The National Pension Commission (PenCom) has announced that the Federal Government has released an additional N22 billion through the Office of the Accountant General of the Federation to cover accrued pension rights for retirees under the Contributory Pension Scheme in Ministries, Departments, and Agencies (MDAs).
In a statement shared on its Instagram page Tuesday night, PenCom confirmed that the funds are intended for retirees who exited service between October 2023 and January 2024.
According to the pension regulator, the funds have been deposited into the Retirement Benefits Bond Redemption Fund Account at the Central Bank of Nigeria to settle the accrued pension rights of verified retirees from Treasury-funded MDAs.
Eligible retirees for this disbursement are those who retired between October 2023 and January 2024 and have undergone the required verification and enrollment process.
It stated, “Some deceased employees’ accrued rights are also covered. Funds have already been credited to their Retirement Savings Accounts via Pension Fund Administrators.”
With this release, the total amount disbursed from the 2024 Appropriation for accrued pension rights now stands at N66bn.
Retirees must reach out to their Pension Fund Administrators (PFAs) to complete the required documentation to access their retirement benefits. PenCom has also instructed PFAs to expedite the payment process for all verified retirees.
In December, the Federal Government disbursed N44 billion to cover accrued pension rights for retirees who left service between March and September 2023, including some deceased retirees.
At the time, the Centre for Pension Rights Advocacy criticized the selective payment of accrued rights, condemning the government for treating the payments as an act of goodwill rather than fulfilling its legal obligations.
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