Justice Oyebiola Oyewumi of the National Industrial Court, Abuja Judicial Division has ordered ARM Pension Managers to pay a retiree, Maroof Giwa, at least 50 percent lump sum of his pension.

Pension managers at the moment pay 25% lump sum to retirees.

But Justice Oyewumi said the norm should be broken for Giwa, considering his age, and the life expectancy of male Nigerians as projected by the World Health Organisation.

He ruled that 25 percent lump sum calculated by the Arm Pension Managers as claimant’s pension is unlawful, adding that the 25 percent withdrawal as clearly stated in the Pension Reform Act is in respect of a retiree who voluntarily retired at age 50.

Maroof Giwa had approached Arm Pension Managers to apply for pension and withdrawal benefits but the PFA offered to pay 25% of his total retirement savings which he rejected.

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