The National Pension Commission (PenCom) has announced the release of ₦44 billion by the Office of the Accountant General of the Federation (OAGF).
The funds have been deposited into the Retirement Benefits Bond Redemption Fund (RBBRF) Account at the Central Bank of Nigeria (CBN) to address unpaid accrued pension rights for retirees of Federal Government Treasury-funded Ministries, Departments, and Agencies (MDAs) under the Contributory Pension Scheme (CPS).
Settlement Details
The released funds have been used to settle accrued pension rights for retirees verified and enrolled for the period March to September 2023, including some deceased employees.
The payments have been credited directly to the Retirement Savings Accounts (RSAs) of the affected retirees through their respective Pension Fund Administrators (PFAs).
Call to Action
PenCom has directed all PFAs to expedite the processing of payments to ensure retirees promptly receive their entitlements.
Affected retirees are encouraged to contact their PFAs to complete any necessary documentation to access their retirement benefits.
Commitment to Retirees
PenCom has expressed gratitude to retirees for their patience and understanding, reaffirming its dedication to safeguarding retirement benefits.
The Commission assured retirees of Federal Government Treasury-funded MDAs that efforts will continue to resolve all pending pension liabilities under the CPS.
Additionally, PenCom is actively engaging with relevant authorities to secure the full settlement of all outstanding accrued pension rights and related liabilities.
Sustained Efforts
PenCom reiterated its commitment to transparency and efficiency in pension administration, ensuring retirees receive their entitlements without unnecessary delays.
These efforts underscore the government’s determination to address and resolve pension delays comprehensively.
