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Nairaland Forum / Nairaland / General / Investment / Investment Ads / Only Retiree (828 Views)
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Only Retiree by ikuedowoni(m): 1:50pm On Apr 28, 2016 |
No doubt, the Pension Reform Act 2004 makes it
mandatory for all employees to have a Retirement
Savings Acoount, which will be administered by your choice
Pension Fund Administrator, alongside a Pension Fund
Custodian in conjunction with Pension Commission and
National Insurance Commission. The contributory pension
allows you to withdraw not more than 50% of your
contribution on attaining 50yrs or compulsory retirement
age. M.K. Ahmed (D.G. PENCOM, Punch Newspaper
30/01/12, Page 31) cites that "According to the act,
Programmed Withdrawal is an option that is calculated on
an expected life span, meaning that the pensioner will be
paid on a regular basis for a fixed number of years.
After which he ceases to earn further income from his
PFA. Also, the act specifies that Annuity will be paid on a
regular basis by the insurance company to the pensioner
until he dies". If you were retiring now, which option
would you prefer and why? Secondly, if you have people
retiring now, how would you advise them? Remember,
retirement is expensive, but old age is more expensive. Pls
don't derail this educative thread. |
(1) (Reply)
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