2022 Retirees: Federal Govt Releases N13.89bn For Accrued Rights Payment

The National Pension Commission (PenCom) has announced the release of N13.89 billion for the payment of their Accrued Pension Rights of retirees of treasury-funded Ministries, Departments and Agencies (MDAs) who retired in the year 2022.

The Accrued Pension Rights represent an employee’s benefits for the past years of service up to June 2004, when the CPS came into effect.

Accordingly, PenCom is processing remittances into the various Retirement Savings Accounts (RSA) of the affected retirees, and their Pension Fund Administrators will notify them in due course.

“PenCom appreciates the efforts of His Excellency Mr. President for his untiring support and commitment to the implementation of the CPS and ensuring the welfare of retirees,” the commission said in a statement that was issued yesterday.