No fewer than 91,214 relatives of deceased workers under the Contributory Pension Scheme have got N356.32bn pension settlement.
The National Pension Commission revealed this in its second-quarter report on approval of death benefits.
It stated that 92,752 requests were submitted, but it rejected 1,528 from the inception of the scheme till the end of the second quarter of 2023.
Among those approved, 59,058 were under Federal Government service, 9,246 under state governments, while 22,910 were under private sector.
In the second quarter alone, it stated that “A total of 2,049 beneficiaries requested the death benefits of deceased employees/retirees. Out of that, 2,042 requests were approved, while seven were rejected due to incorrect documentation.
“Out of the 2,042 death benefit requests approved, 653 were from the private sector, while the remaining 1,389 were from the public sector. A total of N12.2bn was approved for the 2,042 beneficiaries.”
Under PenCom’s revised regulation on the administration of retirement and terminal benefits, to process death benefits, the legal beneficiaries of the deceased person must submit relevant documents to the Pension Fund Administrators, including a completed death notification form.
It added that the person must submit a letter of administration and the beneficiary must hand in signature verification letter issued by the banker to the legal beneficiaries/estate of the deceased; evidence of death, which should be either certificate of death issued by PenCom (where death occurs at home), and any one of some documents.
SOURCE: PUNCHNG
