The National Pension Commission (PenCom) has announced the release of N44 billion by the Office of the Accountant-General of the Federation (OAGF) as part of the 2024 budget appropriated for the payment of retirees from public service for the period of January to June.
The Commission said in a statement on Friday that the funds have been deposited into the Retirement Benefit Bond Redemption Fund(RBBRF) account at the Central Bank of Nigeria (CBN).
It said the money would be used to partially settle unpaid accrued pension rights for retirees of the federal government treasury- funded Ministries,Departments and Agencies (MDAs) under the Contributory Pension Scheme (CPS).
“The disbursed funds have been applied to settle the accrued pension rights of retirees who were duly verified and enrolled, covering the period of March to September, 2023, as well as some deceased employees”, the statement also said.
According to the statement, the remittances have also been credited directly to the savings accounts of the affected retirees through their respective Pension Fund Administrators (PFAs).
It added: ” All affected retirees are encouraged to contact their PFAs to complete the necessary documentation to access their retirement benefits. PenCom has also directed PFAs to expedite the processing of payments to ensure retirees promptly receive their entitlements.
“In the meantime, PenCom remains steadfsst in the 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 “.
