PenCom begins payments of N13.89 billion pension rights to retirees

The federal government has approved the payment of ₦13.89 billion accrued pension rights to the Contributory Pension Scheme (CPS) retirees of the year 2022.

The National Pension Commission (PenCom) announced this in a statement on Thursday stating that it has already commenced processing payments into the various retirement savings accounts of the affected retirees, and their pension fund administrators, noting that the recipients 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.

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