Lump sum paid on programmed withdrawal and annuity to retirees in the last 15 years by Pension Fund Administrators and life insurance companies has hit N1.63tr.
The CEO of Pension Fund Operators Association of Nigeria Oguche Agudah who disclosed this at a Media Parley in Lagos said the benefits was paid to 442,000 retirees.
The data sourced from National Pension Commission PenCom captured some of the years lump sum programme withdrawal was paid during the Q3 of the stated years. In 2011 Q3 N99.29bn was paid to 35,419 applicants, in a show of ascendency, N288.54bn was paid to 117,502. In same fashion, Q3 of 2019 recorded that 227,400 applicants were paid N589.33bn. The lump sum paid to 315,112 applicants in Q3 2022 was N887.23bn, At the end of Q3 of 2023, N964.23bn was paid to 330,201 applicants.
