FG releases N16.67 billion for Payment of Accrued Pension Rights to 2021 Retirees
The Federal Government of Nigeria has released N16.67 billion for payment of 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 the contributory pension scheme commenced. For employees of the Public Service of the Federation, where the scheme is unfunded, accrued rights is recognized in the form of an amount acknowledged through the issuance of Federal Government Retirement Benefits Bonds by the Debt Management Office in favour of the employees and the bond issued shall be redeemed upon the retirement of the employee in accordance with the provisions of Pension Reform Act, and the amount so redeemed shall be added to the balance of the retirement savings account of the employee.
The announcement was contained in a statement released by the National Pension Commission (PenCom). PenCom said it is pleased to announce the release of N16.67 billion by the Federal Government for the payment of Accrued Pension Rights to 2021 retirees of Treasury-funded Ministries, Departments and Agencies (MDAs).
PenCom also noted that the Federal Government had earlier settled all arrears of accrued pension rights payments to the verified and enrolled retirees up to December 2020.
PenCom however did not disclose the months of retirement in 2021 which the just released accrued rights covers. Based on estimates, the N16.67 billion will likely be for 3 months.
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.
ALSO READ – FG releases another N31.97 billion for Payment of Accrued Pension Rights to 2021 Retirees
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