FG Releases N13.89bn for Payment of Pension Retirees – PenCom
The National Pension Commission (PenCom) has announced the release of N13.89 billion for the payment of their Accrued Pension Rights of 2022 retirees of treasury-funded Ministries, Departments and Agencies (MDAs).
The commission revealed in a statement issued yesterday titled ‘Federal Government releases N13.89bn for payment of accrued rights for Contributory Pension Scheme retirees who retired in the year 2022’.
It stated, “The National Pension Commission is pleased to inform all its stakeholders, particularly retirees of treasury-funded Ministries, Departments and Agencies who retired in the year 2022, that the Federal Government has released the sum of N13.89bn for the payment of their accrued pension rights.
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“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 of the affected retirees, and their Pension Fund Administrators will notify them in due course.
“Finally, 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 Accrued Pension Rights represent an employee’s benefits for the past years of service up to June 2004, when the CPS came into effect.