11,374 retirees settle for programmed withdrawal, 1,596 embrace annuity in 3 months

Retirees at an event

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Chuks Udo Okonta

The National Pension Commission (PenCom) said 11,374 retirees went for programmed withdrawal as means of drawing their monthly pensions, while 1,596 embraced Retiree Life Annuity which is managed by life insurance operators.

PenCom in its fourth quarter report, noted that it granted approval for 11,374 requests, comprising 5,681 public (FGN & States) and 5,693 private sector retirees to draw pension through the Programmed Withdrawal mode during the quarter under review, adding that these retirees received a total lump sum of N32,631,748,404.55 while their total monthly pension amounted to N455,487,074.25.
The Pension sector regulators said it also granted approval to 1,596 retirees under the Retiree Life Annuity during the quarter under review, stressing that a total lump sum of N6,284,179,444.33 was approved for payment to the retirees, while the sum of N10,115,855,000.10 was approved for payment to 14 Retiree Life Providers as premium in return for total monthly/quarterly annuities of N111,677,547.01.

PenCom maintained that during the quartered, it granted approval for Enbloc payment of retirement benefits to 3,499 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 N848,920,264.47 was paid to the 3,499 retirees comprising 200 public (FGN & State) and 3,299 private sector retirees, it said.

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