Lumpsum and Programmed Withdrawal Payment

Where a RSA Holder disengages or retires from active service upon attaining the fifty (50) years of age  and his/her RSA balance is more than N550,000.00, he/she will be eligible to make a lump sum withdrawal provided that the amount left in the RSA after the lump sum withdrawal is sufficient to fund programmed withdrawals or purchase an annuity (from an Insurance Company) which will ensure that the amount received as pension periodically is not less than 50% of the RSA holder’s total annual remuneration at the date of his retirement.