By Kingsley Okoye
The National Pension Commission (PenCom) has approved 3, 280 applications for payment of retirement benefit under life annuity plan.
The commission, in its 2018 first quarter report posted on its website, said the 3,280 retirees received N3.61 billion as lump sum payment and were paid annuity premium of N17.96 billion to insurance companies.
This, PenCom said accumulated to a total of N63.91 billion and N259.58 billion as lump sum and annuity payments respectively.
It said the approved annuity applications for the quarter under review increased the total number of retirees receiving their retirement benefits through the annuity plan to 51,819.
According to the report, PenCom said the retirees were receiving average monthly annuity of N2.70 billion as at the end of March.
On retirees under Programmed Withdrawal, (PW) it said “the total number of retirees currently receiving their pensions under the PW increased by 3.79 per…
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