Retirement normally occurs after many years of work in line with the terms and condition of service within the organization.
This is based on the age or the number of years of service of the contributor. At this point the options available for withdrawal of benefits by the pensioner are either by Lumpsum and programmed monthly withdrawal or Annuity. Lumpsum packages are offered by Pension Fund Administrators while Annuities are provided by Insurance Companies.
A Retiree Account is created to hold the balanced transferred from the RSA. This account is opened in a different fund called the Retire Fund. This Fund is a more conservative than the RSA in the sence that it is less exposed to the equities market. Where a Contributor is retired and has applied for his/her benefit, the pension assets are moved from Retirement Savings Account to Retiree Account from where the Lumpsum/monthly programmed withdrawal and Annuity Plans are drawn from.