The National Pension Commission (PenCom) has reviewed its regulation on retirement and terminal benefits.
The regulation guides the process of accessing retirement and terminal benefits by pension contributors and retirees under the contributory pension scheme (CPS).
The agency said the revised regulation contains several new provisions on pension enhancement, voluntary contributions, temporary access to retirement savings account (RSA) due to loss of job, payment under the micro pension plan, and administrative sanctions for violations by pension fund administrators (PFAs), amongst others.
In a document shared on its Twitter account on Monday, PenCom said the implementation of the regulation is with immediate effect.
