Retirement occurs when an employee disengages from active service at the retirement age or completion of the length of service based on the terms of his/her employment, upon attaining the age of 50 years or 35 years of service.

A RSA Holder in this category will be entitled to the balance in his/her RSA, which could be accessed as follows:

• An Enbloc payment, provided the balance in the retiree’s account is less that N550,000.00,
• A Lump sum and Programmed Withdrawal payments or
• A Lump sum and Annuity payments (Where annuity is purchased from an insurance company licensed by the National Insurance Commission - NAICOM). The annuity payment could either be on a monthly or quarterly basis.

Please note that the National Pension Commission (PenCom) has directed that ALL RSA holders (Active and Retired) should carry out data update exercise before benefits will be process. Click the link do your data recapture exercise online or go to the download menu to download the date recapture form.

Similarly, retirees are advised to carefully go through this CPS Retiree Pack with the view to making informed decision on the mode of receiving their retirement benefits under the Contributory Pension System (CPS).