Terminal benefits options for retirees under the contributory pension scheme (CPS) has seen programmed withdrawal PW preferred with the trend sustained in the 2021Third Quarter Report of National Pension Commission, and the other option, retiree life annuity, following after.
In the period under review 8,528 retirees (3270 public sector and 5258 private sector) requested to draw pension through PW. These retirees received a lump sum of N36.24m while their total monthly pension amounted to N470.13.
For same period the Commission granted approval to 3,264 retirees (1587 from public sector and 1677 from private sector) under the retiree life annuity. The report stated that N13.21m was approved for payment to the retirees, while N22.69m was approved for payment to 14 retiree life annuity providers as premium in return for total annuities of N231.93m.
The Commission also approved death benefits of N13.39m to the legal beneficiaries/administrators of 2574 deceased employees and retirees, comprising 1923 public (FGN and states) and 651 private sector employees/retirees.
The report stated that the Commission approved enbloc payment retirement benefits to 2084 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. Consequently, N519.51 was paid to the 2084 retirees from both public and private sectors.
In another development, the Commission approved the payment of N5661.68m to 9517 RSA holders under the age of 50 years, who were disengaged from work and unable to secure jobs within four months.