The National Pension Commission (PenCom) has announced the release of an additional N22 billion by the Office of the Accountant General of the Federation (OAGF) as part of the 2024 Appropriation for the period July to September.

 

These funds, according a statement by the Commission, have been deposited into the Retirement Benefits Bond Redemption Fund (RBBRF) Account at the Central Bank of Nigeria to address unpaid accrued pension rights for retirees of Federal Government Ministries, Departments, and Agencies (MDAs) funded by the treasury under the Contributory Pension Scheme (CPS).

 

 

The disbursed funds have been utilized to settle the accrued pension rights of verified retirees enrolled between October 2023 and January 2024, as well as some deceased employees.

 

The Commission said the amounts have been credited directly to the Retirement Savings Accounts (RSAs) of the affected retirees via their respective Pension Fund Administrators (PFAs).

 

This disbursement brings the total amount released from the 2024 Appropriation for accrued pension rights to N66 billion. PenCom called on all affected retirees to contact their PFAs to finalize the necessary documentation to access their benefits.

 

The commission also directed PFAs to expedite the processing of payments to ensure retirees receive their entitlements promptly.

 

PenCom expressed appreciation for the patience and understanding of retirees while reaffirming its commitment to working with relevant authorities to address unpaid accrued pension rights and related liabilities.