Punch reports "104,161 ex-workers withdraw N33.9bn from pension savings"
The number of contributors who withdrew
from their RSAs rose to 96,708 at the end of 2014. Out of these, 92,245
were from the private sector, while 4,463 were public workers. With a
total contribution of N126.4bn in their pension accounts, the
contributors withdrew N31.6bn at the end of last year.
In the first quarter of 2015, PenCom
revealed that 7,453 workers, with total contribution of N9.1bn, withdrew
N2.2bn from their RSAs.ex-workers who
contributed about N135.6bn to the Contributory Pension Scheme, have
withdrawn N33.9bn from their Retirement Saving Accounts as of the end of
March.
Data obtained by our correspondent from
the National Pension Commission on Monday showed that the contributors
comprised of those who were either sacked or had voluntarily resigned
from paid employment for at least four months.
The
data obtained from PenCom showed that at the end of the 2013 financial
period, 36,369 workers from both the public and private sectors and who
had N29.8bn as their RSA balance, had withdrawn N7.4bn from their
various PFAs.
The number of contributors who withdrew
from their RSAs rose to 96,708 at the end of 2014. Out of these, 92,245
were from the private sector, while 4,463 were public workers. With a
total contribution of N126.4bn in their pension accounts, the
contributors withdrew N31.6bn at the end of last year.
In the first quarter of 2015, PenCom
revealed that 7,453 workers, with total contribution of N9.1bn, withdrew
N2.2bn from their RSAs.
Section 7 (2) of the PRA 2014 allows a
worker who voluntarily retires, resigns or is disengaged from paid
employment to access 25 per cent of his RSA if he is unable to get
another job after four months.
The essence is to allow the worker to
have some funds to live on or invest in productive ventures pending the
time he is able to have a stable source of income.
To access the fund, an individual is
required to present some documents to his PFA, including the letter of
termination of appointment issued by the employer or letter of
resignation; last three months’ payslips; letter requesting for 25 per
cent payment of the RSA balance; and evidence of accrued pension rights,
if any, for public sector workers.
Read more details on The Punch
