Foreign nationals have opted out of the Contributory Pension Scheme and withdrawn all their contributions from their respective Retirement Savings Accounts.
The foreigners decided to return to their countries after working in Nigeria.
Similarly, some retirees under the CPS, who could not be entitled to monthly pensions due to low savings in their RSAs, have also withdrawn their contributions in their RSAs and left the scheme.
Figure obtained from the National Pension Commission on Wednesday revealed that these categories, comprising, of 99,444 contributors had withdrawn a total of N24.95bn from the beginning of the scheme till the end of September 2018.
90,419 were from the private sector; 2,697 from the state service while 6,328 were former federal workers, the commission revealed.
In a report on en-bloc payments, it stated, “The commission granted approval for the payment of the entire RSA balances of the categories of retirees whose RSA balances were N550,000 or below and considered insufficient to procure a programmed withdrawal or annuity of a reasonable amount over an expected life span.
Punch
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