The National Pension Commission (PenCom) has disclosed the release of ₦44 billion by the Office of the Accountant General of the Federation (OAGF) as part of the 2024 budget appropriation.
The funds, covering the period of January to June 2024, have been deposited into the Retirement Benefits Bond Redemption Fund (RBBRF) Account at the Central Bank of Nigeria (CBN).
This was disclosed in a statement issued by the Commission at the weekend.
The funds are intended 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), who were duly verified and enrolled, covering the period from March to September 2023.
The payment also includes entitlements for some deceased employees. The funds have been credited directly to the Retirement Savings Accounts (RSAs) of affected retirees through their respective Pension Fund Administrators (PFAs).
PenCom has advised all retirees to contact their PFAs to complete the necessary documentation required to access their retirement benefits. PFAs have also been directed to expedite the processing of payments to ensure prompt disbursement to retirees.
“In the meantime, PenCom remains steadfast in its commitment to engaging with relevant authorities to secure the full settlement of all outstanding accrued pension rights and related liabilities. The Commission assures all retirees of FGN Treasury-funded MDAs that these efforts will be sustained until all pending pension liabilities under the CPS are fully resolved.
“PenCom appreciates the patience and understanding of retirees and reaffirms its dedication to safeguarding their retirement benefits,” it added.
DailySun
