- Pension Fund Administrators (PFAs) have paid out N77.18 billion in death benefits of 27,321 deceased employees from last year to the first quarter of 2015, the Executive Secretary PenOp, Ms. Susan Oranye, has disclosed.
- She said in a statement that in the first quarter of 2015 alone, the PFAs paid N4.44 billion in death benefits to the next-of-kins of 1,450 former employees.
- Oranye said in line with the provisions to cater for workers who were disengaged, 96,002 of them, were last year, given 25 percent of their Retirement Savings Account (RSA) balances amounting to N20.72 billion.
- She noted that of the 96,002 people, 91, 3555 were from the private sector while 4,647 were from the public sector.
“In the third quarter of 2014, the National Pensions Commission (PenCom) granted approval for the payment of 25 percent of RSA balances amounting to N20.72 billion to 96,002 RSA holders who retired before the age of 50 years and having stayed for at least four months after retirement without securing a new employment,” she said.
- The PenOp executive secretary urged employers to embrace the Contributory Pension Scheme (CPS) to enable their workers enjoy the numerous benefits provided by the Pension Reform Act 2014.