PFAs pay N77.18bn in death benefits

The Pension Fund Administrators (PFAs) in Nigeria have paid out N77.18 billion in death benefits to the 27,321 deceased employees next of kins from inception to the first quarter of 2015.

In the first quarter of 2015 alone, the PFAs have N4.44 billion in death benefits to the next of kins of the 1,450 deceased employees.

The Executive Secretary PenOp, Ms Susan Oranye gave the figures in a statement.

Oranye said in line with the provisions to cater for workers who were disengaged, 96,002 of them, were last year, given 25 per cent of their Retirement Savings Account (RSA) balances amounting to N20.72 billion.

She noted that of the 96,002 persons, 91, 3555 were from the private sector while 4,647 from the public sector.

“In the third quarter of 2014, the National Pension Commission (PenCom) granted approval for the payment of 25 per cent of RSA balances amounting to N20.72 billion to 96,002 RSA holders who retire before the age of 50 years and having stayed for at least four months after retirement without securing a new employment.

Out of this number, 91,355 (95.16 per cent) were from the private sector and 4,647 (4.84) from the public sector,” she said.

She called on employers to embrace the Contributory Pension Scheme (CPS) to enable their workers enjoy the numerous benefits provided by the Pension Reform Act 2014.