Over 100,000 Annuitants Pay N615.78 Billion To Insurers-PenCom

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Since the establishment of the Contributory Pension Scheme,  about N615.78 billion has been paid by 105,047 life annuitants 

According to Pencom in the fourth quarter of the 2022 report, a total of N201.43 billion lump sum had also been paid to the retiree.

All Retiree named Retiree Life Annuitants who chose the RLA product receive their monthly or quarterly payment from their pension Fund Administrator (PFA).

It is noted by the regulator that sectoral approval of the annuitants showed that 58,448 were from Federal Government while 12,524 were from the States and  33,678 were from the private sectors 

Pencom submitted, that the monthly annuity payout life insurer was N6.24 billion adding a total of 2,750 retirees chose the annuity mode of pension payment during the fourth quarter of 2022 

N8.11 million was the lump sum approved for the payment to the retirees while N20.57 million was approved for payment to the Retiree Life Annuity provider as a premium in return for the monthly annuity of N296.52 million.

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