PenCom approves N1.72trn for RSA holders payment in Q4 2022

The National Pension Commission (PenCom) has approved the withdrawal of over N1.72 trillion for Pension Fund Administrators to pay Retirement Savings Account (RSA) holders from inception to 31st December 2022.

According to PenCom in its 2022 4th quarter report, retirees on programme withdrawal topped the list of withdrawal with a total withdrawal of N922.22 billion, followed by Death Benefits which stand at N328.05 billion.

Others are Retirement on Annuity N207.68 billion, 25 per cent withdrawal N188.51, Enbloc withdrawal N38.71 billion and Voluntary Contribution N33.82 billion.

The PenCom report showed that the total pension contributions remitted to individual RSAs in fourth quarter of 2022 stood at N237.24 billion.

Out of this total, the public sector accounted for N129.06 billion or 54.40 per cent while the private sector contributed N108.18 billion or 45.60 per cent.

The cumulative pension contributions from inception to the end of the fourth quarter of 2022 amounted to N8.47 trillion, which is an increase from N8.23 trillion as at the end of third quarter of 2022.

The aggregate pension contributions of the public sector increased from N4.27 trillion in the third quarter 2022 to N4.40 trillion as at the end of fourth quarter 2022.

Similarly, the aggregate pension contributions of the private sector also increased from N3.96 trillion in the third quarter.