PenCom Allocates N66 Billion from 2024 Budget for Retirees’ Pensions.

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The National Pension Commission (PenCom) has announced that the total amount released for the 2024 retirees’ rights settlement has increased to N66 billion. This includes an additional N22 billion released by the Office of the Accountant General of the Federation (OAGF) as part of the 2024 appropriation for the period of July to September ¹.

The funds were paid into the Retirement Benefits Bond Redemption Fund (RBBRF) Account at the Central Bank of Nigeria (CBN) to partially settle unpaid accrued pension rights for retirees of Federal Government treasury-funded ministries, departments, and agencies (MDAs) under the Contributory Pension Scheme (CPS).

According to PenCom, the disbursed funds have been applied to settle the accrued pension rights of retirees who were duly verified and enrolled, covering October 2023 to January 2024, as well as some deceased employees. The remittances have been credited directly to the retirement savings accounts (RSAs) of the affected retirees through their respective pension fund administrators (PFAs).

PenCom urged all affected retirees to contact their PFAs to complete the necessary documentation to access their retirement benefits. The Commission also directed the PFAs to expedite the processing of payment to ensure retirees promptly receive their money ².

While appreciating the retirees’ patience and understanding, PenCom reaffirmed its commitment to engaging with relevant authorities to ensure the settlement of all unpaid accrued pension rights and related liabilities.

“PenCom equally directed the PFAs to expedite the processing of payment to ensure retirees promptly receive their money,” the statement read.

By releasing the additional N22 billion, PenCom has demonstrated its commitment to ensuring that retirees receive their pension benefits in a timely manner. The Commission’s efforts to settle outstanding pension liabilities are expected to bring relief to thousands of retirees who have been waiting for their benefits.

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