About 72,113 retirees who subscribed to the Contributory Pension Scheme have got refunds of N17.3billion from their Pension Fund Administrators after they were declared not eligible for pension payment.
According
to a report obtained from the National Pension Commission, the affected
retirees contributed from the public and private sectors and got their refunds
as of the end of September 2016.
PenCom
disclosed that the ineligible retirees for pension were those who did not have
more than N550,000 in their Retirement Savings Accounts upon retirement, and
foreign nationals who were returning to their countries.
According
to the report, 5,918 of the affected retirees are ex-Federal Government
workers, 1,423 former state government workers, while the remaining 64,772
contributors are from the private sector.
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