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Federal Government to settle over N16 billion accrued pension arrears of 2021 FG retirees

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Aisha-Umar
Aisha-Umar

The Federal Government has set aside N16.67 billion to pay Accrued Pension Rights to treasury-funded Ministries, Departments, and Agencies (MDAs) retirees in 2021.

“The National Pension Commission (PenCom) is happy to announce the release of N16.67 billion by the Federal Government for the payment of Accrued Pension Rights to 2021 retirees of treasury-funded Ministries, Departments and Agencies, MDAs,” the commission said in a brief statement yesterday.

“Up until December 2020, the Federal Government had settled all arrears of accrued pension rights payments to verified and enrolled retirees.”

Recall that 190,158 MDA retirees were paid N884.58 billion last month as accrued pension rights from the start of the Contributory Pension Scheme (CPS) till December 31, 2020.

The Federal Government released N65.91 billion into the Retirement Benefits Bond Redemption Fund, RBBRF, account for the payment of accrued rights to retirees MDAs, according to the Commission’s yearly report for 2020, which is available on its website.

“As a result, the Commission approved the release/remittance of the entire sum to the RSAs of 11,385 retirees and deceased employees of treasury-funded MDAs,” the report stated.

In January, the government issued N11.82 billion for the payment of accrued pension claims of retirees under its MDAs, according to PenCom.

In July, the Commission informed all of its stakeholders, particularly treasury-funded MDA retirees, that President Muhammadu Buhari had approved its submission on the payment of several essential components of the Federal Government’s outstanding pension responsibilities under the CPS.

Mr. Saleem AbdulRahman, Head, Contribution & Bond Redemption Department of PenCom, said at the 2021 annual seminar for journalists in Lagos that the Commission would also pay accrued pension rights for verified and enrolled retirees of Treasury-funded Ministries, Departments, and Agencies, MDAs, who had retired but had not yet been paid their retirement benefits.

“The Federal Government released roughly N5 billion for the payment of the 2.5 percent differential, which will be deposited into employees’ Retirement Savings Accounts, RSA,” AbdulRahman added.

The funds will also be distributed to the individual retirees. Some employees may receive an additional lump amount, while others may receive an advanced monthly withdrawal pension. Active employees will receive 2.5 percent. Only Treasury-funded staff and retirees are eligible.”

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0 thoughts on “Federal Government to settle over N16 billion accrued pension arrears of 2021 FG retirees

  1. The federal government will continue to pay unending accrued pension rights,except the prevailing iniquitous contributory Pension law is reviewed.
    PTAD has paid all outstanding pension increase to almost all DBS retirees and ioften wonder, how PTAD source funds which they effectively use to pay DBS retirees promptly,and in the same country PENCOM has failed to do same for contributory retirees who also entitled to the pension increases which PTAD has paid.
    The excellent service delivery from PTAD clearly indicates, that unlike in the past contributory retirees can also be paid by a public managed pension office, instead of private pension managers who are only interested in millking the contributions of workers and retirees.
    Many countries that previously embraced CPS managed by pension fund managers, have reverted back to public management of pension, what is Nigeria waiting for?

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