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Accrued Pensions: FG Releases N13.89bn for 2022 Retirees

The sum of N13.89 billion has been released by the federal government for the payment of accrued pensions of civil servants who retired in 2022.

It comprises the money deducted from the salaries of the beneficiaries while they were in active service through the Contributory Pension Scheme (CPS) introduced in 2004.

The government came up with the idea of deducting money from the workers’ pay to be domiciled with a pension fund administrator (PFA) and can be accessed before and after retirement.

It was designed to ensure an employee has something tangible to fall back on after retirement and also to promote savings.

In a statement on Thursday, the National Pension Commission (PenCom), which regulates the pension industry in Nigeria, said N13.89 billion had been released for 2022 retirees.

The agency said beneficiaries would be contacted by the PFAs on the disbursement of the funds to them, thanking President Muhammadu Buhari for the gesture.

“The National Pension Commission (PenCom) is pleased to inform all its stakeholders, particularly retirees of Treasury-Funded Ministries, Departments and Agencies (MDAs), that the federal government has released the sum of N13.89 billion for the payment of their accrued pension rights. 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 (RSAs) of the affected retirees, and their Pension Fund Administrators (PFAs) will notify them in due course.

“Finally, PenCom appreciates the efforts of Mr President for his untiring support and commitment to the implementation of the CPS and ensuring the welfare of retirees,” the statement signed by the management said.

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