The National Pension Commission has ordered the Pension Fund Administrators to investigate all reported cases of dead Retirement Savings Account holders before making any payment to the beneficiaries.
The regulator said any wrong payment of death entitlement would be borne by the PFA.
PenCom stated this in a circular to all licensed Pension Fund Administrators on, ‘Addendum to the circular on revised procedures on the processing of death benefits.’
Earlier, the commission had revealed that some unidentified fraudsters under the disguise of being relatives of workers and retirees under the Contributory Pension Scheme had been approaching the PFAs to collect the pensions of contributors.
The fraudsters, who had been deceiving the PFAs with fake documents, had successfully collected the pension benefits of some living workers and retirees after providing ‘evidences’ that they were dead.