Pension Fund Administrators pay retirees N3.4bn monthly

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Pension Fund Administrators in Nigeria (PFAs) pay a total of N3.4 billion to retirees monthly under the programme withdrawal system of Retirement Benefit payment while insurers pay a total of N917 million under the Annuity system, National Pension Commission (PenCom) said in a statement.

PenCom said the above figure was paid by the PFAs to 111,756 retirees, who chose to receive their retirement benefits through programme withdrawal while the N917 million paid by insurers was received by 18,468 retirees who chose to receive their benefit through Annuity.

This, by interpretation means that more workers embrace programme withdrawal system more than annuity despite the cut throat competition going on between insurers and pensioners over workers choice of the above two systems of Retirement Benefit payment.

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