The National Pension Commission (PenCom) has, in line with the provisions of the Pension Reform Act (PRA 2014), established procedures and requirements for Retirement Savings Account (RSA) holders to access their retirement benefits as and when due.
Section 7(1) of the PRA 2014 states that an RSA holder shall utilise the amount credited to his RSA upon retirement or attaining the age of 50 years, whichever is later. The RSA holder can withdraw a lump sum from the total amount credited to his RSA, provided that the amount left after the lump sum withdrawal shall be sufficient to procure a Programmed Fund Withdrawal (PW) or Retiree Life Annuity (RLA) for life.
