FG releases N44bn to settle unpaid accrued pension rights

The Federal Government has released N44bn 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).

The National Pension Commission (PenCom) disclosed in a statement on Friday titled, ‘Payment of accrued pension rights to retirees of Federal Government Treasury-Funded MDAs (March-September 2023).

It stated that, “The National Pension Commission (PenCom) is pleased to announce the release of N44bn by the Office of the Accountant General of the Federation (OAGF) as part of the 2024 budget appropriation for the period January to June. These funds have been deposited 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).

“The disbursed funds 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. Accordingly, the remittances have been credited directly to the Retirement Savings Accounts (RSAs) of the affected retirees through their respective Pension Fund Administrators (PFAs).

“All affected retirees are encouraged 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.

“In the meantime, PenCom remains steadfast in its commitment to engaging with relevant authorities to secure the full settlement of all outstanding accrued pension rights and related liabilities. The Commission assures all retirees of FGN Treasury-funded MDAs that these efforts will be sustained until all pending pension liabilities under the CPS are fully resolved. PenCom appreciates the patience and understanding of retirees and reaffirms its dedication to safeguarding their retirement benefits.”