The Contributory Pension Scheme, CPS, seeks amongst others to ensure that every worker receives his retirement benefits as and when due. Accordingly, Section 4(1) (b) of the Pension Reform Act, PRA 2004 allows a Retirement Savings Account, RSA, holder upon retirement to utilize the balance of his RSA for ‘Programmed withdrawal or annuity for life purchased from a life insurance company licensed by the National Insurance Commission, NAICOM, with monthly or quarterly payments.

Features of Programmed Withdrawal
It is product of Pension Fund Administrator (PFA)
Pays pension over an expected life span Longevity risk –
RSA balance may be exhausted during life time
Retiree can collect lump sum, provided monthly pension is 50 per cent of last pay
If retiree dies within 10 years of retirement, RSA balance goes to beneficiaries of the deceased as inheritance If retiree dies after 10years of retirement RSA balance goes to beneficiaries of the deceased as inheritance
A retiree on Programmed Withdrawal with a PFA can move to another PFA A retiree on Programmed Withdrawal with a PFA can change to annuity with insurance company
The fund is in the RSA of the retiree with PFA Return on investment belongs to the retiree in his RSA PFAs forward daily and monthly return to PenCom
Retiree receives periodic RSA statement
Programmed Withdrawal retirees’ assets are held by Pension Fund Custodians, PFC.

Features of annuity


Culled from: http://www.vanguardngr.com/2013/04/programmed-withdrawal-or-annuity-the-choice-is-yours/ with some modifications made by me.

For more info, you can reach me on 08134890450

Before buying a life insurance always look at the claim payment performance of the company. .because if any unforeseen incident happens then u'll not want ur loved ones (nominee) to face different kinds of problems to receive the due amount.

That is true. But with the kind of regulations that we have in place in Nigeria now, i don't think any Insurance company would want to face that music.

Rudaiya:
Before buying a life insurance always look at the claim payment performance of the company. .because if any unforeseen incident happens then u'll not want ur loved ones (nominee) to face different kinds of problems to receive the due amount.

Rudaiya:
Before buying a life insurance always look at the claim payment performance of the company. .because if any unforeseen incident happens then u'll not want ur loved ones (nominee) to face different kinds of problems to receive the due amount.

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Alozie) Back to Top Add a cover photo Friends Obilor Alozie Do you know that? Pensioners on
programmed monthly
withdrawal, can now get thirteen
and fourteen months bonus or an
enhancement in their monthly
pensions for life, whichever one prefers
Secure the balance for their family
through a family agent, should an
unforeseen ensues
To get more information on free
pensions advisory service, call Francisco on 07033895094/
09099391996

Do you know that? Pensioners on programmed monthly withdrawal, can now get thirteen and fourteen months bonus or an enhancement in their monthly pensions for life, whichever one prefers Secure the balance for their family through a family agent, should an unforeseen ensues To get more information on free pensions advisory service, call Francisco on 07033895094/ 09099391996

Francisco01:
Do you know that? Pensioners on programmed monthly withdrawal, can now get thirteen and fourteen months bonus or an enhancement in their monthly pensions for life, whichever one prefers Secure the balance for their family through a family agent, should an unforeseen ensues To get more information on free pensions advisory service, call Francisco on 07033895094/ 09099391996

for calls and whatsapp

Francisco01:


for calls and whatsapp

Please as you benefit from it, like it, refer others, let the benefit be mutual, let better service to humanity spread like wide � fire
GOD BLESS YOU �

Francisco01:
Do you know that? Pensioners on
programmed monthly
withdrawal, can now get thirteen
and fourteen months bonus or an
enhancement in their monthly
pensions for life, whichever one prefers
Secure the balance for their family
through a family agent, should an
unforeseen ensues
To get more information on free
pensions advisory service, call Francisco on 07033895094/
09099391996

Please as you benefit from it, like it, love it, share it, refer others, let the benefit be mutual, let better service to humanity spread like wide fire
THANK YOU, GOD BLESS YOU