The National Pension Commission (PenCom) has disclosed that it has received an additional release of N22 billion for settlement of unpaid accrued pension rights by the Federal Government through the Office of the Accountant General of the Federation (OAGF) as part of the 2024 Appropriation for the period July to September 2024.
PenCom, in a statement issued in Abuja Tuesday said the money was paid 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).
According to the statement, the disbursed funds have been applied while noting that the current disbursement has brought the total amount released so far from the 2024 Appropriation for accrued rights settlement to N66bn. It will be recalled that a total sum of N44 billion was released in December 2024, 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).
The Commission said the remittances have been credited directly to the Retirement Savings Accounts (RSAs) of the affected retirees through their respective Pension Fund Administrators (PFAs) 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.
Affected retirees, PenCom said are encouraged to contact their respective PFAs to complete the necessary documentation to access their retirement benefits.
PFAs were also directed to expedite the processing of payments to ensure retirees promptly receive their entitlements.
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