A total sum of N44 billion has been released for the payment of accrued pension rights for retirees of Federal Government Treasury-funded Ministries, Departments, and Agencies (MDAs) under the Contributory Pension Scheme (CPS).
The National Pension Commission (PenCom) in a in a statement issued late on Friday in Abuja, said by the Office of the Accountant General of the Federation (OAGF) as part of the 2024 budget appropriation for the period January to June.
PenCom said the funds which have been deposited into the Retirement Benefits Bond Redemption Fund (RBBRF) Account at the Central Bank of Nigeria (CBN), have been applied to settle the accrued pension rights of retirees who were duly verified and enrolled, covering the period March to September 2023, as well as some deceased employees.
The Commission informed that the remittances have been credited directly to the Retirement Savings Accounts (RSAs) of the affected retirees through their respective Pension Fund Administrators (PFAs).
It therefore , encouraged all affected retirees to contact their PFAs to complete the necessary documentation to access their retirement benefits.
PenCom has also directed PFAs to expedite the processing of payments to ensure retirees promptly receive their entitlements.
It affirmed its commitment to engaging with relevant authorities to secure the full settlement of all outstanding accrued pension rights and related liabilities.
The Commission assured all retirees of FGN Treasury- funded MDAs that the efforts would be sustained until all pending pension liabilities under the CPS are fully resolved.
It appreciated the patience and understanding of retirees and reaffirmed its dedication to safeguarding their retirement benefits.
