PFAs pays retirees N68.1b in Q3

Pension Fund Administrators (PFAs) have paid N68.17 billion lump sum to retirees as at Third Quarter, 2018, a report by the National Pension Commission (PenCom) has shown.

In the report titled, PenCom Third Quarter, 2018, the commission said a total of N3 billion was paid in the period under review.

The commission disclosed that it approved a total of 2,831 applications for retirement under life annuity during the quarter.

This, it stated, brings the total number of retirees receiving their retirement benefits through the annuity plan to 57,302.

The commission also said the 2,831 retirees received N1.7 billion as lump sum payment and paid premium of N16.04 billion to insurance companies.

Meanwhile, the total number of retirees currently receiving their pensions under the Programmed Withdrawal (PW) contracts increased by 3.49 percent from 185,092 in the previous quarter to 191,556 in the third quarter of 2018.

A  sectorial breakdown shows that 66.01 percent of those that received pension under the PW were from the public sector while retirees from the private sector accounted for the remaining 33.99 per cent.

During the quarter under review, the sum of N15.23 billion was paid to 6,464 retirees as lump sum and N367 million as monthly programmed withdrawals.

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