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Published On: Tue, Mar 11th, 2014

Life annuity records 22% growth in 2013 Q3

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From Ngozi Onyeakusi, Lagos

Following the increase in awareness recorded in life annuity, the National Pension commission (PenCom) has said that number of retirees under the plan has increase to 5,717 in the third quarter of 2013.

This represents a growth rate of 22 per cent when compared with 4,688 retirees recorded in the second quarter of the same year.

A report from the commission for the third quarter, 2013 showed that premium worth N5,381 million was approved for payment to insurance firms for 1,029 retirees in return for an average monthly pensions amounting to N17.78 million.

Meanwhile, the Commission recorded a growth in its second quarter.

A total of 4,688 retirees and received a total of 1,081 requests for annuity retirement plan.

According to the Commission, all the requests were approved, which brought the total number of retirees to 4,688. Also, a total premium of N4, 885 million was approved for payment to

insurance firms for 1,081 retirees in return for monthly payments amounting to N48.07 million.

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