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Under Normal Retirement (50 years above) the customer is entitled to minimum of 25% and maximum of 50% of RSA balance as Lump Sum payment and a monthly or quarterly programmed withdrawal.
Retiree above 50 years with 500,000 naira below as RSA balance is paid off (enbloc payment)
Temporary loss of job and voluntary retirement before the age of 50 years is paid 25% of RSA balance 4 months after exit.
You can have access to the RSA upon retirement at the age of 50 years or more. Similarly, if an employee retires before the age of 50 years due to mental or physical incapacity, he or she can access RSA immediately. Also, an employee who resigns or loses his employment under the age of 50 years is entitled to withdraw 25% from the balance of his RSA if he stays for 4 months without securing another paid employment.
The balance of 75% of the RSA will be invested to generate additional income and the RSA holder will continue to receive statements showing the income being generated. Upon attaining the age of 50 years and if the balance in the RSA is above N500,000, the RSA holder will be placed on a monthly pension plan. But if the balance is N500,000 or less, the amount will be paid to the RSA holder en-bloc. In the event of death, the entire amount in the RSA will be paid to the holder’s nominated beneficiary.