Can I access my funds before retirement if I have an emergency or a pressing need?
Your Retirement Savings Account (RSA) is designed to provide you with an income upon retirement therefore funds typically cannot be accessed until one attains the age of 50 years or upon retirement (whichever comes later).
However, RSA holder is temporarily unemployed before the retirement age (i.e. he/she is voluntarily/involuntarily disengaged, downsized, retrenched, etc.) and has remained unemployed for a period of at least four (4) months without securing another employment, such an individual may apply for 25% of his/her current RSA balance.
Can I access the interest accrued on my investment separately?
No. Clients are not allowed to access the return on investments separately as the returns made on the RSA are added to the RSA balance which can only be accessed at retirement.
Can I apply for another 25% after I have previously accessed one?
No. You are only allowed to access 25% of your RSA balance once. The remaining RSA balance will be accessed at the age of 50 years or at retirement (whichever comes later).
Can I take all my money at once when I retire?
A retiree who is 50 years and above may only access the entirety of his savings when his consolidated Retirement Savings Account (RSA) balance is below N500,000.
However, a retiree with an RSA balance in excess of N500,000 is entitled to a lump sum withdrawal from the balance in his RSA provided that the amount left after the lump sum withdrawal shall be sufficient to procure a programmed fund withdrawal or annuity. Please note that both modes of withdrawal are subject to approval by the National Pension Commission before payment is made.
Can I use my Retirement Savings Account balance as collateral for a Mortgage scheme?
Following the enactment of the Pension Reform Act (PRA) 2014, Section 89 (2) of the Act provides that a Pension Fund Administrator (PFA) may subject to guidelines issued by the National Pension commission apply a percentage of the pension assets in a Retirement Savings Account (RSA) towards the payment of equity contribution for a residential mortgage by an RSA holder.
We however await the issuance of guidelines for implementation from the Commission.
How can I access my funds when I retire?
Kindly contact us through any of the channels listed below to notify us of your retirement/disengagement. Upon receipt of your notification, we will advise you as to what mode of payment is available to you and the necessary documents to submit to enable you to make any withdrawal from your account:
- Send us an email using your registered e-mail address via email@example.com
- Call our multilingual Contact Centre on 01 448 5490