Why accrued pension rights are delayed. Pencom pays N679b in 14 years

2018-10-25 00:00:00.0

The Nation

‘Why accrued pension rights are delayed’

•Pencom pays N679b in 14 years

The National Pension Commission (PenCom) is waiting for the release of funds from the Federal Ministry of Finance to be used in paying accrued pension rights of Federal Government retirees under the Contributory Pension Scheme (CPS). The Commission in a report on accrued right payment said the expected fund will be used to pay batches of retirees, who retired between September to December 2017.

In the report, PenCom’s Acting Director-General, Mrs Aisha Dahir-Umar, said the Commission has paid 143,637 retirees N679.68 billion since the commencement of the Scheme in 2007. She said the Commission has intensified its effort to ensure that funds are released for payments of accrued pension. She disclosed that the effort yielded result as the ministry has released N14 billion to the Commission, noting that it will go a long way to clear backlogs of arrears. According to her, Federal Government’s outstanding pension liabilities to its retirees till date is N60 billion. She said: “We have paid the retirees up to August 2017 and we plan to clear the backlogs as soon as possible. Based on the effort made by the Commission, we are now getting monthly release of N14 billion.

“We started getting it in July this year. We were not getting monthly release before this time. This may not clear all the backlogs, but it will go a long way in the long run if the ministry continue to release the fund.”


Advanced tools search



Subscribe to our quarterly newsletter