The National Pension Commission (PenCom) says it granted approval for the payment of N15.79 billion as death benefits to the administrators/legal beneficiaries of 5,562 deceased employees and retirees.
The commission made this known while speaking on the innovative strategies of the contributory pension scheme in improving Nigeria’s retirement challenges.
“Before the CPS, large pension liabilities made it impossible for the federal and state governments to meet their pension obligations to retirees. At the same time, the private sector retirement plans offered low pensions,” PenCom said.
“The CPS allows for easy labour mobility across sectors and different tiers of government. Once an RSA is opened and a personal identification number issued to an employee, the number remains tied to the employee throughout their lifetime, allowing them to maintain their RSA for contributions from new employers.
“Contributors under the CPS have the opportunity to select any PFA of their choice to open their RSA, transfer their account from one PFA to another once a year, and choose either the programmed withdrawal or retiree life annuity method upon retirement.“The PW offers a retiree a lump sum and regular monthly or quarterly pension payments throughout an estimated life span. In contrast, the RLA provides periodic payments to a retiree during his lifetime.
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