FG has released N22 Billion for Payment of Accrued Rights
The Federal Government has released N22 Billion for payment of accrued rights for retirees under the Contributory Pension Scheme (CPS).
PenCom disclosed in a statement that the additional release of N22 billion by the Office of the Accountant General of the Federation, OAGF, is part of the 2024 Appropriation for the period July to September.
The disbursement brings the total amount released so far from the 2024 Appropriation for accrued rights settlement to N66billion. PenCom explained that the disbursed funds had been used to “settle the accrued pension rights of retirees who were duly verified and enrolled, covering the period October 2023 to January 2024, as well as some deceased employees.
PenCom said the remittances have been credited directly to the Retirement Savings Accounts, RSAs, 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.
The Accrued Pension Rights represents an employee’s retirement benefits from the date of 1st appointment till when FG started sending their pension contributions to Pension Fund Administrations in line with the provisions of Pension Reform Act (PRA).
Be the First to Know – Follow PensionNigeria WhatsApp Channel Its Free – Click here to follow our WhatsApp Channel
Support PensionNigeria
Support PensionNigeria financially with N1,000 per Month HERE, or with any amount ONCE (One Time Only) HERE
Empower us to do more independent analysis of the Pension Industry in Nigeria
Be the First to Know – Follow PensionNigeria WhatsApp Channel
Its Free – Click here to follow our WhatsApp Channel
Don’t Miss Anything Subscribe to PensionNigeria Newsletter on Substack
Once you Subscribe, we immediately send you an Email.
Please check your Inbox and SPAM folder.
If the Email is in your SPAM folder, kindly move it to your Inbox and add pensionnigeria@substack.com to your address book or contacts.
If you have subscribed before and you still do not receive our Newsletter,
please check your “Spam Folder”, if you find our Newsletter there, mark it as “NOT SPAM” or move it to your Inbox
Check here for Recent PensionNigeria Newsletter
Follow PensionNigeria on Social Media
Like our Facebook Page
Follow us on Twitter, Instagram & LinkedIn
Subscribe to our Channel on YouTube
Grow Your Personal Investment with Stanbic IBTC Asset Management
Pension is Your Right,
An Insurance for Old Age
Follow PensionNigeria on Social Media LinkedIn Twitter Instagram Facebook YouTube