PFAs pay N6.35bn to retirees monthly


From left: Head, Benefits and Insurance, National Pension Commission, Olulana Loyinmi; President, Pension Fund Operators Association of Nigeria (PenOp), Longe Eguarekhide and Head, Micro Pensions Department, Polycarp Anyanwu
at an event in Calabar.

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Chuks Udo Okonta

Pension Fund Administrators (PFAs) are paying N6.35 billion to 186,730 retirees every month as at September this year, Inspen has learnt.

According to Head, Benefits and Insurance, National Pension Commission (PenCom) Olulana Loyinmi; a total of 186,730 retirees have collected about N395.20 billion as lump sum at the point of retirement and collecting monthly pension totaling N6.35billion as at September 2016.

He said the total retirees comprised 140,532 on Programmed Withdrawal and 46,198 on annuity, adding that a total of 177,284 Retirement Saving Account (RSA) holders aged less than 50years have so far accessed about 25 per cent of RSA balance in the sum of N55.46billion having disengaged from work for four months or more.

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