From Joseph Inokotong, Abuja

The Federal Government has released the sum of N11.818 billion for payment of accrued rights for retirees of treasury funded Ministries, Departments & Agencies (MDA) under the Contributory Pension Scheme (CPS)

Accrued rights represent benefits for employees of Treasury Funded MDAs who worked up to June 2004, when the Pension Reform Act was introduced.

In his reaction, Head, Corporate Communications of the National Pension Commission (PenCom), Mr Peter Aghahowa, said the Commission appreciates the effort of the Federal Government at ensuring that the accrued rights arrears are cleared.

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Last December, PenCom had announced an initiative of an automated process that would ensure seamless conduct of the annual verification/enrolment of employees of Treasury Funded Ministries, Departments and Agencies (MDAs) of the Federal Government that are due to retire from service between January and December 2021.

The move became necessary because PenCom was unable to conduct the annual physical Verification/Enrolment exercise that year due to the (COVID-19) pandemic.

The management of PenCom said the new process, scheduled to commence within the first quarter of 2021has two options for the prospective retirees, namely self-assisted or the Pension Fund Administrator (PFA) assisted option.