By VICTOR AHIUMA-YOUNG

NATIONAL Pension Commission, PenCom, yesterday, in Lagos, said 84,097 retirees now receive their monthly pensions by programmed withdrawal through their various Pension Fund Administrators, PFAs, as at the end of last month.

Acting Director General of the Commission, Mrs. Chinelo Anohu-Amazu, at a forum for existing retirees under the Contributory Pension Scheme, CPS, in the Lagos area, also said as at today, there were 8,479 retirees receiving their monthly pensions through annuity.

She explained that as part of its mandate of regulating pension administration in Nigeria, the commission sought to establish uniform set of rules, regulations and standards for the administration and payments of retirement benefits to retirees.

She said:  “In pursuant to this obligation, the Commission prepared and released the regulation on the administration of retirement and terminal benefits which served as the basis for RSA holders to commence retirement under the CPS in July 2007.

“It is noteworthy that contributors had continued to retire seamlessly such that as at the end of February, 2014, 84,097 retirees are receiving their monthly pensions by programmed withdrawal through their various    PFAs.