By Sola Alabadan
The National Pension Commission (PenCom) approved 4,438 requests, comprising 1,406 public (FGN & States) and 3,032 private sector retirees to draw pension through the Programmed Withdrawal mode during the second quarter.
These retirees received a total lump sum of N13,059.79 million, while their total monthly pension amounted to N209.05 million.
PenCom disclosed this in the second quarter report uploaded on the commission’s website recently.
Similarly, the Commission granted approval to 1,708 retirees under the Retiree Life Annuity during the quarter.
A total lump sum of N4,586.16 million was approved for payment to the retirees, while the sum of N12,346.89 million was approved for payment to 14 Retiree Life Annuity Providers as premium in return for total monthly/quarterly annuities of N122.46 million.
In a related development, approvals were granted for payment of death benefits amounting to N6,175.13 million to the legal beneficiaries/administrator of 1,209 deceased employees and retirees. This comprised 835 public (FGN & State) and 374 private-sector employees/retirees.
During the quarter under review, the Commission equally approved enbloc payment of retirement benefits to 2,024 retirees whose RSA balances were N550,000.00 or below and considered insufficient to procure Programmed Withdrawal or Retiree Life Annuity of a reasonable amount for an expected life span. In this regard, a total sum of N527.23 million was paid to the 2,024 retirees from both the public and private sectors.
Besides, the Commission approved the payment of N4,430.37 million to 7,906 RSA holders under the age of 50 years, who were disengaged from work and unable to secure jobs within four months.
