Section 8: Death of an Employee. Cap. 117 LFN.2004.
(1)
Where an employee dies, his entitlements under the Life Insurance Policy maintained under Section 4 (5) of this Act shall be paid by an underwriter to the named beneficiary in line with Section 57 of the Insurance Act.
(2)
Upon receipt of a valid Will admitted to Probate or a Letter of Administration confirming the beneficiaries under the estate of the deceased employee, the pension fund administrator shall, with the approval of the Commission,release the amount standing in the retirement savings account of the deceased to the personal representative of the deceased or to any other person as may be directed by a Court of competent jurisdiction, in accordance with the terms of the Will or the personal law of the deceased employee, as the case may be.
Cite this section
Section 8, PENSION REFORM ACT, 2014 (2014).
https://repo.podus.ai/laws/pension-reform-act-2014/section/8/