The National Pension Commission (PenCom) says the Federal Government has released N13.89 billion for payment of accrued pension rights for Contributory Pension Scheme (CPS) retirees who retired in the year 2022.
The pension regulator said in a press statement issued on Thursday, January 5, 2023 that the accrued pension rights represents an employee’s benefits for the past years of service up to June 2004 when the CPS came into effect.
It noted that the release is for retirees under treasury-funded ministries departments and agencies, adding that it is processing remittances into the various retirement savings accounts of the affected retirees and their pension fund administrators will notify them in due course.
The Commission thanked President Muhammadu Buhari for his untiring support and commitments to the implementation of the contribution pension scheme and ensuring the welfare of retirees.
