The sum total of ₦44 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).
A statement issued by the Office of the Accountant General of the Federation on behalf of the National Pension Commission as part of the 2024 budget appropriation for the period of January to June and made available to Channel Network Afrique, CNA, in Abuja, said the funds already 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 of 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.
The Commission reaffirmed its commitment to engaging with relevant authorities to secure the full settlement of all outstanding accrued pension rights and related liabilities.
While appreciating the retirees for their patience and understanding, PenCom reaffirmed its dedication to safeguarding their retirement benefits as well as assured them that the efforts would be sustained until all pending pension liabilities under the CPS are fully resolved.
