Temporary Access To RSA

Loss of job: A disengaged/unemployed RSA holder who hasn’t been gainfully employed for four months and have not attained age 50 is eligible to apply for a withdrawal of an amount not exceeding 25% of the balance in his /her Retirement Savings Account.

Medical Grounds

An RSA holder who is retired on medical ground i.e. due to total or permanent disability either of mind or body will qualify to access full retirement benefits not considering his/her age and can opt for any or a combination of the following benefit options as allowed under the Act or in line with the Regulations for the Administration of Retirement and Terminal Benefits:
  • En - bloc – If balance in RSA is below N550,000, the total balance is to be paid to the RSA holder.
  • Programmed Withdrawal – Where balance in RSA is above N550,000, the retiree is eligible for a lump sum payment of not more than 50% and not less than 25% of total RSA balance and thereafter enrolled for Monthly/Quarterly payment on the basis of an expected lifespan.
  • Annuity – Instead of Programmed withdrawal, a retiree may decide to purchase an Annuity plan from a licensed Insurance company in line with guidelines jointly issued by the Commission and National Insurance Commission.

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Where balance in RSA is above N550,000, the retiree is eligible for a lump sum payment of not more than 50% and not less than 25% of total RSA balance and thereafter enrolled for Monthly/Quarterly payment on the basis of an expected lifespan.

Loss of job: A disengaged/unemployed RSA holder who hasn’t been gainfully employed for four months and have not attained age 50 is eligible to apply for a withdrawal of an amount not exceeding 25% of the balance in his /her Retirement Savings Account.

Medical Grounds

An RSA holder who is retired on medical ground i.e. due to total or permanent disability either of mind or body will qualify to access full retirement benefits not considering his/her age and can opt for any or a combination of the following benefit options as allowed under the Act or in line with the Regulations for the Administration of Retirement and Terminal Benefits:
  • En - bloc – If balance in RSA is below N550,000, the total balance is to be paid to the RSA holder.
  • Programmed Withdrawal – Where balance in RSA is above N550,000, the retiree is eligible for a lump sum payment of not more than 50% and not less than 25% of total RSA balance and thereafter enrolled for Monthly/Quarterly payment on the basis of an expected lifespan.
  • Annuity – Instead of Programmed withdrawal, a retiree may decide to purchase an Annuity plan from a licensed Insurance company in line with guidelines jointly issued by the Commission and National Insurance Commission.