Data from the Pension Commission reveals that 104,161 ex-workers, who contributed about N135.6bn to the Contributory Pension Scheme, have withdrawn N33.9bn from their Retirement Saving Accounts as of the end of March 2015.
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.
The ex workers in question are former employees who have either been sacked or resigned voluntarily for personal reasons. Section 7 (2) of the Pension Reform Act 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.
You too can access your Pension Funds should you decide to resign from paid employment or were sacked. Here are steps required to access your funds;
Present to your PFA the letter of termination of appointment issued by the employer or letter of resignation
Present to your PFA, last three months’ payslips
Letter from you requesting for 25 per cent payment of the RSA balance
Evidence of accrued pension rights, if any, for public sector workers.
Bank statement or letter of introduction from the bank
Proof of age (birth certificate or sworn declaration of age)
Letter from the employer confirming full remittance of all contributions made to the RSA for the private sector worker
PenCom retiree indemnity form for public sector workers
Four passport photographs; and a form to be given by the PFA.
Another condition on which contributors can withdraw a maximum of 25 per cent of their savings with their PFAs is if the workers want to access the fund for mortgage loan.