PenCom Disburses Additional N22bn for Retirees’ Accrued Pension Rights for Oct to Jan

By LOVETH AZODO, Lagos

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 covering July to September.

In a statement, PenCom disclosed that the funds were paid into the Retirement Benefits Bond Redemption Fund (RBBRF) Account at the Central Bank of Nigeria to address outstanding accrued pension rights for retirees of Federal Government Treasury-funded Ministries, Departments, and Agencies (MDAs) under the Contributory Pension Scheme (CPS).

The disbursement has been applied to settle accrued pension rights for retirees who were verified and enrolled, covering the period from October 2023 to January 2024, along with payments for some deceased employees.

The funds have been credited directly to the Retirement Savings Accounts (RSAs) of the affected retirees through their respective Pension Fund Administrators (PFAs).

This latest release raises the total disbursement for accrued pension rights from the 2024 Appropriation to N66 billion.

PenCom has urged retirees to contact their PFAs to complete the required documentation for accessing their benefits, adding that it has directed PFAs to fast-track the payment process to ensure prompt disbursement of entitlements.

The Commission expressed appreciation for retirees’ patience and reiterated its commitment to working with relevant authorities to resolve all outstanding pension liabilities.