NUPEMCO Holds Workshop on National Pension Commission Programmed Withdrawal Template for Professors at FUNAAB

The Nigerian University Pension Management Company (NUPEMCO) has organized a workshop to educate stakeholders on the implementation of the National Pension Commission's (PenCom) Programmed Withdrawal Template for retired professors. The event focused on the implications of recent policy changes, eligibility criteria, and the modalities for accessing pension benefits under the scheme.

One of the key highlights of the workshop was the confirmation that retired professors are entitled to their full salaries for life, as stipulated in the University Miscellaneous Act of 2012. While implementation had been previously hindered by financial constraints, the Federal Executive Council (FEC) has now addressed this challenge by approving a 758 billion Naira bond on February 4, 2025, to clear all backlog of pension liabilities under the Contributory Pension Scheme. Going forward, pension shortfalls will be funded monthly in the same manner as salaries, ensuring timely payments to retirees.

Eligibility Criteria for Professors

To qualify for the Programmed Withdrawal Template, a retired academic must meet either of the following conditions:

1. Have retired as a professor after serving continuously in a university recognized by the National Universities Commission (NUC) until the age of 70.

2. Have served for a minimum of 20 years as a professor in an NUC-recognized university.

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Further clarifications provided during the workshop include:

• The term continuous service accounts for study leave and leave of absence (with pay).

• Universities must issue a confirmation letter, signed by the Registrar, affirming the professor’s continuous service.

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• Academics whose promotions were backdated after retirement are also eligible.

Data Recapturing and Complaints Mechanism

The workshop also emphasized the importance of data recapturing to ensure smooth implementation of the pension scheme. Retired professors and other eligible individuals were urged to visit the NUPEMCO Office or their respective Pension Fund Administrators (PFAs) for the necessary updates. Complaints and further inquiries can be directed to the National Pensions Commission via email at drecomplaints@pencom.gov.ng.

Retirement and Terminal Benefits

Key aspects of the pension benefits outlined in the workshop include:

• Pension arrears for federal universities shall not exceed 24 months.

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• Eligible professors will receive a monthly pension equal to 100% of their last salary.

• Those who have contributed for at least 60 months can access 25% of their Retirement Savings Account (RSA) for mortgage purposes.

• Retired individuals whose appointments were terminated or dismissed remain entitled to pension benefits.

Access to Workshop Materials

For those unable to attend, the full workshop proceedings, including slides and presentations, have been made available on YouTube. Participants were encouraged to review the materials to gain a deeper understanding of the pension reforms.

This latest initiative by NUPEMCO and PenCom is expected to provide long-awaited financial relief to retired professors and reinforce government commitment to supporting academics in their post-retirement years.