FG releases N22bn for accrued pension rights

The Nationwide Pension Fee has revealed that the Federal Authorities has launched an extra N22bn by means of the Workplace of the Accountant-Basic of the Federation for accrued pension rights of retirees in MDAs below the Contributory Pension Scheme.

In an announcement launched on its Instagram web page on Tuesday night time, PenCom stated it was for many who retired between October 2023 and January 2024.

“These funds have been disbursed into the Retirement Advantages Bond Redemption Fund Account (domiciled) on the Central Bank of Nigeria. They’re meant to settle accrued pension rights for verified retirees of Treasury-funded MDAs,” the pension regulator stated.

To profit from this disbursement are retirees overlaying the interval October 2023 to January 2024, who have been duly verified and enrolled. “Some deceased staff’ accrued rights are additionally lined. Funds have already been credited to their retirement financial savings accounts through pension fund directors.”

With this launch, the whole quantity disbursed from the 2024 appropriation for accrued pension rights now stands at N66bn.

Retirees are required to contact their PFAs to finish the mandatory documentation to entry their retirement advantages.

Additionally, PenCom stated it has directed PFAs to fast-track the fee course of for all verified retirees.

In December, the FG launched N44bn for the fee of accrued rights for retirees between March and September 2023 and a few deceased retirees.

The Centre for Pension Rights Advocacy decried the selective accrued rights fee on the time, slamming the federal government for adopting a benevolent employer stance in direction of the fee of accrued rights as a substitute of assembly its authorized obligations.

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