Retirees have continued to choose life annuity as their mode of receiving pension with a total of 3,505 retirees choosing annuity plan in the first quarter of 2023.
This was made known by the National Pension Commission (PenCom) in its first quarter report.
To this effect, insurance companies offering Life Annuity business received N26.54 million premium for the from Pension Fund Administrators (PFAs).
Aside from this, the companies received a lump sum of N15.23 million as approved payment to the retirees.
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In the same vein, the Commission further approved 6,415 requests for retirees to draw pension through programmed withdrawal mode during the quarter under review.
The retirees received a total lump sum of N33.62. million while their total monthly pension amounted to N481.46 million.
During the quarter under review, approvals were granted for payment of death benefits amounting to N15.79 million to the legal beneficiaries and administrator of 2,562 deceased employees and retirees.
This comprised of 2,232 public sector and 845 private sector employees and retirees.
On the other hand, approval was granted for enbloc payment of retirement benefits to 4,059 retirees, which totalled N2.54 million. According to the Commission, these were retirees whose RSA balances could not provide a monthly pension of at least one third of the prevailing minimum wage of N30,000.