Under the Contributory Pension Scheme(CPS) the Federal Government has released the sum of N14.92 billion for the payment of accrued rights for retirees.
According to PenCom in a statement released yesterday, the release of funds will take care of four months in arears.
PenCom is the regulatory body which oversees the effective regulation and supervision of the Nigerian Pension Industry to ensure that retirement benefits are paid as and when due.
Meanwhile the total pension assets under the CPS had increased to N11.08 trillion as of the end of June.
About N7.45 trillion of the total assets was invested in federal government’s securities including FGN bonds, treasury bills, agency bonds, Sukuk and green bonds.
