Over 1,601 retirees register under RLA in Q1 2021 – PenCom

Over 1,601 retirees have registered under the Retiree Life Annuity (RLA) in Q1 2021, according to the National Pension Commission (PenCom).

Acting Director-General, PenCom, Aisha Dahir-Umar

The Commission’s report contained I a statement, Monday disclosed 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.

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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.

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