Retirement occurs after many years of service, and it is usually based on the terms and conditions of service of every organization. The PRA 2014 specifies age 50 as contributors’ minimum retirement age. Retirees’ options for accessing withdrawal benefits are Programmed withdrawal and Annuity plans.
Programmed withdrawal packages are offered by Pension Fund Administrators while Annuity plans are provided by Insurance Companies duly licensed by the National Insurance Corporation of Nigeria (NICON) and approved by the National Pension Commission.
When Contributors retire and apply for benefits, pension assets are moved from Retirement Savings Account to Retiree Account with a programmed withdrawal plan. This account is opened in a different fund called the Retiree Fund and is more conservative than the active RSA because it is less exposed to risky instruments.
Cookie | Duration | Description |
---|---|---|
cookielawinfo-checkbox-analytics | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics". |
cookielawinfo-checkbox-functional | 11 months | The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". |
cookielawinfo-checkbox-necessary | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary". |
cookielawinfo-checkbox-others | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. |
cookielawinfo-checkbox-performance | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance". |
viewed_cookie_policy | 11 months | The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data. |
RSA holders and RETIREES are advised not to give money to ANY staff in form of charges for services rendered or to be rendered,
Our Pension Fund Custodian is FIRST PENSION CUSTODIAN. RSA Holders are advised to get their employers to make payments for remittances into our custodian’s account