PenCom reveals that 3,499 CPS retirees are not entitled to pension

The National Pension Commission (PenCom) refunded N848.92m to 3,499 retirees under the Contributory Pension Scheme and allowed them to leave the system due to low balances in their Retirement Savings Accounts in the fourth quarter of 2020.

Figures obtained from PenCom’s report on ‘Enbloc payment of retirement benefits’ for the fourth quarter revealed this on Tuesday. According to the report, the concerned retirees did not have above N550,000 in their RSAs as of the time they retired.

Read more details at TNL

 Got gist? SMS:08029976464 WhatsApp:08029976464 Email:inkubwa@gmail.com