Monday 11th August, 2015 will ever remain a day to remember for the civil servants Retirees of the Federal Government of Nigeria, who retired in January. It was a day the Federal Government paid their ACCRUED RIGHTS, which complements their contributory pension to complete their terminal bnefits.

They buzzed, they praised and they are willing to go to their various Pension Fund Administrators for an exit meeting; to discuss mode of accessing their withdrawal. May I quickly bring to the notice of all stakeholders the provisions of The Regulations For The Administration of Retirement And Terminal Benefits, page 3, article 1.2.8 A PFA shall advise a retiring employee of the features of its programmed withdrawal products, including the rates of return, and shall also advise the employee to obtain quotations from insurance companies on annuity products.

1.2.9 A PFA shall not impose any option on the retiring employee or coerce or influence the choice of the employee between programmed withdrawal and annuity.

Also,

5.1.2 The PFA shall notify the Commission by sending information relating to the retiree (as contained in Appendix 4) and shall request the Commission’s approval of programmed withdrawal arrangements.

5.1.3 The Commission would within five (5) working days of receipt of the notification, communicate its approval or rejection to the PFA and shall transfer the retiree’s RSA to the retirees’ database.

For more information on this, visit: www.insuranceplus.com.ng

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