The National Pension Commission (PenCom) has warned that Pension Fund Administrators (PFAs) would henceforth be chargeable and pay from their statutory reserve fund in the event of payment of death benefits to wrong beneficiaries,
PenCom disclosed this in a circular; ‘Addendum to the circular on reversed procedures on the processing of death benefits’ signed by its Head, surveillance Department, Ehimeme Ohioma.
The commission stated that the circular was issued to address certain challenges encountered by PFAs in the cause of implementing the procedures stipulated in the circular on Revised procedures on the processing of death benefits issued early this month.
PenCom also mandated PFAs to collect details information of nominated parent/guardian of a minor beneficiary and request beneficiaries to submit National Identification Number (NIN) slip/card or any valid means of identification other than voters card.
This is even as PFAs were also tasked to play the role of a mediator in a situation that they received two letters of administration or court orders from two named beneficiaries.