The economy is not looking good for most Nigerians right now. So I was just thinking, what if the Federal Government, or whatever authority that has the power, allows pensioners, both active and retired, a one time 25% unconditional withdrawal of their pension contribution balance as at today? This will help many families meet their immediate needs. Is there any palliative that could be better than this? After all, it's been the contributors' money over the years.

On the flip side, and this is to our economists, will there be any serious negative impacts on the economy should people have general access to this fund?

Your head is there

sinorte:
The economy is not looking good for most Nigerians right now. So I was just thinking, what if the Federal Government, or whatever authority that has the power, allows pensioners, both active and retired, a one time 25% unconditional withdrawal of their pension contribution balance as at today? This will help many families meet their immediate needs. Is there any palliative that could be better than this? After all, it's been the contributors' money over the years.

On the flip side, and this is to our economists, will there be any serious negative impacts on the economy should people have general access to this fund?

That if the have not tampered with Thier funds. My sister who lost her job because she relocated could only access jus a fraction of her pension. They said she must attain 50years before she can access all her funds. She was jobless for more than 5years.

The pension funds is probably empty already.
Our useless politicians must have 'borrowed' the pension money before going abroad to borrow.

My contributory pension domiciled with the IBTC pension ltd was granted a 25% withdrawal after 4 months of my redundancy

I think this is a very good idea. I think the government should see that contributory pensioner get that percentage of their funds

sinorte:
The economy is not looking good for most Nigerians right now. So I was just thinking, what if the Federal Government, or whatever authority that has the power, allows pensioners, both active and retired, a one time 25% unconditional withdrawal of their pension contribution balance as at today? This will help many families meet their immediate needs. Is there any palliative that could be better than this? After all, it's been the contributors' money over the years.

On the flip side, and this is to our economists, will there be any serious negative impacts on the economy should people have general access to this fund?

People can actually make withdrawals maximum of 25% from their pension funds. There's no need for the government to do anything.

DeOTR:

People can actually make withdrawals maximum of 25% from their pension funds. There's no need for the government to do anything.

that 25% is tied to housing alone.what the op is talking about is unconditional withdrawal to reduce the hardship in the land

ozo13:
that 25% is tied to housing alone.what the op is talking about is unconditional withdrawal to reduce the hardship in the land

I don't know about Civil Servants. Maybe not the same with those in the private section, because no condition is attached to it the last time I checked.

DeOTR:

I don't know about Civil Servants. Maybe not the same with those in the private section, because no condition is attached to it the last time I checked.

Alright.Thanks alot.The pension law permits 25% withdrawal after 36months of working.the 25% is tied to housing alone and I remember people weren't happy that day with the pension guy.some were of the opinion if a civil servant already owned a house and don't wanna use the 25% on housing, is it that he or she isn't eligible to withdraw the said 25%

The pension contribution is already USELESS.

DeOTR:

I don't know about Civil Servants. Maybe not the same with those in the private section, because no condition is attached to it the last time I checked.

There is condition attached to it. An RSA holder is expected to be without job for a minimum of 4months.

And can't withdraw again until he/she attain 50years even if he remain jobless.

The Op that started the this thread suggested granting RSA holder opportunity to make an unconditional 25% lump sum withdrawal of each account balance as today irrespective of being a retired, in active, jobless even if you have withdraw in the past. So far you haven't withdraw in the last six months.

Housing:


There is condition attached to it. An RSA holder is expected to be without job for a minimum of 4months.

And can't withdraw again until he/she attain 50years even if he remain jobless.

The Op that started the this thread suggested granting RSA holder opportunity to make an unconditional 25% lump sum withdrawal of each account balance as today irrespective of being a retired, in active, jobless even if you have withdraw in the past. So far you haven't withdraw in the last six months.

Maybe because it's retirement savings account. People will abuse the opportunity if allowed to withdraw without restrictions. That would defeat the actual purpose of the scheme.