The Federal Government has released N11.818 billion for accrued rights of retirees of treasury funded ministries, department and agencies (MDAs), under the Contributory Pension Scheme (CPS). 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 2004 (PRA).
Peter Aghahowa, the Head of Corporate Communications Department of the National Pension Commission (PenCom) who disclosed the new payment during the week expressed appreciation to the Federal Government for releasing the funds.
Based on tracking, this N11.818 billion is expected to be for accrued rights of retirees of treasury funded ministries, department and agencies (MDAs) who retired in January and February 2020. This means that the retirees who have now received their accrued rights are those who have retired up to February 2020.
Usually, once Federal Government releases accrued rights, the amount for each retiree is transferred into his/her Retirement Savings Account (RSA) with the Pension Fund Administrator (PFA).
The concerned Retirees are advised to contact their Pension Fund Administrators (PFAs) for confirmation, documentation and discussions on the processing of their Lumpsum and programmed withdrawal or Annuity.
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