National Pension Commission (PenCom) has disclosed that the Federal Government has released the sum of 14.92 billion for the payment of accrued rights for retirees under the Contributory Pension Scheme (CPS). This amount will cover four (4) months arrears.
The last accrued rights released by FG was for April and May 2019, the above means that the accrued rights released is for retirees who retired in June, July, August and September 2019. The retirees who have now received their accrued rights are those who have retired up to September 2019, if the Federal Government continues like this, outstanding Accrued Rights will be a thing of the past.
The Accrued Pension Rights represents an employee’s benefits for the past years of service up to June 2004, when the Pension Reform Act (PRA) that birthed the CPS came into effect.
PenCom said it appreciates the effort of the Federal Government at ensuring that the accrued rights arrears are cleared, and thanked the affected retirees of the Treasury-Funded Agencies for their patience.
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.