The National Pension Commission, PenCom, has confirmed the release of N614.92 billion by the federal government for the payment of accrued rights for retired Nigerians under Contributory Pension Scheme.
The amount according to PenCom covers four months arrears.
The Accrued Pension Rights (APR) are employee’s benefits for the past years of service up to the country from June 2004, when the Pension Reform Act (PRA) became law.
PenCom applauded “the federal government for ensuring that the accrued rights arrears are cleared, and thanks the affected retirees of the treasury funded agencies for their patience”.
Before Monday’s release of the fund, Police retirees under the Contributory Pension Scheme (CPS) supervised by the National Pension Commission (PenCom) had cried out over the delay in the remittance of their pension accrued rights, which they say had lingered over one year.
The retirees, under the Association of Retired Police Officers (under the Contributory Pension Scheme) brought their plight to public knowledge last year, when they demanded for better treatment from the government.