The National Pension Commission (PenCom) has said that over 1,601 retirees have been registered under the Retiree Life Annuity (RLA) in Q1 2021.
This is contained in the Commission’s report that a total of N5,436,058,359.02 was approved for payment to the retirees.
The Commission also approved the payment of N10,106,528,179.24 to 14 Retiree Life Providers as premium in return for total monthly/quarterly annuities of N98,330,781.49.
It further approved for 8,947 requests, comprising 4,173 public (FGN & States) and 4,774 private sector retirees to draw pension through the Programmed Withdrawal (PW) mode during the quarter under review. These retirees, it noted received a total lump sum of N25,160,612,257.42 while their total monthly pension amounted to N371,103,549.16.
Life annuity is an income purchased from an approved life insurance company which provides monthly or quarterly income to the retiree during his/her lifetime.