The Federal Government (FG) on Thursday released ₦13.89 Billion for payment of accrued pension rights for Contributory Pension Scheme (CPS) retirees who retired in the year 2022.
The National Pension Commission announced this in a statement, stating that the accrued pension rights represent an employee’s benefits for the past years of service up to June 2004.
The commission added that it is processing payments into the various retirement savings accounts of the affected retirees, and their pension fund administrators noting that the recipient will 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 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.