BY NKECHI NAECHE-ESEZOBOR— The Federal Government has paid N22 billion as accrued pension rights of its employers in Ministries Departments and Agencies (MDAs).
The payment is for those who retired between October 2023 to January 2024.
The National Pension Commission (PenCom), the industry regulator, on Tuesday, said the fund was released by the Office of the Accountant General of the Federation (OAGF) as part of the 2024 Appropriation for the period July to September.
The statement added that” these funds were paid into the Retirement Benefits Bond Redemption fund (RBBRF) Account at the Central Bank of Nigeria to partially settle unpaid PenCom,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 October 2023 to January 2024, 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).
This disbursement brings the total amount released so far from the 2024
Appropriation for accrued rights settlement to N66 billion.
The commission urged 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 further 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.
