THE relatives of 2,800 deceased workers received N15.05 billion in benefits under the Contributory Pension Scheme between October and December 2021.
This was revealed in the National Pension Commission’s weekly report on death benefit approval.
PenCom also went over its procedures for processing CPS benefits.
The pension regulator stated that, “During the quarter under review, approvals were granted for payment of death benefits amounting to N15.05bn to the legal beneficiaries/administrator of 2,800 deceased employees and retirees.
“This comprised 2,093 public (FGN & state) and 707 private sector employees/retirees.”
The amended regulation on the administration of retirement and terminal benefits was just released by PenCom.
According to the rule, the legal beneficiary(ies) of the deceased person must submit required documentation to the Pension Fund Administrators, including a completed death notification form, in order to process death benefits.
It goes on to say that the person must submit a letter of administration, and the beneficiary must hand in a signature verification letter issued by the banker to the legal beneficiary(ies)/estate of the deceased; evidence of death, which must be either a certificate of death issued by PenCom (if death occurs at home), or any one of a number of documents.
The supporting documents are burial warrant issued by a local government council; evidence of death/burial issued by an Islamic community, head or judge of a Sharia court; evidence of death issued by a leader of a registered church; copy of obituary poster (if any); or certificate of cause of death issued by the hospital (if death occurs in hospital); or police report (if death does not occur from natural causes; a letter from the employer confirming the employee’s death.
