A lump sum payment (as the word describes) refers to a one time payment of money.
An RSA holder upon attaining retirement age will be eligible to make a lump sum withdrawal provided that the amount left in the RSA after the lump sum withdrawal is sufficient to purchase an annuity or fund programmed withdrawals that will produce an amount which is not less than 50% of the RSA holder's total annual remuneration at the date of his retirement.
Pension fund up 27.33%, may hit N1.6trn by 2011.
As more workers in both the private and public sectors of the economy continue to register with licensed Pension Fund Administrators (PFAs) under the contributory pension scheme, there is growing optimism that the scheme would achieve its ambitious growth target of N1.6 trillion in asset by 2011. Read More
