The National Pension Commission has said that the Federal Government has given an order to clear the outstanding pensions of its retirees under the Contributory Pension Scheme.
PenCom informed all its stakeholders, particularly retirees of treasury-funded Federal Ministries, Departments and Agencies, that President Muhammadu Buhari had approved it’s submission on the payment of some critical aspects of the outstanding pension liabilities of the Federal Government under the Contributory Pension Scheme.
PenCom noted that subsequently, the Federal Government was expected to continue with the payment of the 10 per cent rate of employer pension contribution for its employees, ensuring a remittance of at least 18 per cent monthly as provided by the PRA 2014.
It stated that funds had already been made available for the settlement of the above stated pension liabilities.
PenCom stated that the affected retirees and employees would be notified in due course by their respective Pension Fund Administrators.
