Programmed withdrawal refers to withdrawals of funds on a regular basis, which may be monthly or quarterly.
A retiree can request for the balance in the Retirement Savings Account to be paid out to him or her via programmed withdrawals (PW).
Lump sum payment refers to a one-off payment of funds. The retiree eligible for this benefit must have a balance above N550, 000.00 in the RSA account.
An RSA holder upon attaining retirement age will be eligible to make a lump sum withdrawal provided that the amount left in the RSA after the lump sum withdrawal is sufficient to fund monthly or quarterly programmed withdrawal or purchase an annuity.
However, RSA holders may upon retirement or attaining the age of 50 years (whichever is later), purchase an annuity from a life insurance company licensed by the National Insurance Commission with monthly or quarterly payments.
Requirements to be fulfilled by the RSA Holder
The RSA holder in this category who wishes to apply for his balance through Lump sum and Programmed Withdrawal payments shall provide the documents listed on the checklist for Lump sum and programmed withdrawal.
For Lump sum and Annuity payments, the RSA holder shall provide the documents required listed on the checklist for Lump sum and Annuity application while clients resident abroad can submit notarized copies of their documents via email.
Please note that the National Pension Commission (PenCom) has directed that ALL RSA holders (Active and Retired) should carry out data update exercise.