Services – Retiree Account

Retiree Account

Retirement occurs after many years of service, and it is usually based on the terms and conditions of service of every organization. The PRA 2014 specifies age 50 as contributors’ minimum retirement age. Retirees’ options for accessing withdrawal benefits are Programmed withdrawal and Annuity plans.

Programmed withdrawal packages are offered by Pension Fund Administrators while Annuity plans are provided by Insurance Companies duly licensed by the National Insurance Corporation of Nigeria (NICON) and approved by the National Pension Commission.

When Contributors retire and apply for benefits, pension assets are moved from Retirement Savings Account to Retiree Account with a programmed withdrawal plan. This account is opened in a different fund called the Retiree Fund and is more conservative than the active RSA because it is less exposed to risky instruments.