PenCom Receives N44bn For FG Retirees, To Offset 7 Months Backlog

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 appropriation for January to June.

The commission said the funds have been deposited into the Retirement Benefits Bond Redemption Fund account at the Central Bank of Nigeria.

PenCom said 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 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,” PenCom said in the statement,” PenCom said in a statement issued on Friday night.

It said the remittances have been credited directly to the savings accounts of the affected retirees through their respective Pension Fund Administrators (PFAs).

“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. 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,” it stated.