Programmed Withdrawal
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Private Sector
Public Sector
A method of payment where a retiree receives a monthly/quarterly pension payment over an estimated life span. 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
- Lump sum payment refers to the amount payable after sufficient provision have been made to procure a programmed withdrawal or an annuity that will produce an amount that should not be less than 50 percent of his/her annual salary as at the date of retirement.
- 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.
- 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.
Documentation Requirement Checklist
Annuity Transfer
- Duly Filled FCMB Pension Notice of Retirement form
- Retiree Indemnity form
- Retirement Letter From Employer
- Payslip within 3 months of retirement
- Two Passport Photographs
- PenCom Registration Slip (For FGN Treasury Funded MDAs ONLY)
- Sworn Age Declaration/Birth Certificate
- Means of ID (National ID/Drivers License/ Int’l Passport)
- Bank confirmation of account (affix Passport and stamped across by the Bank)
- Duly signed Provisional Annuity Agreement
- Written Application for Annuity transfer
Lumpsump/Programmed Withdrawal
- Data Recapture Exercise – this is mandatory for ALL RSA holders
- Duly Filled FCMB Pension Notice of Retirement form
- Retiree Indemnity form(for FGN Treasury Funded Retirees ONLY)
- Retirement Letter From Employer
- Payslip within 3 months of retirment
- Two recent Passport Photographs
- PenCom Registration/Verification Slip (FGN Treasury funded retirees ONLY)
- Sworn Age Declaration/Birth Certificate
- Means of ID (National ID/Driver’sLicense/Int’l Passport)
- Next-Of-Kin Update Form
- Duly Executed Programmed Withdrawal Agreement
- Bankers Confirmation of NUBAN Account (affixed with Passport and stamped across by the Bank)
Please note that the National Pension Commission (PenCom) has directed that ALL RSA holders (Active and Retired) should carry out data update exercise.