The National Pension Commission has announced that the Federal Government has allocated an additional N22 billion for the payment of accrued pension rights of retirees in Ministries, Departments, and Agencies under the Contributory Pension Scheme.
This fund, disbursed through the Office of the Accountant General of the Federation, covers retirees who retired between October 2023 and January 2024.
In a statement released on its Instagram account on Tuesday night, PenCom explained, “These funds were disbursed into the Retirement Benefits Bond Redemption Fund Account (domiciled) at the Central Bank of Nigeria. They are meant to settle accrued pension rights for verified retirees of Treasury-funded MDAs.”
The disbursement is for retirees from the specified period who have been properly verified and enrolled.
The statement also noted, “Some deceased employees’ accrued rights are also covered. Funds have already been credited to their Retirement Savings Accounts via Pension Fund Administrators.”
With this new release, the total amount disbursed for accrued pension rights from the 2024 Appropriation now amounts to N66 billion.
Retirees are advised to contact their Pension Fund Administrators to complete the necessary documentation to access their benefits.
Additionally, PenCom has instructed PFAs to expedite the payment process for all verified retirees.
In December, the Federal Government had previously released N44 billion for the payment of accrued rights for retirees between March and September 2023, as well as some deceased retirees.
The Centre for Pension Rights Advocacy had criticized the earlier payment, accusing the government of adopting a benevolent employer approach instead of fulfilling its legal obligations.
