Pension

FG Releases N22Bn To Settle Accrued Pension Rights

By Sunday Etuka, Abuja

The National Pension Commission (PenCom) has confirmed the additional release of N22 billion for settlement of unpaid accrued pension rights.

PenCom, in a statement on Tuesday said the money was released by the Federal Government through the Office of the Accountant General of the Federation (OAGF) as part of the 2024 Appropriation for the period July to September 2024.

Recall that a total sum of N44 billion was released in December 2024, 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).

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The funds, according to PenCom, were paid into the Retirement Benefits Bond Redemption Fund (RBBRF) Account at the Central Bank of Nigeria to partially settle unpaid accrued pension rights for retirees of Federal Government Treasury-funded Ministries, Departments, and Agencies (MDAs) under the Contributory Pension Scheme (CPS).

It said the disbursed funds have been applied to settle the accrued pension rights of retirees who were duly verified and enrolled, covering the period October 2023 to January 2024, as well as some deceased employees.

The Commission said the remittances have been credited directly to the Retirement Savings Accounts (RSAs) of the affected retirees through their respective Pension Fund Administrators (PFAs).

While noting that the current disbursement has brought the total amount released so far from the 2024 Appropriation for accrued rights settlement to N66bn, PenCom encouraged all affected retirees to contact their PFAs to complete the necessary documentation to access their retirement benefits.

It also directed PFAs to expedite the processing of payments to ensure retirees promptly receive their entitlements.

PenCom appreciates the patience and understanding of retirees and reaffirms its commitment to engaging with relevant authorities to ensure the settlement of all unpaid accrued pension rights and related liabilities.

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