Retirement Savings Account holders have withdrawn over N1 Trillion from their Retirement Savings Accounts as shown in the quarterly report recently released by the National Pension Commission (PenCom).
Top on the list are retirees, i.e RSA holders over 50 years old, who withdrew N599 billion, followed by beneficiaries of deceased employees N186.21 billion, people under 50 years old who lost their jobs and were unable to secure another N116.88 billion and Annuity retirees N98.85 billion.
Retirees on Programmed Withdrawal
The total number of retirees currently receiving their pensions under the Programmed Withdrawal contracts is 227,400 (66% public sector and 34% private sector). The sum of N589.34 billion has been paid to retiree as lump sum while N9.69 billion has been paid as monthly Programmed Withdrawals from inception.
Retirees on Annuity
The total number of retirees receiving their retirement benefits through the annuity plan is 71,214 (74% public sector and 26% private sector). N94.99 billion has been paid to the retirees as lump sum, N386.30 billion was transferred to the Insurance companies as premium while a total of N3.86 billion has been paid to the retirees as monthly annuity receipts.
The total number of RSA holders who have been paid benefits for temporary loss of job is 331,003 (5% public sector and 95% private sector) and they were paid a total of N116.88 billion being 25% of the balances of their RSAs as prescribed by the Pension Reform Act 2014.
A total of 59,057 (77% public sector and 23% private sector) beneficiaries of deceased employees have been paid N186.21 billion as death benefits.
The quarterly report released is for 3rd quarter 2019.