No fewer than 8,763 annuitants received a total sum of N25.92 billion as lump sum in the 2020 financial year.
Similarly, the pension industry paid N57.22 billion as premium to insurance companies in 2020.
Meanwhile, the total premium from Retiree Life Annuity (RLA) transferred to underwriting firms from inception of the Contributory Pension Scheme (CPS) to December, 31, 2020 stood at N464.53 billion
According to the National Pension Commission (PenCom), the total number of retirees on annuity increased from 74,805 in 2019 to 83,568 in 2020, while the breakdown of the total number of retirees showed that the FGN retirees accounted for 49,368 (59.07 per cent),
Similarly, the States retirees accounted for 10,494 (12.56 per cent) while the private sector retirees accounted for 23,706 (28.3 per cent).
However, the cumulative monthly annuity being received by retirees from inception to December 31, 2020 was N4.62 billion, after the receipt of cumulative lump sum of N127.62 billion
In the second quarter of 2021, the regulatory body said, it granted approval to 1,708 retirees under the Retiree Life Annuity, adding that, the total lump sum of N4,586.16 million was approved for payment to the retirees, while the sum of N12,346.89 million was approved for payment to 14 Retiree Life Annuity Providers as premium in return for total monthly/quarterly annuities of N122.46 million.