No doubt, the Pension Reform Act 2004 makes it mandatory for all employees to have a Retirement Savings Acoount, which will be administered by your choice Pension Fund Administrator, alongside a Pension Fund Custodian in conjunction with Pension Commission and National Insurance Commission. The contributory pension allows you to withdraw not more than 50% of your contribution on attaining 50yrs or compulsory retirement age. M.K. Ahmed (D.G. PENCOM, Punch Newspaper 30/01/12, Page 31) cites that "According to the act, Programmed Withdrawal is an option that is calculated on an expected life span, meaning that the pensioner will be paid on a regular basis for a fixed number of years. After which he ceases to earn further income from his PFA. Also, the act specifies that Annuity will be paid on a regular basis by the insurance company to the pensioner until he dies". If you were retiring now, which option would you prefer and why? Secondly, if you have people retiring now, how would you advise them? Remember, retirement is expensive, but old age is more expensive. Pls don't derail this educative thread.