FG earmarks N13.89bn for pension payment of retirees

The National Pension Commission (PenCom) has released the sum of N13.89 billion for the payment of accrued pension rights under the Contributory Pension Scheme (CPS) for retirees from the year 2022.

PenCom which announced this in a statement noted that the accrued pension rights represent an employee’s benefits for the past years of service up to June 2004.

The agency added that it was processing payments into the various retirement savings accounts of the affected retirees, and their pension fund administrators, noting that the recipients would be notified in due course.

“The accrued pension rights represent an employee’s benefits for the past years of service up to June 2004, when the CPS came into effect.

Accordingly, PenCom said it is processing remittances into the various Retirement Savings Accounts of the affected retirees, and their Pension Fund Administrators will notify them in due course.

PenCom commended President Muhammadu Buhari for his commitment to the implementation of the CPS and ensuring the welfare of retirees.