FG releases N22 billion for retired employees’ pension rights

Joy Agwunobi 

The federal government has released an additional N22 billion for the pension accrued rights of employees who retired between October 2023 and January 2024.

This brings the total amount disbursed from the 2024 Appropriation for accrued rights settlements to N66 billion.

The National Pension Commission (PenCom), the industry regulator, stated that the funds were released by the Office of the Accountant General of the Federation (OAGF) as part of the 2024 Appropriation for the period covering July to September.

According to PenCom, the funds were deposited into the Retirement Benefits Bond Redemption Fund (RBBRF) Account at the Central Bank of Nigeria. These funds will be used to partially settle the unpaid pension accrued rights of retirees from Federal Government Treasury-funded ministries, departments, and agencies (MDAs) under the Contributory Pension Scheme (CPS).

PenCom confirmed that the disbursed funds have been applied to settle the accrued pension rights of retirees who were verified and enrolled, covering the period from October 2023 to January 2024, including some deceased employees. The funds have been credited directly to the Retirement Savings Accounts (RSAs) of the affected retirees through their Pension Fund Administrators (PFAs).

The commission has urged all retirees to contact their PFAs to complete the necessary documentation to access their retirement benefits. PenCom also directed PFAs to expedite the processing of payments to ensure retirees promptly receive their entitlements.

PenCom expressed gratitude for the patience and understanding of retirees and reaffirmed its commitment to working with relevant authorities to ensure the full settlement of all unpaid pension rights and related liabilities.