Federal Government unpaid pension accrued rights for the period covering May 2017 to April 2018 stands at N97.55 billion, according to the National Pension Commission (PenCom).
The outstanding accrued rights of Federal Government employees who retired in 2017, as well as the amount due to those retiring in 2018, have been submitted to the Federal Government for appropriation in the 2018 budget.
PenCom noted that based on the positive disposition of the Federal Government towards settling outstanding pension liabilities, as evidenced by the release of N54 billion in April 2017, it is expected that these liabilities will soon be paid.
“The Commission served as a member of an Inter-Ministerial Committee, Chaired by the Honorable Minister of Finance, that was set up by Mr. President to determine the total pension liabilities of the Federal Government under both the CPS and the Defined Benefits Scheme, and advise the Government on the amount required to be provided in the budget to defray the pension obligation.
“The Commission has determined the total pension liability owed to the Contributory Pension retirees due to both the 15 per cent and 33 per cent pension increases of 2007 and 2014 respectively,” PenCom posited.
PenCom reiterated its commitments toward ensuring retirees enjoy their retirement, stressing that this was the reason for the implementation of the pension enhancement, which is one of the significant milestones attained since the commencement of the CPS.
The pension regulator said the implementation confirms that the Contributory Pension Scheme (CPS) has workable internal mechanisms to respond to legitimate demands of retirees, as they seek a reasonable retirement income, stressing that it intends to sustain this periodic review exercise in line with relevant provisions of the law.