National Pension Commission (PenCom) and ARM Pension Managers Limited have secured a stay of execution and appealed against the judgment given by Justice Oyebiola Oyewumi of the National Industrial Court, Abuja, which ruled that 50% lump sum payment to retirees is unlawful.
A retiree, who is over 60 years old, had sued ARM Pension Managers Limited and National Pension Commission to demand that he should be allowed to withdraw at least 50% of the balance in his Retirement Savings Account (RSA) as Lump sum.
Delivering the Judgement, His Lordship, Hon. Justice Oyebiola Oyewumi of the National Industrial Court, Abuja Judicial Division, had declared that the retiree, Mr. Maroof Giwa is entitled to at least 50% lump sum, considering his age, and the life expectancy of male Nigerian as projected by World Health Organization (WHO), and ordered Arm Pension Managers to pay the retiree within 14 days.
Read the full details of the Case and the Judgement in the link below
Industrial Court declares 25% Lump Sum payment to retiree above 50yrs by Pension Fund Administrator unlawful