FG yet to remit N63.34b pension fund – PENCOM

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According to reports, the Federal Government is still having outstanding accrued rights due its employees that retired between 2015 and October 2016 amounting to N63.34 billion.

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Director General of National Pension Commission (PENCOM), Chinelo Anohu-Amazu who disclosed this at a function organised by the National Union of Pensioners (NUP) in Abuja also said the total registered participants in the Contributory Pensions Scheme (CPS) have increased to 7, 240,196 as at September 2016.

The DG further said that a total of 174, 844 persons have retired under the CPS since inception.

Represented by Director of Surveillance at the commission, M.B Umar, she said the number comprised 140,532 retirees on monthly programmed withdrawal and 34,312 retirees on monthly annuity, adding that the monthly pension payment of the retirees were N4.67 billion and N1.72 billion respectively.

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According to her, despite the success recorded, the CPS has some challenges especially in funding of accrued rights of Federal Government employees.

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