PENCOM ALLOWS LOW-INCOME PENSIONERS TO WITHDRAW FULL RETIREMENT SAVINGS
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GREATRIBUNTVNEWS–National Pension Commission (PenCom) has announced that low-income pensioners can now withdraw their entire Retirement Savings Account (RSA) balance. This decision aligns with the new minimum wage of N70,000, signed into law by President Bola Tinubu on July 29, 2024 .
Prior to this change, retirees were only allowed to withdraw one-third of their RSA balance. However, Section 4.1(g) of the revised regulation on retirement benefits now permits retirees whose RSA balance cannot provide at least one-third of the new minimum wage in monthly or quarterly pensions to withdraw their full savings .
To process these withdrawals, PenCom requires retirees to submit specific documents, including a signed consent form and a hard copy application letter. Retirees can choose to receive the outstanding balance in their RSAs en bloc or continue receiving their current monthly/quarterly pensions pending the commencement of the Minimum Pension Guarantee .
