The National Pension Commission refunded N848.92m to 3,499 retirees under the Contributory Pension Scheme and allowed them to leave the system due to low balances in their Retirement Savings Accounts in the fourth quarter of 2020.

Figures obtained from PenCom’s report on ‘Enbloc payment of retirement benefits’ for the fourth quarter revealed this on Tuesday.

According to the report, the concerned retirees did not have above N550,000 in their RSAs as of the time they retired.

Part of the report read, “During the quarter under review, the commission granted approval for enbloc payment of retirement benefits to 3,499 retirees whose RSA balances were N550,000.00 or below and considered insufficient to procure Programmed Withdrawal or Retiree Life Annuity of a reasonable amount for an expected life span.

“In this regard, a total sum of N848.92m was paid to the 3,499 retirees comprising 200 public (FGN and state) and 3,299 private sector retirees.”

According to the regulation of the CPS, retirees with less that N550,000 should be given all the money they contributed and as such was deemed to be too small to be managed by the Pension Fund Administrators and life insurers, either as programmed withdrawal or as life annuity.

PenCom said it appointed recovery agents as part of efforts to clamp down on activities of employers who deducted the monthly emolument of their workers but did not remit to the respective RSAs with the PFAs.

This was to reduce the number of workers who retired with ridiculously low savings in their pension accounts, it stated.

Add TheNigeriaLawyer On Google News ______________________________________________________________________ ARTIFICIAL INTELLIGENCE FOR LAWYERS: A COMPREHENSIVE GUIDE Reimagine your practice with the power of AI “...this is the only Nigerian book I know of on the topic.” — Ohio Books Ltd Authored by Ben Ijeoma Adigwe, Esq., ACIArb (UK), LL.M, Dip. in Artificial Intelligence, Director, Delta State Ministry of Justice, Asaba, Nigeria. Bonus: Get a FREE eBook titled “How to Use the AI in Legalpedia and Law Pavilion” with every purchase.

How to Order: 📞 Call, Text, or WhatsApp: 08034917063 | 07055285878 📧 Email: benadigwe1@gmail.com 🌐 Website: www.benadigwe.com

Ebook Version: Access directly online at: https://selar.com/prv626

______________________________________________________________________ New Year Promo: Get Five Maritime Law Books For N150,000 — 63% Discount The promotion, which commenced on January 8 and runs until February 8, 2026, offers five core maritime law books authored by Dr. Emeka Akabogu, SAN, ordinarily valued at N405,000, for just N150,000 — a 63% discount. Interested buyers can place their orders through the following channels: Phone: 0704 329 3271 Online Store: https://paystack.shop/aa-bookstore Website: www.akabogulaw.com ______________________________________________________________________ [A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials
“Evidence Act: Complete Annotation” by renowned legal experts Sanni & Etti.
Available now for NGN 40,000 at ASC Publications, 10, Boyle Street, Onikan, Lagos. Beside High Court, TBS. Email publications@ayindesanni.com or WhatsApp +2347056667384. Purchase Link: https://paystack.com/buy/evidence-act-complete-annotation ________________________________________________________________________ The Law And Practice Of Redundancy In Nigeria: A Practitioner’s Guide, Authored By A Labour & Employment Law Expert Bimbo Atilola _______________________________________________________________________