The Federal Authorities has ordered the computation of accrued pension of serving federal civil servants, The PUNCH has gathered.
A memo by the Workplace of the Head of Civil Service of the Federation, which was obtained by our correspondent on Tuesday in Abuja, mentioned the transfer was in collaboration with the Ministry of Finance and can concentrate on workers who had been employed on or earlier than June 30, 2024.
The memo mentioned the transfer would allow the federal government to plan forward of time in direction of the early launch of the entitlement of the employees.
The memo learn: “It has been noticed that one of many causes for the delay within the cost of pension of retired officers is the late launch of their accrued rights beneath the outdated Outlined Profit Scheme.
“To allow the federal government plan in direction of early launch of the accrued rights, there’s a want to reap the info of the officers who’re entitled to the rights.
“Consequently, the Workplace of the Head of the Civil Service of the Federation, in collaboration with the Federal Ministry of Finance and different stakeholders, is compiling information of the affected officers who had been employed on or earlier than thirtieth June 2004.
“All involved officers are to notice that filling the shape is obligatory to allow the cost of their accrued pension rights beneath the outdated Outlined Profit Pension Scheme, after they retire.
The PUNCH experiences that the Federal Authorities has did not launch funds for cost of accrued pension rights within the first half of 2024.
The FG had reneged for the complete 12 months 2023, as no funds had been launched regardless of budgetary provisions.
The discharge made within the first quarter of 2023 was for excellent funds in 2022.
This comes towards the backdrop of FG’s failure to implement its coverage on the upward evaluation of pension quantities beneath the Contributory Pension Scheme for 15 years, towards coverage prescriptions of upward evaluation each 5 years as stipulated by legislation.
Whereas the legislation stipulates that pensions shall be reviewed each 5 years or along with any federal civil service wage opinions, whichever is earlier, the FG has did not implement pension changes beneath the Contributory Pension Scheme, CPS, because the scheme’s inception in 2004.
The FG’s indebtedness to retirees on accrued pension rights within the final 16 months is estimated at N230bn.
Some pensioner teams have referred to as for a boycott of investing pension belongings in FG securities because the authorities borrowing comes primarily from pension belongings.
On the similar time, the FG had all the time been discovered wanting in complying with the extant pension scheme.
In line with a report by the Nationwide Pension Fee, in 2021, the FG launched a complete of N100.2bn for cost of accrued rights which introduced the overall quantity launched by the FG from inception to N980.18bnn.
In March 2022, the FG launched N14.92bn for cost of accrued rights.
Nonetheless, in keeping with the Pension Fund Operators Affiliation of Nigeria, the FG has launched funds up until February 2023, with no cost made after then.