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Chuks Udo Okonta
Contrary to the law which states that an employee shall not be entitled to make any withdrawal from
his/her Retirement Savings Account (RSA) opened under Section 11 (1) of Pension Reform Act (PRA) 2014, before
attaining the age of 50 years, the National Pension Commission (PenCom) in its Revised Regulation on the Administration of Retirement and Terminal Benefits, stipulated conditions which would allow for access to the fund before age 50.
PenCom said in Section 16 (2) notwithstanding the provisions of sub-section 16(1), any employee who retires, disengages, is disengaged from
employment shall be entitled to make withdrawals in accordance with Section 7 of PRA 2014 if such disengagement is:
(a) on the advice of a suitably qualified physician or a properly
constituted medical board certifying that the employee is no longer mentally or physically capable of carrying out the functions of his office;
(b) due to permanent disability either of body or mind; or (c) before the age of 50 years in accordance with the terms
and conditions of his employment.
