President Buhari approves payment of Critical Outstanding Pension Rights

The National Pension Commission (PenCom), says President Muhammadu Buhari, has approved its submission on the payment of some critical aspects of the outstanding pension liabilities of the Federal Government, under the Contributory Pension Scheme.

In a statement Issued by the Commission, Payment of the outstanding accrued pension rights for verified and enrolled retirees of treasury-funded MDAs that retired but are yet to be paid their retirement benefits, as well as the back log of death benefits claims due to beneficiaries of deceased employees of treasury funded MDAs.

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The Payment of 2.5% differential in the rate of employer pension contribution for The Federal Government retirees and employees which resulted from the increase in the minimum pension contribution for employers from 7.5% to 10% in line with Section Payments for retirees and existing employees would take effect from July 2014.

The Statement Further Indicated that, The Federal Government is expected to continue with the payment of the 10% rate of employer pension contribution for its employees, thus ensuring a remittance of at least 18% monthly by the Workforce.

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The settlement of the outstanding accrued pension rights of verified and enrolled Federal Government retirees and compliance, with the reviewed rate of pension contributions, are described as significant developments, that have resolved the challenges in these aspects that have lingered since 2014.

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