Mandatory Retirement

Mandatory Retirement

This applies when a retirement savings account holder disengages from employment upon attaining the official age of retirement based on the terms of his/her employment or age 50, whichever is later.

Click here to download the features of Programmed Withdrawal.

 

Benefits Accessible

A retiree in this category will be entitled to the balance in his/her RSA. This could be disbursed either as an Enbloc payment, provided the balance in the retiree’s account is less that N550,000.00 or as a combination of Lump sum and Programmed Withdrawal payments or Lump sum and Annuity payments (purchased from an insurance company.

 

Requirements to be fulfilled by the RSA Holder

A RSA holder in this category who wishes to apply for his balance through Lump sum and Programmed Withdrawal payments shall provide the documents listed on the checklist for Lump sum and Programmed withdrawal.

For Lump sum and Annuity payments, the RSA holder shall provide the documents required listed on the checklist for Lump sum and Annuity application while clients resident abroad can submit notarized copies of their documents via email. Click here to download checklist  for Programmed Withdrawal,  here for Enbloc and here for Annuity.


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