Retirees in Nigeria today have two options to draw their pension from. The first is what is called program withdrawal while the second is called annuity.
Program withdrawal is directly under PENCOM while annuity is under the supervision of the National Insurance Company.
It is necessary that retirees should make enquiry as to which of the two is better . The two of them are trying to outdo each other on service delivery to their customers.
As a retiree myself, I registered for program withdrawal but there is this advice from some quarters to move to annuity.
I welcome information on the two from fellow Nairalander as to which is better so as not to make mistakes on my choice.

Explain each of the two for us

bankyamoko:
Retirees in Nigeria today have two options to draw their pension from. The first is what is called program withdrawal while the second is called annuity.
Program withdrawal is directly under PENCOM while annuity is under the supervision of the National Insurance Company.
It is necessary that retirees should make enquiry as to which of the two is better . The two of them are trying to outdo each other on service delivery to their customers.
As a retiree myself, I registered for program withdrawal but there is this advice from some quarters to move to annuity.
I welcome information on the two from fellow Nairalander as to which is better so as not to make mistakes on my choice.

Programmed withdrawal is the best based on the following advantages over Annuity.
1. Access to your balance and statement of account, annuity is invested in a pool of funds from other people
2. Pension payment for life and even after life(Death) the next of kin/beneficiary has access to the remaining RSA balance but the annuity is 10 years quaranteed peiod.
3. Tendency of enhancing (Increasing) your monthly pension every 3 years while annuity is statutory.