Pensioners with low earnings now have the option to withdraw their entire retirement savings at once or continue receiving their monthly pension until the Minimum Pension Guarantee is approved. This update comes from a memo by the National Pension Commission, reflecting changes in regulations aligned with the new minimum wage of N70,000. Previously, retirees could only withdraw one-third of their Retirement Savings Accounts (RSAs). The memo instructs Pension Fund Administrators to process retirement benefits based on the new minimum wage, allowing retirees with pensions below one-third of N70,000 to choose between a lump-sum withdrawal or ongoing monthly payments. Specific documentation is required for retirees opting for a lump-sum withdrawal, and strict compliance with the directive is mandatory.
[ICYMI] Low-income earners can withdraw total retirement savings — PENCOM
