The National Pension Commission (PenCom) has unfortunately suspended the upward review of the limit for Enbloc payment withdrawal from N550,000 to N1,700,000. PenCom did not give any reason for the suspension but we are hoping that the suspension will lead to the amount being further reviewed upward.
We are following the development and we will share further information once available.
Below is the previous information we shared on the review.
National Pension Commission (PenCom) has approved an upward review of the limit for Enbloc payment withdrawal from N550,000 to N1,700,000. Enbloc is a mode of withdrawal from Retirement Savings Account (RSA) which allows RSA holders withdraw all the balance in their RSA. Enbloc withdrawal is open to retirees and persons who are out of employment and who are 50 years Old and above.
Currently, any retiree with less than N550,000 in his/her Retirement Savings Account (RSA) will be allowed to withdraw the total amount from the RSA but effective from 1st of February 2021, the limit for Enbloc withdrawal has been reviewed upward to N1,700,000.
Effective from 1st February 2021, a retiree or any RSA holder who is out of employment and who is 50 years old and above, can withdraw all the balance in his/her RSA provided the balance in the RSA is less than N1,700,000. Any retiree whose RSA balance is N1,700,000 and above will be placed on Lump sum and programmed withdrawal or Annuity.
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