Pension Fund Operators Association of Nigeria and the Joint Committee for Establishment and Public Service of the Senate and House of Representatives Committees on Pension have agreed to review lump sum payable to retirees.
The lawmakers and Pension Operators said the retirees’ lump sum needed to be reviewed to address issues of adequacy and contributors’ agitation.reports that the National Pension Commission, under the current Pension Reform Act, stipulates that pension managers pay retirees 25 per cent of their total Retirement Savings Account upon retirement.
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