No. Once a retiree has chosen to collect his/her benefits through Life Annuity, he/she is not allowed to change to Programmed Withdrawal. However, the retiree can change his annuity contract from one insurance company to another after every two years. The amount to be paid as annuity/pension will be based on the balance to be transferred between the insurance companies.
- 11. What are the components of the final RSA balance of an employee of a Treasury-Funded FGN MDA who retired under the CPS?
- 09. Can I choose Programmed Withdrawal and later change to Life Annuity?