The National Pension Commission (PenCom) has called on former employees of defunct banks and other organizations in the country to approach their Pension Fund Administrators (PFAs) to reclaim the N12 billion in the Transition Contribution Funds (TCF) in their custody.

According to the commission, the defunct organisations include Diamond, Intercontinental, Citizen, Mainstream and Oceanic Banks whose workers have yet to claim their funds.

Speaking at a media parley organised by the Pension Fund Operators (PenOp), PenCom’s Director-General, Aisha Daniel-Umar, said that out of the N12 billion, N58 million had been transferred to retirement savings accounts (RSAs) of beneficiaries who provided necessary documents for fund payment.

The DG, who was represented by the Head of the Investment Supervision Department, Ehimeme Ohioma, stated: “In September, what we did was to put a list of all the beneficiaries on our website according to each PFA where these funds are located and we expect beneficiaries to search their names there and approach the PFAs for payment.”

Explaining the details of the payment process, she said PFAs are banned from making cash payments and must transfer funds to the RSAs, particularly individuals working in other institutions who already possess RSAs.

The DG added: “Most of them are working in other institutions and have RSAs so it can be transferred once they make their documents available.”

The discovery of the unclaimed funds was revealed by Recovery Agents engaged by the Commission, that the funds are currently held by the PFAs.

Speaking on the pension payments under the CPS, Daniel-Umar, assured that the commission consistently ensures pensioners receive their funds on or before 25th of each month. She emphasised the importance of quality service delivery, stating that addressing contributors’ concerns is crucial for the industry’s success.

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