Retirees from public and private service with pension savings account are about to get a new deal, accessing their retirement funds with various pension mangers as the Senate prepare to consider amendment of the Pension Reform Act 2004. The new and maybe better deal would emanate from the bill before the Senate to amend the Pension Reform Act 2004 to grant retirees access to 75% of their pension savings. Wamakko in his explanatory memorandum said the bill sought to provide succour to delay and other difficulties pensioners encounter in withdrawing their savings from retirement savings accounts. Many retirees or disengaged employees have been frustrated while they sought to access their retirement savings when they need them funds for use. Section 7(1) of the Pension Reform Act 2014 states that “a holder of a retirement savings account shall upon retirement or attaining the age of 50 whichever is later, utilise the amount credited to his account for the following benefits.

Source: Nigerian Tribune January 05, 2020 14:26 UTC