Five years after the pension operators and the National Pension Commission drafted guidelines to commence N14 , 400 minimum pensions for retirees , the payment is yet to begin .
A source at PenCom said the minimum pension could not commence because the commission had no board in the past five years .
Operators had recommended 80 per cent of minimum wage to be paid to retirees , following complaints of ridiculously low stipends paid to retirees with low balances in their Retirement Savings Account .
The PenCom source said , “ The guidelines are yet to be approved . So, we still cannot say this is the amount because we are going to make contributions before it is approved.
“ What was proposed then was 80 per cent of minimum wage at that time, which was N14 , 400 . ”
“ We did not have a board and that was why we could not progress with it , but now that we are expecting to have a board, we hope it would be reviewed because it is the responsibility of the board to approve it . ”