The National Pension Commission (PenCom) has announced that the Federal Government has released an additional N22 billion for the payment of accrued pension rights for retirees in Ministries, Departments, and Agencies (MDAs) under the Contributory Pension Scheme. This payment covers retirees who retired between October 2023 and January 2024.
In a statement shared on its Instagram page on Tuesday night, PenCom explained that the funds were disbursed through the Office of the Accountant-General of the Federation into the Retirement Benefits Bond Redemption Fund Account at the Central Bank of Nigeria. The disbursed funds are intended to settle the accrued pension rights of verified retirees from Treasury-funded MDAs.
Retirees eligible for this disbursement are those who retired between October 2023 and January 2024, provided they were properly verified and enrolled in the pension scheme. The funds also cover the accrued rights of deceased employees. These payments have already been credited to the respective retirement savings accounts of retirees through pension fund administrators (PFAs).
With this latest release, the total amount disbursed for accrued pension rights in 2024 now stands at N66 billion. Retirees are advised to contact their PFAs to complete the necessary documentation required to access their retirement benefits. PenCom has also directed PFAs to expedite the payment process for all verified retirees.
In December, the Federal Government had released N44 billion for the payment of accrued pension rights for retirees between March and September 2023, including some deceased retirees.
However, the Centre for Pension Rights Advocacy criticized the selective payment of accrued rights, accusing the government of adopting a “benevolent employer” stance rather than fulfilling its legal obligations to retirees.
