President Muhammadu Buhari has approved the payment of some critical aspects of the outstanding pension liabilities of the federal government under the Contributory Pension Scheme (CPS) since July 2014.
A statement by the National Pension Commission (PenCom) Wednesday, said Buhari approved the payment of outstanding accrued pension rights for verified and enrolled retirees of treasury-funded Ministries, Departments, and Agencies (MDAs) that retired but are yet to be paid their benefits.
It also consists of the backlog of death benefits claims due to beneficiaries of deceased employees of treasury-funded MDAs.
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The president also granted approval to clear the backlog of the Accrued Pension Rights, the president also authorized the payment of 2.5 percent differential in the rate of employer pension contribution for federal government retirees and employees, which resulted from the increase in the minimum pension contribution for employers from 7.5% to 10% based on the Pension Reform Act (PRA) 2014.
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PenCom said remittance into the various Retirement Savings Accounts (RSAs) of the affected retirees and employees is currently being processed.
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