FG Releases Additional N22bn For Retirees’ Accrued Pension Rights

The National Pension Commission (PenCom) has disclosed that the Federal Government has disbursed an additional N22 billion for the payment of accrued pension rights to retirees under the Contributory Pension Scheme.

In an update shared on its Instagram page Tuesday night, PenCom revealed that the funds, released through the Office of the Accountant General of the Federation, are intended to cover retirees from October 2023 to January 2024.

“These funds have been deposited into the Retirement Benefits Bond Redemption Fund Account at the Central Bank of Nigeria. They are designated to settle accrued pension rights for verified retirees of Treasury-funded Ministries, Departments, and Agencies (MDAs),” the statement said.

The disbursement also includes accrued rights for deceased employees, with funds already credited to their Retirement Savings Accounts (RSAs) through Pension Fund Administrators (PFAs).

With this release, the total amount paid from the 2024 budget for accrued pension rights now stands at N66 billion.

PenCom urged retirees covered in the October 2023 to January 2024 period to contact their PFAs and complete the necessary documentation to access their benefits. Additionally, PFAs have been instructed to expedite the payment process for all verified retirees.

This follows the Federal Government’s release of N44 billion in December 2023, which was allocated for accrued pension benefits of retirees who exited service between March and September 2023, along with some deceased employees.

The Centre for Pension Rights Advocacy previously criticized the government for its selective payment of accrued rights, arguing that such actions fall short of its legal obligations.