Pension: Nigerian govt credits retirees’ accounts

The National Pension Commission on Tuesday notified beneficiaries of the treasury-funded pension of the federal ministries, departments and agencies of the payment of their retirement benefits.

In a statement in Abuja, spokesperson of the Commission, Emeka Onuorah, said the payment was for those who retired between January and August 2016 and were duly enrolled with the relevant agencies.

Mr. Onuorah, who said the accrued benefits have since been credited to individual beneficiaries’ retirement savings account, directed all the affected retired workers to immediately contact their Pension fund administrators, PFAs to commence the process of collecting their entitlements.

The spokesperson, who said the federal government saluted the courage, patience and perseverance of the retirees during the process the payment was being prepared, said arrangements were being made to pay the next batch very soon.

He said the next batch of beneficiaries would cover those who retired between September and December 2016.

“The Commission remains solidly committed to ensuring that retirement benefits are paid as and when due,” Mr. Onuorah said. He did not say how much paid out by the government.

But early last month, the federal government announced that it had released about N54 billion for the part payment of the backlog of accrued pension benefits covering between 2014 and 2016.

Out of the amount, about N41.5 billion was said to have been released to PENCOM for onward payment to retiree under the contributory pension scheme who were yet to receive their benefits.

The Minister of Finance, Kemi Adeosun, had said that about N12.5 billion was earlier released as outstanding for January, February and March 2017.

Federal public servants who retired since January 2016 had staged a protest at the Federal Ministry of Finance headquarters in Abuja earlier in the year claiming over 15 months unpaid pension benefits totaling over N200 billion.