Retirees under the Contributory Pension Scheme (CPS) can heave a sigh of relief as the Federal Government on Monday released N14.92 billion as payment for their accrued pension rights.
National Pension Commission (PenCom) Acting Director-General, Mrs Aisha Dahir-Umar in a statement in Lagos said the amount would cover four months pension arrears.
She stated that the money would begin to hit the Pension Fund Administrators (PFAs) account, which would commence payments into the various Retirement Savings Account (RSAs).
In the next three days, the money would have reached the retirees’ account. It doesn’t take time, she assured.
She explained that the accrued pension rights represent an employee’s benefits for the past years of service up to June 2004, when the Pension Reform Act (PRA) that gave birth to the CPS, came into effect.
She expressed appreciation to the effort of the Federal Government in ensuring that the accrued rights arrears were cleared.
She thanked the affected retirees of the treasury-funded agencies for their patience, noting that arrears would be cleared soon.
She said the Commission was working with the Federal Government to ensure that arrears were paid on time.