Nike PopoolaThere are four types of benefit payments under the Contributory Pension Scheme, the Pension Fund Administrators Association, has said. According to the operators, the benefits are normal retirement, annuity, death benefits and temporary loss of job. Under the normal retirement, PenOp said this involved retirees from the private, public sector, the Ministries, Departments and agencies. It stated, “When the Federal Government of Nigeria Bonds are released, templates are generated for beneficiaries. Monthly pension are raised and paid to retirees.”The operators explained that the annuity took care of retirees who might wish to purchase annuity with their Retirement Savings Account balances.

Source: Punch January 27, 2020 02:14 UTC