The National Pension Commission has disbursed N274.34 billion in death benefits to 45,976 beneficiaries over the past five years.
This was revealed in its latest Pension Industry Performance Dashboard.
The payments were made to the legal beneficiaries of deceased contributors under the Contributory Pension Scheme.
Data from PenCom shows that 2024 recorded the highest death benefits payout, with N82.22 billion disbursed to 10,451 beneficiaries.
Over the five-year period, the highest number of beneficiaries was in 2022, when 10,631 individuals received N59.6 billion.
In 2020, 6,731 beneficiaries received N31.09 billion, which increased to N42.83 billion for 8,327 beneficiaries in 2021. In 2023, N58.6 billion was paid to 9,836 beneficiaries.
The data indicates a consistent increase in both the value of death benefits and the number of beneficiaries over the past five years.
This trend reflects the growing participation in the CPS and improved disbursement processes by PenCom.
Meanwhile, 176,424 participants in the Contributory Pension Scheme who are temporarily out of employment have received a total of N134.94 billion as benefits payout.
The Pension Reform Act allows contributors to temporarily access their Retirement Savings Account if they lose their job, whether through voluntary retirement, resignation, or disengagement before the age of 50.
Affected individuals can withdraw up to 25% of their RSA balance if they remain unemployed for at least four months after job loss.
