FG shares N6.18bn among relatives of 1,209 deceased Nigerians through pension

  A total of N6.18bn has been paid to the relatives of 1,209 deceased workers across the country, under the Contributory Pension Scheme from...


 

A total of N6.18bn has been paid to the relatives of 1,209 deceased workers across the country, under the Contributory Pension Scheme from April to June 2021.

This is according to a report issued by the National Pension Commission on death benefits for the second quarter of 2021.

The report explained that during the quarter under review, approvals were granted for payment of death benefits amounting to N6.18bn to the legal beneficiaries and administrators of 1,209 deceased employees and retirees.

The report said, “This comprised 835 public (FGN and State) and 374 private-sector employees/retirees.”

The commission informed that it had put in place stringent measures on benefits payments after it raised the alarm that some fraudsters were collecting pensions of some living contributors.

It added that PenCom had in a recent circular recalled the commission’s directive to Pension Fund Administrators via its letter dated 16 May 2013 to pay additional inflows into deceased employees’ Retirement Savings Accounts to their legal beneficiary(ies) after initial approval has been obtained.

The report added that the commission noticed in recent times an increase in death payments that did not meet the required internal control measures, hence, the plan to strengthen the death payment process.

It stated that the commission directed the immediate cessation of payment of additional death benefit claims without the commission’s approval.

It said PenCom would review requests for payment of death benefit claims and approve or decline requests, pointing out that appropriate sanctions would be imposed on PFAs for violation of the procedure for death benefits payments.

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Saga Gist - Top Source for Nigeria News: FG shares N6.18bn among relatives of 1,209 deceased Nigerians through pension
FG shares N6.18bn among relatives of 1,209 deceased Nigerians through pension
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