PenCom approves N1.8bn for enbloc, foreigners’ pension

 

The National Pension Commission, PenCom, has granted approval for the enbloc payment of N1.81 billion to 3,403 retirees being the entire balances in their Retirement Savings Account, RSA, in the fourth quarter of 2017.
The figure also included payments to foreign nationals who decided to return to their home countries after making voluntary contributions under the Contributory Pension Scheme, CPS. Enbloc payments are for categories of retirees whose RSA balances were N550,000 or below and considered insufficient to procure programmed withdrawal or an annuity of a reasonable amount over an expected life span. According to a report from PenCom, a total of 321 retirees were from the public sector, made up of federal and state government workers while a total of 3,082 retirees were from private sector. Cumulatively, 89,844 retirees under these categories have, so far, received a total sum of N22.07 billion from inception of the CPS to the end of the fourth quarter of 2017. Also, PenCom noted that it approved payments of N9.20 billion as death benefits to the beneficiaries of 2,028 deceased employees during the quarter under review. According to PenCom, the figure moved the cumulative payments to a total of N138.90 billion as death benefits, including life insurance, of 44,879 deceased employees from both the private and public sectors of the economy as at the end of fourth quarter, 2017.

(Vanguard)