FG releases N44bn to settle pension arrears
By Patience Ikpeme
The National Pension Commission (PenCom) has announced the release of N44 billion for the payment of accrued pension rights to retirees of Federal Government Treasury-funded department and agencies .
In a statement released by the commission on Friday in Abuja, it stated that the fund which was released by the office of the accountant general of the federation is for the first half of 2024.
These funds will be deposited into the Retirement Benefits Bond Redemption Fund (RBBRF) Account at the Central Bank of Nigeria to address unpaid pension rights for retirees from Federal Government Treasury-funded Ministries, Departments, and Agencies under the Contributory Pension Scheme.
The amount will cover verified retirees’ accrued rights from March to September 2023, including deceased employees, credited directly to their Retirement Savings Accounts through their Pension Fund Administrators.
Affected retirees are encouraged to reach out to their Pension Fund Administrators (PFAs) to complete the required documentation for accessing their retirement benefits.
PenCom has instructed PFAs to expedite payment processing to ensure timely delivery of entitlements. Meanwhile, PenCom is committed to collaborating with relevant authorities to fully settle all outstanding accrued pension rights and liabilities.
The Commission reassures retirees from Federal Government Treasury-funded MDAs that these efforts will continue until all pension liabilities under the Contributory Pension Scheme are resolved. PenCom appreciates retirees’ patience and reaffirms its dedication to protecting their benefits.
