The National Pension Commission has said low-earning pensioners are now permitted to withdraw their total retirement savings en bloc or continue to receive their monthly pension pending the approval of the Minimum Pension Guarantee.
A memo signed by the Head of the Surveillance Department of Pencom identified as A.M Salem, dated November 27, 2024, said the development followed the new section 4.1 (g) of the revised regulation on the administration of retirement and terminal benefits in line with the new minimum wage of N70,000.
Before this announcement, retirees are allowed to withdraw only one-third of their total RSAs.
The memo which was addressed to pension fund administrators and custodians said, “The commission has noted that President Bola Tinubu had on Monday, 29 July 2024, signed the National Minimum Wage Bill into law.