Kindly leave a comment and share
Senior Raphael
With the release of N100.29 billion for the payment of accrued rights to retirees of Treasury Funded Ministries, Departments and Agencies (MDAs), this brought the total amount released by the Federal Government into the RBBRF Account, from inception of the Contributory Pension Scheme (CPS) to 31 December 2021, to N980.18 billion, National Pension Commission (PenCom), has said.
PenCom stated this in a document obtained by Inspenonline, noting that the most significant development in the Pension Industry in 2021 was the successful reduction of outstanding pension liabilities of the Federal Government under the CPS.
The pension sector regulator said it obtained Presidential approval for the sum of N159.46 billion to defray some aspects of outstanding pension liabilities of the Federal Government under the CPS, adding that consequently, the sum of N40.55 billion, being the outstanding accrued rights of 6,282 retirees and 2,329 deceased employees, was paid during the year.
“In the same vein, the sum of N66.83 billion was remitted into the RSAs of 85,743 retirees and 693,229 active employees, being the 2.5% shortfall in the rate of employer pension contributions as at 31st December 2021. The balance of N52.08 billion was processed in the 2022 financial year. In addition, the Federal Government continued to fund the Retirement Benefits Bond Redemption Fund (RBBRF) Account. With the release of N100.29 billion for the payment of accrued rights to retirees of Treasury Funded MDAs, this brought the total amount released by the Federal Government into the RBBRF Account, from inception to 31 December 2021, to N980.18 billion,” it submitted.
