Accessing retirement and terminal benefits within the Contributory Pension Scheme (CPS) is seamlessly regulated by the National Pension Commission (PenCom). In line with the provisions of the Pension Reform Act 2014 (PRA 2014), PenCom has established procedures and requirements for Retirement Savings Account (RSA) holders to access their retirement benefits as and when due.
Section 7(1) of the Pension Reform Act (PRA 2014) provides that Retirement Savings Account (RSA) holders are entitled to access their benefits upon retirement or upon reaching the age of 50, whichever comes later.
