The Federal Government has disbursed N22 billion for the payment of pension accrued rights to employees who retired from October 2023 to January 2024. This latest release raises the total amount allocated from the 2024 Appropriation for accrued rights settlement to N66 billion.
In a statement issued by the National Pension Commission (PenCom), the Office of the Accountant General of the Federation (OAGF) released the funds as part of the federal budgetary provision for the settlement of accrued pension rights covering the July to September period.
The commission disclosed that the funds were deposited into the Retirement Benefits Bond Redemption Fund (RBBRF) Account at the Central Bank of Nigeria. These funds are being used to partially settle outstanding accrued pension rights for retirees of federal government ministries, departments, and agencies (MDAs) funded through the treasury under the Contributory Pension Scheme (CPS).
According to PenCom, “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.”
The statement further explained that the funds have been credited directly to the Retirement Savings Accounts (RSAs) of the affected retirees through their respective Pension Fund Administrators (PFAs).
PenCom urged all retirees involved to liaise with their PFAs and complete the required documentation to access their retirement benefits without delay. The commission also directed PFAs to expedite the processing of payments to ensure retirees promptly receive their entitlements.
The release of N22 billion is part of the Federal Government’s ongoing effort to address outstanding pension liabilities. PenCom expressed appreciation to retirees for their patience and understanding during the delays in payment. The commission also reaffirmed its commitment to collaborating with relevant authorities to ensure all unpaid pension accrued rights and liabilities are settled.
The settlement of accrued pension rights remains a crucial component of the Federal Government’s pension reform agenda. This disbursement is expected to provide relief to affected retirees and their families, ensuring they can access their long-awaited benefits.
The Contributory Pension Scheme, which is managed under PenCom’s regulatory framework, continues to evolve as the Federal Government works towards addressing systemic challenges in pension administration.
