Pension benefits for life annuitants has risen to N665.13bn in the PenCom data up and until Q2 2023 to 111,708 applicants. This was disclosed by the CEO of Pension Fund Operators Association of Nigeria, Oguche Agudah at the Media Parley held for pension media in Lagos on Friday, 8th December 2023.
Centred on the theme “At the dawn of 20 years of pension reform, what are the gains?” Aguche said 102,696 applicants had been paid N595.22bn as at Q3 2022 by life insurance companies offering the product.
At the base of the twelve year period captured categorised from Q3 2011as the base year, 331 applicants were paid N1.51bn, four down the line, Q3 2015, 20615 applicants were paid N101.96bn.
In another four years, precisely Q3 2019, 71,214 applicants were paid N386.30bn by participating life insurers. It shows also the steady growth of preference for life annuity offered by involved insurers who are as it were outsiders prancing to get involved in the provision of pension benefits to retirees.
