PenCom Makes Bulk Payment Of N27.09b To 109,284 Retirees
The National Pension Commission (PenCom) has announced bulk payment of N27.09 billion to 109,284 retirees.
PenCom said the payment was made to those who had N550, 000 or below as their Retirement Savings Account (RSA) balances and were considered insufficient for withdrawal from inception to the end of the second quarter of 2019.
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The pension regulator stated this in its second quarter 2019 report, where it also said approval was granted for payment of RSA balances to foreign nationals who decided to return to their home countries after making contributions under the CPS.
The report also stated that the sum of N 665.38 million was paid to 2,801 retirees, which comprised 173 from the public sector retirees (FGN and State) and 2,628 from the private sector retirees.
The Commission said it approved the payment of N4.69 billion as death benefits to the beneficiaries of the 1,223 deceased employees during the quarter under review, which brought the total number of deceased employees from both public and private sectors to 57,043, adding that the amount paid during the quarter moved the total payments of death benefits to N178.56 billion.
Meanwhile, the report said PenCom recorded a 1.78 per cent growth in the scheme membership during the second quarter of 2019, moving from 8.63 million contributors at the end of the preceding quarter to 8.79 million.
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It said the pension industry however recorded a 1.78 percent growth in the scheme membership during the period under review, moving from 8.63 million contributors at the end of the preceding quarter to 8.79 million.
“However, membership of the Closed Pension Fund Administration (CPFA) Scheme declined by 58 members (23,258) while the Approved Existing Scheme (AES) membership remained unchanged at 40,951,” it said.
The RSA registrations, it said, grew to 8,722,609 as at second quarter, 2019 moving from 8,569,037 as at first quarter, 2019, representing a growth of 1.79 percent (153,572).
The growth, according to the commission, was caused by an increased level of compliance by the private sector as a result of the various steps taken by the regulator to improve compliance and marketing strategies of the PFAs.
