FG pays N496,58bn pension accrued rights of 99,069 RSAs, DBAs holders


Director-General PenCom Mrs. Chinelo Anohu-Amazu

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Chuks Udo Okonta

The Federal Government has paid N496,58 billion pension accrued rights of 99,069 Retirement Savings Accounts (RSAs) and Defined Benefits Accounts (DBAs) holders as at third quarter of 2015, Inspen has learnt.


It was gathered that the amount was the total sum paid by the government since the inception of the Contributory Pension Scheme (CPS).

Investigation revealed that the National Pension Commission (PenCom) is working with the government to ensure the outstanding is paid to enable retirees who retired in the fourth quarter get their benefits.

The Chairman Pension Fund Operators Association of Nigeria (PenOp) and Managing Director, AIICO Pension Managers Limited, Eguarekhide Longe, said the little challenge on accrued rights would be resolved when the government settles down fully, adding that the government before now has been faithful to its pension responsibilities.

Meanwhile, Lagos State which is one of the leading lights among states that have embraced the new pension scheme has paid N6.8 billion accrued pension arrears to 1,754 retirees of the state’s civil service between August and October 2015.

The Director General, Lagos State Pension Board (LASPEB), Mrs. Folashade Onanuga, said since the release of N11 billion by the State’s Governor, Akinwunmi Ambode in July 2015, for payment of accrued pension rights of pensioners who had been on the waiting list, LASPEB has been paying the pension rights monthly.

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