A retiree with RSA balance of not more than N550,000 will be entitled to withdraw the entire balance in the RSA as lump sum at retirement. For RSA balance of more than N550,000, the retiree will be placed on monthly pension. However, if the retiree has contributed for a certain number of years, to be determined by PenCom from time to time, he/she will be entitled to a guaranteed minimum pension, as provided by PRA 2014.
- 23. Why would the RSA balance of two employees who were employed on the same day/level be different at retirement?
- 21. Can I make a lump sum withdrawal of more than 25% of my RSA balance?