Pension Fund Administrators (PFA) in the country have credited to the account of private and government retired workers a total sum of N13.21 billion, IgbereTV reports
The payment was captured in the National Pension Commission first quarter 2022 ‘Retiree life annuity’.
‘Retiree life annuity’ is a stream of income purchased from a life insurance company with the available Retirement Savings Account balance under the Contributing Pension Savings as a premium.
In broad terms, the main difference between an annuity and a pension is that you buy an annuity after retirement to provide you with a guaranteed regular income, whereas you save into a pension pot throughout your life
