Trustfund Pensions has said that the programmed withdrawal retirement option will provide regular monthly payments for retirees under the Contributory Pension Scheme when they are no longer in active service.
The Pension Fund Administrator disclosed this during a presentation at the company’s pre-retirement and retirement forum for its contributors.
Trustfund explained that pensions of those who picked the programmed withdrawal option were being paid on a monthly or quarterly basis, and the balance in the accounts was invested in line with the National Pension Commission’s investment guidelines.
It said the return on investment could be seen in the retirees’ statement of account which statutorily was made available to retirees on a quarterly basis or anytime on request.
Following the growth in the account, a retiree on programmed withdrawal was entitled to pension enhancement, the PFA mentioned.
Where the retiree dies, the PFA said survivors or beneficiaries of the deceased were entitled to the balance available in the deceased account.
It also explained that where the retiree died intestate, the PFA rendered gratuitous service of Letter of Administration verification in the probate registry to fast track payment of benefit.
The Regional Manager, Okoekwem Obiora, said that where the balance in the retiree’s account had been fully exhausted, the PFA was obligated to keep paying pensions to such retiree from the Pension Protection Fund pending the implementation of the minimum pension guarantee.
He said that “Trustfund organised retiree forum on an annual basis to inundate retirees of new developments in the pension industry as it affected the retirees. The retirees under the Contributory Pension Scheme are enlightened by experts on the business lines to venture into with minimal risk.”
He also said that the PFA was interested in their health and also gave them the opportunity to do a health check.
The firm also revealed that it would be celebrating its retirees who had clocked 70 years and above in different regions.
