The preference for programmed withdrawal PW and a mode to draw retirement benefits by pensioners has a strong appeal to retirees, as this is reiterated in the National Pension Commission (PenCom) First-Quarter 2022 Report when PenCom approved 8,528 retirees requests to draw pension through the PW as against 3,264 retirees under the retiree life annuity during the quarter under review.
Relaying the lead of PW, PenCom report stated that the 8528 retirees requests received a total lump sum of N36.25bn while their total monthly pension amounted to N470.13m.
A break down of PW sectoral approvals showed that public sector requests were 3270 while approved private sector requests were 5258 within the under review.
Retiree life annuity competitiveness for terminal benefits during Jan – Mar 2022 closed at 3264 with the sum of N13bn approved for payment to the retirees.
Besides, the sum of N22.69bn was approved for payment to 14 retiree life annuity providers as premium in return for total monthly/quarterly annuities of N231.93m.
Retiree life annuity sectoral approvals showed that public sector retirees that made requests were 1587 while the private sector approved requests were 1677.