Retirement

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Retirement is the cessation from one's position or occupation or from one's active working life. Many people choose to retire when they are eligible for private or public pension benefits, although some are forced to retire when bodily conditions no longer allow the person to work any longer (by illness or accident) or as a result of legislation as provided in extant laws e.g. Pension Reform Act, 2014 (PRA, 2014).

In line with the existing PenCom regulation on benefit administration a Retirement Savings Account (RSA) holder disengages from employment upon attaining the official age of retirement based on the terms of his or her employment e.g. 60 years of age, 35 years in service or 65 years to 70 years of age for non-academic staff of universities and Professors. The PRA, 2014 also provides for full access to the RSA upon attaining the qualifying age of 50 years.