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By correspondent in Abuja.
The Federal Government has released N44 billion for the payment of accrued pension rights to retirees under the Contributory Pension Scheme (CPS).
This was disclosed in a statement issued by the National Pension Commission (PenCom) in Abuja on Friday. The funds were appropriated in the 2024 budget for the period of January to June and have been deposited in the Retirement Benefits Bond Redemption Fund (RBBRF) account at the Central Bank of Nigeria (CBN).
According to PenCom, the disbursement covers retirees from Federal Government Treasury-funded Ministries, Departments, and Agencies (MDAs) who have been duly verified and enrolled. The payment addresses accrued pension rights from March to September 2023 and includes some deceased employees.
The commission confirmed that the funds had been credited directly to the Retirement Savings Accounts (RSAs) of affected retirees through their respective Pension Fund Administrators (PFAs). Retirees are advised to contact their PFAs to complete the necessary documentation to access their benefits.
PenCom has directed PFAs to expedite the processing of payments to ensure retirees promptly receive their entitlements.
The commission also reassured retirees of its commitment to resolving all outstanding pension liabilities, emphasizing ongoing engagement with relevant authorities to secure full settlement.
PenCom commended the patience and understanding of retirees, reiterating its dedication to safeguarding their retirement benefits.
