeria.

He said, “This is a good development for pensioners, Pension Fund Administrators (PFAs), and the entire system.

“PFAs are going to comply with this new directive, which is set to begin in June. We will ensure service levels are maintained, and we will also ensure people get their money as and when due.

“We recognise the importance of timely payment of pension benefits to retirees, and we are committed to working with PenCom to achieve this goal.”

(NAN)