Yes. It is possible for a retiree to change to Life Annuity after collecting his retirement benefits through Programmed Withdrawal for some time. In this case, the remaining balance in the RSA will be utilized as premium to purchase the Life Annuity from an insurance company, which will be paying him monthly pension/annuity for life.
- 10. Can I choose Life Annuity and later change to Programmed Withdrawal?
- 08. How can I purchase a Life Annuity contract from a Life Assurance company?