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Pension dependents’ contributors get N274bn death benefits in 5 years
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Pension dependents received N274.34 billion in death benefits over five years (2020 to September 2024), distributed among 45,976 beneficiaries, according to the National Pension Commission (PenCom). Benefits are sourced from group life insurance policies and Retirement Savings Account (RSA) balances. Agudah Oguche highlighted the upward trend in disbursements, attributing it to increased beneficiaries and commitment to support. The Nigeria Contributory Pension Scheme (CPS) covers contributors' entitlements in both life and death. Challenges in claiming benefits include complex processes, emphasizing the importance of having a will for estate planning.
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