PenCom Excites Retirees With N44bn For Pension Backlog Payment
It is cheering news for pensioners as the National Pension Commission (PenCom) late on Friday announced that the Office of the Accountant General of the Federation (OAGF) has released the sum of N44 billion to settle some outstanding claims due to retirees from the nation’s public service
The Commission said in a statement published on its website that the funds, which are part of the 2024 budget appropriation for the period January to June, have already been deposited into the Retirement Benefits Bond Redemption Fund account at the Central Bank of Nigeria (CBN).
According to PenCom, the money would be used to partially settle unpaid accrued pension rights for retirees of Federal Government treasury-funded Ministries, Departments and Agencies (MDAs) under the Contributory Pension Scheme (CPS).
The statement explained thus; “The disbursed funds have been applied to settle the accrued pension rights of retirees who were duly verified and enrolled, covering the period March to September 2023, as well as some deceased employees.”
Furthermore, the statement said the remittances have been credited directly to the savings accounts of the affected retirees through their respective Pension Fund Administrators (PFAs), adding; “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 steadfast in its commitment to engaging with relevant authorities to secure the full settlement of all outstanding accrued pension rights and related liabilities.”
While assuring all retirees of FGN Treasury funded MDAs that “these efforts will be sustained until all pending pension liabilities under the CPS are fully resolved”, the statement said; “PenCom appreciates the patience and understanding of retirees and reaffirms its dedication to safeguarding their retirement benefits”.
