Pension: N451.2bn paid to 104,259 death beneficiaries since inception, says pension fund operators
The Chief Executive Officer, Pension Fund Operators Association of Nigeria (PENCOP) Ogwuche Aguda has revealed that no less than N451.2 billion have been paid to 104,259 death beneficiaries till date.
Aguda, who disclosed during a paper presentation on “20 years of Pension Reform Act: Gains, Challenges and Prospects to journalists Thursday in Abuja also said, N1.32 billion lump sum Life annuity was paid to 331 applicants in the third quarter of 201. According to the PENCOP CEO, the amount rose to N1.1 trillion that was paid to 129,435 applicants by the second quarter of 2024.
Former President Olusegun Obasanjo introduced the Contributory pension scheme (CPS) with the pension Reform Bill of 2004 and was amended in 2016 to take care of past challenges that faced the sector.
He said the Retiree Savings Account (RSA) increased from 2,543,178 in 2007 to 10,280,956 in Q2, 2024.
While acknowledging the fact that the nation’s pension administration has improved tremendously, the PENOP boss said there’s s need for improvements going forward
According to him, “This sector needs greater media engagement, more people accessing RSA mortgage, seamless faster services driven by technology adoption is needed.”
“We also expect a higher returns investment guidelines reversals, greater investment in infrastructure, greater focus on the informal sector micro pension” among others
In a welcome address, the President of PENCAN, Nana Musa assured that the association will continue to give adequate publicity to pension related activities aimed at ensuring a peaceful atmosphere is sustained through its media reportage to the benefit of all stakeholders.
