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PenCom Announces Release of Additional N22bn To Settle Unpaid Retirees

by Bisi Bamishe
January 21, 2025
in Pension
PenCom needs strong board to sustain pension sector growth – Takor
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By Bisi Bamishe

The National Pension Commission (PenCom) has announced the additional release of #22 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 were paid into the Retirement Benefits Bond Redemption Fund (RBBRF) Account at the Central Bank of Nigeria 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 a statement released by the Commission, the disbursed funds have been applied to settle the accrued pension rights of retirees who were duly verified and enrolled, covering the period October 2023 to January 2024, as well as some deceased employees. Accordingly, the remittances have been credited directly to the Retirement Savings Accounts (RSAs) of the affected retirees through their respective Pension Fund Administrators (PFAs).

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This disbursement brings the total amount released so far from the 2024 Appropriation for accrued rights settlement to N66bn.

 

All affected retirees are encouraged to contact their PFAs to complete the necessary documentation to access their retirement benefits. PenCom has also directed PFAs to expedite the processing of payments to ensure retirees promptly receive their entitlements.

 

PenCom appreciates the patience and understanding of retirees and reaffirms its commitment to engaging with relevant authorities to ensure the settlement of all unpaid accrued pension rights and related liabilities.

 

 

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Bisi Bamishe

Bisi Bamishe

I am a journalist with many years of experience in the field of Insurance and Pension. In 2003, I won Nigeria Media Merit Award of the IGI's Prize For Insurance Reporter of The Year

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