Budgetary Provision For Retirees’ Accrued Rights Is Beyond Our Control – PenCom

National Pension Commission (PenCom) has reiterated that the Federal Government is responsible for including pensioners accrued right liabilities in the budget.

According to the Head of Corporate Communications Department of the Commission, Peter Aghahowa, budgeting for accrued rights is the responsibility of the Federal Government.

The accrued rights liabilities is what the federal government owes retired workers of Ministries, Departments and Agencies (MDAs) who have been in employment before the commencement of the Contributory pension scheme and it is usually compiled and sent to FG for inclusion in the budget.

He said “The liability, once we have determined it, would be transmitted to the Federal Government so that adequate budgetary provision would be made. In terms of budgetary provision, it is entirely up to the Federal Government. Once we provide the information for the Federal Government, the funding would have to be provided in next year’s budget. So, that is all outside PenCom.”

Aghahowa disclosed this during the on-going verification and enrolment exercise for FG treasury-funded workers due for retirement in 2020.

Based on available information, the last accrued rights released is for July 2018 retirees.