PENCOM Approves Total Withdrawal Of Low Income Earners Pension Contributions
The National Pension Commission, PENCOM, has implemented a new policy enabling low-income retirees to withdraw their entire Retirement Savings Account, RSA balances. The new policy aligns with the increased national minimum wage of ₦70,000, signed into law by President Bola Tinubu on July 29, 2024. A circular by PENCOM, explains that under the revised regulations, retirees whose RSA balances cannot fund pensions or annuities equal to one-third of the new […]