Buhari approves payment of outstanding pension liabilities

By Nana Musa

The Federal Government has given presidential approval for payment of outstanding pension liabilities under the Contributory Pension Scheme (CPS).

Mr Peter Aghahowa, the Head of Corporate Communication at National Pension Commission (PenCom), said this in a statement in Abuja on Wednesday.

He said that PenCom was pleased to inform all its stakeholders, particularly retirees of Treasury-funded Federal Ministries, Departments and Agencies (MDAs) that President Muhammadu Buhari has approved PenCom’s submission.

The submission was on the payment of some critical aspects of the outstanding pension liabilities of the Federal Government under the CPS specifically.

According to Aghahowa, payment of the outstanding accrued pension rights was for verified and enrolled retirees of treasury-funded MDAs retired but yet to be paid their benefits and backlog of death benefits due to beneficiaries of deceased employees.

Aghahowa said the Federal Government was expected to continue with the payment of the 10 per cent rate of employer pension contribution for its employees, thus ensuring remittance of at least 18 per cent monthly (employer 10 per cent and employee 8 per cent) as provided by the PRA 2014.