PFAs pay retirees N198.86bn

Six years after  retirees started accessing their pensions under the Contributory Pension Scheme, Pension Funds Administrators have so far paid out a total of N198.86bn to ex-workers, investigations have revealed.

According to figures obtained from the National Pension Commission on Thursday, 71,518 retirees had emerged under the new pension scheme and were being paid their pensions by the PFAs and insurance companies.

Records showed that while the PFAs paid out N183bn to retirees between July 2007 and September 2010, the figure only increased by N10bn between September 2010 and May 2013.

Read more: Punch

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