Low-earning pensioners are now permitted to withdraw their total retirement savings en bloc or continue to receive their monthly pension pending the approval of the Minimum Pension Guarantee. This is according to a memo by the National Pension Commission, which was signed by the Head of the Surveillance Department of Pencom, simply identified as A.M Salem. In the memo, obtained by our correspondent in Abuja on Monday and dated November 27, 2024, the commission said the development followed the new section 4.1 (g) of the revised regulation on the administration of retirement and terminal benefits in line with the new minimum wage of N70,000. Before this announcement, retirees are only allowed to withdraw one-third of their total RSAs. The memo which was addressed to pension fund administrators and custodians said, “The commission has noted that President Bola Tinubu had on Monday, 29 July 2024, signed the National Minimum Wage Bill into law. Accordingly, the new National Minimum Wage Act increased the National Minimum Wage from N30,000.00 to N70,000.00.”

Punch