PenCom Says FG Has Funded Accrued Pension Rights Through December 2029

The National Pension Commission says the Federal Government has cleared a 21-month funding backlog and made provision for the accrued pension rights of enrolled federal employees through December 2029.

PenCom Director-General Omolola Oloworaran announced the development on Wednesday, 11 November, at the Pension Correspondents Association of Nigeria conference in Abuja.

Ibrahim Buwai, the commission’s head of corporate communications, represented her at the event.

The announcement concerns federal employees enrolled in the Contributory Pension Scheme who have yet to retire.

Accrued rights are pension entitlements workers earned under the previous system before moving to the contributory scheme.

Funding those entitlements in advance addresses one source of delay when eligible workers retire and their benefits are processed.

PenCom described the change as a move from 21 months in arrears to 41 months ahead of schedule.

The December 2029 date refers to how far ahead the government has funded this portion of eligible workers’ retirement benefits.

Individual payments are tied to retirement and the processing of each worker’s benefits.