Retirement Savings Account (RSA)
Retirement Saving Account (RSA) is a dedicated account opened with a Pension Fund Administrator as specified under Section 11 of the Pension Reform Act of 2004.
Features & Benefits
- Mandatory: Every employer employing more than 5 employees is mandated by law to open RSA for all employees with a PFA.
- Contributory: Means both the employer and employee will make monthly contributions into the RSA.
- Fully funded: The monthly contributions guarantee that the RSA remain fully funded to meet the liquidity needs at retirement.
- Access to funds begins at 50 years or subject to terms and conditions of service. The contributor has a choice of either a Programmed Withdrawal or Annuity option to receive his/her pension.
- Strictly supervised and regulated by a regulator that has the power of granting licenses and enforcing compliance with PRA 2004.
- Quarterly Statement of Account.