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Actuarial valuation of his/her accrued retirement benefits will be made and the amount plus his contributions to date will consist of his/her retirement benefits in his/her RSA which can only be accessed at the age of 50 years. Withdraws from the RSA will depend on the professional advice of the PFA having regard to the provisions of the State Pension Law which provides for lump sum withdrawal< programmed withdrawals or purchase of annuity.+

a

WHERE AN EMPLOYEE THAT HAS MORE THAN 3 YEARS TO RETIRE DECIDES TO RETIRE NOW, HOW WILL HIS BENEFIT BE HANDLED? +

q

HOW WILL THE ACCRUED BENEFITS UNDER EXISTING FUNDED DEFINED BENEFITS SCHEME BE HANDLED? +

q

Where an employee who has been contributing under the new pension scheme dies before his/her retirement, his retirement benefits shall be paid to his beneficiary under a will or the spouse and children of the deceased or in the absence of a wife and child, to the recorded next of kin or any person designated by him during his/her life time or in the absence of such designation, to any person appointed by the Probate Registry as the administrator of the estate of the deceased. +

a

WHAT HAPPENS WHEN AN EMPLOYEE WHO HAS BEEN CONTRIBUTING UNDER THE NEW SCHEME DIES BEFORE HIS RETIREMENT? +

q

An annuity is an income purchased from an approved life insurance company which provides monthly or quarterly income to the retiree during his/her lifetime.+

a

WHAT IS AN ANNUITY? +

q

A programmed withdrawal is a method by which the employee collects his retirement benefits in periodic sums spread throughout the length of an estimated life span.+

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WHAT IS PROGRAMMED WITHDRAWAL? +

q

The balance in the RSA will be used to procure an annuity that provides regular income to the contributor or fund a programmed withdrawal.+

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WHAT HAPPENS TO THE BALANCE IN THE RSA AFTER ANY INITIAL LUMPSUM WITHDRAWAL +

q

Withdrawals from the RSA can only be made upon retirement. However, where an employee makes additional or voluntary lump sum contributions into the RSA, he can withdraw such money before retirement or attainment of the age of 50 years.+

a

CAN I WITHDRAW ANY PORTION OF THE AMOUNT IN MY RSA BEFORE RETIREMENT? +

q

Access to the RSA will only be allowed upon retirement. If an employee retires at the age of 50 years or more he/she can have immediate access to the RSA. Similarly, if an employee retires before the age of 50 years due to mental or physical incapacity, he or she can have immediate access to his/her RSA. Whereas an employee who retires under the age of 50 years in accordance with the terms and conditions of employment will not access the RSA until after six month of such retirement if he/she does not secure another employment.+

a

WHEN WILL I HAVE ACCESS TO MONEY IN MY RSA? +

q

WHAT IS THE MINIMUM PERIOD REQUIRED BY AN EMPLOYEE TO QUALIFY FOR PENSION UNDER THE NEW SCHEME +

q

WHAT IS THE RETIREMENT AGE UNDER THE STATE PENSION LAW? +

q

In order to ensure the safety of pension funds and to avoid mixing pension business and other businesses, it is desirable that the operators deal with pension funds only. This will enhance effective regulation and supervision. +

a

WHY ESTABLISH NEW COMPANIES TO BE LICENCED AS PFAs AND PFCs? +

q

The PFA will charge fees for the services being rendered on the RSA. Subject to such guidelines as may be issued by the Lagos State Pension Commission from time to time.+

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