PENSION FUNDS OPERATORS KICK AGAINST PENSION LUMP SUM BILL.

The Association of Pension Funds Operators of Nigeria (PenOp) has rejected a bill in its second reading at the National Assembly. If passed into law, it will provide 75 per cent as pension Lump Sum for retirees. PenOp says the bill if passed would defeat the essence of the Contributory pension Scheme which is aimed at providing long term funds for retirees.

PenOp official denied allegation that Pension Fund Administrators (PFAs) computes retirees benefits using their discretion, they insisted that operators follow strictly template set by the National Pension commission (PenCom).

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