Business
15,634 Retirees With Pensions Below N10,000 Exit Scheme – PenCom
About 15,634 workers who retired under the Contributory Pension Scheme (CPS) and could not earn up to N10,000 monthly stipends, withdrew N7.79 billion funds in their Retirement Savings Accounts with their respective Pension Fund Administrators in one year.
According to figures obtained on the National Pension Commission’s quarterly report on enbloc payments to the retirees, they were those who had less than N1.6 million in their RSAs, withdrew the total and exited the CPS from the second quarter of 2022 to end of first quarter of 2023.
They joined 133,738 retirees who had earlier exited the CPS for having less than N550,000 as their RSA balance when they retired.
PenCom had earlier granted approval for the payment of the entire RSA balances of retirees whose RSA balances were N550,000 or below and considered insufficient to procure a programmed withdrawal or annuity of a reasonable amount over an expected lifespan.
This made the total number of retirees who had exited the CPS to hit 149,372, with a total of N41.3 billion returned to them.
The 149,372 figure comprised of 7,584 Federal Government, 4,203 state governments and 137,585 private sector retirees.
According to PenCom’s reports, “In the second quarter of 2022, approval was granted for enbloc payment of retirement benefits to 3,369 retirees, which totalled N1.45 billion. These were retirees whose RSA balances could not provide a monthly pension of at least one third of the prevailing minimum wage (i.e. N30,000).
“In the third quarter, approval was granted for enbloc payment of retirement benefits to 4,529 retirees, which totalled N2.40 billion. These were retirees whose RSA balances could not provide a monthly pension of at least one third of the prevailing minimum wage (N30,000).
“In the fourth quarter, approval was granted for enbloc payment of retirement benefits to 3,677 retirees, which totalled N1.56bn. These were retirees whose RSA balances could not provide a monthly pension of at least one third of the prevailing minimum wage (N30,000)”.
It added that, “In the first quarter, 2023, approval was granted for enbloc payment of retirement benefits to 4,059 retirees, which totalled N2,54 billion. These were retirees whose RSA balances could not provide a monthly pension of at least one third of the prevailing minimum wage (N30,000)”.
In 2022, PenCom said new retirees who were entitled to less than N10,000 monthly pension at retirement could take the total money in their RSAs.
PenCom reviewed its regulation on enbloc payment to retirees, and allowed retirees with less than N1.6 million at retirement to withdraw all the balance in the retirement instead of being on monthly payment.
It stated, “There is a new regulation that says, if your RSA balance cannot provide one-third of the minimum wage, you are allowed to go with the balance in your account.
“If your monthly pensions is not up to N10,000, which is a third of the N30,000 minimum wage, you can take all your saving”.
The pension industry’s regulator explained that due to the reduction in the value of the money, it decided to review the enbloc amount which would amount to about N1.6m.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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