The National Pension Commission (PenCom) said the total amount released from the 2024 retirees’ rights settlement has risen to N66 billion.

This includes an additional N22 billion released by the Office of the Accountant General of the Federation (OAGF) as part of the 2024 appropriation for the period of July to September.

A statement by PenCom highlighted that the funds were paid into the Retirement Benefits Bond Redemption Fund (RBBRF) Account at the Central Bank of Nigeria (CBN) to partially settle unpaid accrued pension rights for retirees of Federal Government treasury-funded ministries, departments and agencies (MDAs) under the Contributory Pension Scheme (CPS).

The disbursed funds, PenCom said have been applied to settle the accrued pension rights of retirees who were duly verified and enrolled, covering October 2023 to January 2024 as well as some deceased employees.

It stated that the remittances have been credited directly to the retirement savings accounts (RSAs) of the affected retirees through their respective pension fund administrators (PFAs).

The Commission urged all affected retirees to contact their PFAs to complete the necessary documentation to access their retirement benefits.

PenCom equally directed the PFAs to expedite the processing of payment to ensure retirees promptly receive their money.

While appreciating the retirees’ patience and understanding, PenCom reaffirms its commitment to engaging with relevant authorities to ensure the settlement of all unpaid accrued pension rights and related liabilities.