N11.818bn Released by FG For Reimbursement of Accumulated Pension Rights

For the distribution of accumulated pension rights to retirees of Treasury Funded Ministries, Departments and Agencies (MDAs) under the Contributory Pension Scheme, the Federal Government has issued N11.82 billion (CPS).

The amount of N11.818 billion for the payment of accumulated rights was issued by the Federal Government.

This was disclosed by the Head of Corporate Relations of the National Pension Commission (PenCom), Mr. Peter Aghahowa, in a statement released on Wednesday.

The statement suggested that accumulated rights reflect benefits for Treasury Sponsored MDA workers who served before the passage of the Pension Reform Act in June 2004.

The Commission appreciates the Federal Government’s initiative to ensure that the arrears of accumulated rights are cleared,” the statement added.”

Recall that the Federal Government issued N14.92 billion for the payment of accrued rights under the CPS for retirees in August 2020.

PenCom then announced that the amount released would be used to fund retired Federal Government pensioners’ four month arrears of accrued privileges.

“The Commission appreciates the Federal Government’s efforts to ensure that accrued rights arrears are cleared and thanks the Treasury-Funded Agencies’ affected retirees for their patience,” the Commission said at the time.