Hope for FG Retirees on Outstanding Accrued Rights since March 2023
Hope is finally coming for retirees of Treasury-funded Ministries, Departments and Agencies (MDA) of the Federal Government, based on feedback we have received, retirees of these FG MDAs, who retired since March 2023 have not been able to access their retirement benefits due to non payment of accrued rights by Federal Government.
Accrued Rights represent an employee’s retirement benefits from the date of the employees first appointment till June 2004, when the first Pension Reform Act (PRA 2004) was enacted. The accrued right is a major part of the retirement benefits that must be paid into the Retirement Savings Accounts (RSAs) of retirees before Pension Fund Administrators (PFAs) can process the request for retiree to access their retirement benefits via Lumpsum and program withdrawal or annuity.
It is with utmost relieve that we received the assurance given by Omolola Oloworaran, the Acting Director General of National Pension Commission (PenCom), during the keynote address at the workshop organised on the use of the Online Enrolment Application for Pension Desk Officers (PDOs) of Treasury-funded Ministries, Departments and Agencies (MDA) of the Federal Government, that the accrued rights will soon be released.
The Acting Director General of the PenCom disclosed that concerted efforts have been made by critical stakeholders to ensure that the persistent delays in release of retirees accrued rights by Federal Government becomes a thing of the past.
The acting DG also confirmed that the current delay in release of funds by the Federal Government for the payment of retirees’ accrued rights negates the cardinal objective of the Contributory Pension Scheme (CPS) on payment of retirement benefits as and when due, and she assured that the situation will soon be resolved.
She said “It is also heart-warming to report to you that concerted efforts by the critical stakeholders have reached advanced stage, to not only clear all outstanding pension liabilities of the Federal Government under CPS, but to also put in place lasting solutions that will address the problems of inadequate funding and delay in fund releases for the payment of accrued rights”.
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