Barbara Bako Abuja.
RETIREES — Pension Fund Administrators (PFAs) has paid N 1.63 trillion to 442,000 retirees under programmed withdrawal and annuity component of the Pension Scheme in last fifteen years.
According to a data presentation by Pension Operators of Nigeria (PenOP), N208.86 billion was paid out to 475,000 Nigerians who lost their jobs as 25% of Retirement Savings.
Penop Chief Executive Officer, Mr. Oguche Aguda while presenting the data on Wednesday at a virtual press briefing said that the Contributory Pension Scheme has recorded lots mileages in the last twenty years of its introduction in Nigeria in Nigeria.
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Aguda said a lot has been achieved in the last twenty years of CPS operations in Nigeria. For instance, he said the number of client growth – RSA registration moved from 2,543, 178 in 2007 to 10,023,314 as of July 2023.
According to breakdown on lump sum paid on programmed withdrawal, N 99.2 billion was paid to 35,419 applicants third quarter 2011, N 288. 5 billion paid to 117,502 applicants 2015 (Q3), N 589.3 billion paid to 227,400 applicants 2019 (Q3), N 887.6 billion paid to 315,112 applicants 2022 (Q3) and N 964.2 billion paid to 330,201 applicants 2023 (Q2).
Similarly, a total sum of N356.32 billion was paid out as death benefits to 91,214 beneficiaries of CPS deceased.
Contributions by both Public and Private Sectors to the scheme has risen significantly in the last twenty years. The portion of public sector contribution rose to N 4.87 trillion in second quarter 2023 from N1.57 trillion in third quarter 2011. Private sector contribution moved to N 4.5 trillion in second quarter 2023 from N 454.95 billion figure recorded in third quarter of 2011.
