How To Withdraw 25% Of Your Pension Contribution ( Retired or Sacked)

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How To Withdraw 25% Of Your Pension Contribution ( Retired or Sacked)

How To Withdraw 25% Of Your Pension Contribution ( Retired or Sacked) 

The section 7 (2) of the pension reform act 2014 allows a worker who voluntarily retires, resigns or is disengaged from paid employment to access 25% of his retirement saving account (RSA) if he is unable to find a new job after 4 Months.

Data from the Nigerian Pension Commision rveals that of 104,161 ex-workers, who raised about N135.6bn to the contributory pension scheme, have withdrawn N33.9bn from their RSA as at the end of march 2015.

The ex workers in question are former employees who have either been sacked or resigned voluntarily for personal reasons.

You too can access your Pension Funds should you decide to resign from paid employment or were sacked. Here are steps required to access your funds;

  • Present to your PFA the letter of termination of appointment issued by the employer or letter of resignation
  • Present to your PFA, last three months’ payslips
  • Letter from you requesting for 25 per cent payment of the RSA balance
  • Evidence of accrued pension rights, if any, for public sector workers.
  • Bank statement or letter of introduction from the bank
  • Proof of age (birth certificate or sworn declaration of age)
  • Letter from the employer confirming full remittance of all contributions made to the RSA for the private sector worker
  • PenCom retiree indemnity form for public sector workers
  • Four passport photographs; and a form to be given by the PFA.
  • Another condition on which contributors can withdraw a maximum of 25 per cent of their savings with their PFAs is if the workers want to access the fund for mortgage loan.

 

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