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How pension lump sum is determined " PenOp.

Contrary to claims by some individuals that Pension Fund Administrators (PFAs) use their discretion to determine the lump sum paid to retirees, the Pension Fund Operators Association of Nigeria (PenOp) says the computation is based on a standard template that is issued by the National Pension Commission (PenCom).

 

The Chief Marketing Officer, Premium Pension Limited, Kabir Tijjani, who disclosed this today at the 2017 PenOp Annual Media Retreat for members of National Association of Insurance and Pension Correspondents (NAIPCO) in Abeokuta, Ogun State, stated that Section 7 (1) (a) of the Pension Reform Act (PRA) 2014 allows for lump sum to be paid to a retiree provided that the amount left after the lump sum withdrawal will be sufficient to fund a programmed withdrawal over expected life span of not far from 50 per cent of his/her annual remuneration as at date of retirement.

 

According to him, this therefore makes computed monthly pensi...read more

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