Section 7: RETIREMENT BENEFITS

(1)
A holder of a retirement savings account shall, upon retirement or attaining the age of 50 years, whichever is later, utilize the amount credited to his retirement savings account for the following benefits:
(a)
withdrawal of a lump sum from the total amount credited to his retirement savings account provided that the amount left after the lump sum withdrawal shall be sufficient to procure a programmed fund withdrawals or annuity for life in accordance with extant guidelines issued by the Commission, from time to time;
(b) programmed monthly or quarterly withdrawals calculated on the basis of an expected life span;
(c)
annuity for life purchased from a Life Insurance Company licensed by the National Insurance Commission with monthly or quarterly payments in line with guidelines jointly issued by the Commission and National Insurance Commission;
(d)
professors covered by the Universities (Miscellaneous Provisions (Amendment) Act, 2012 shall be according to the University Act; or
(e)
other categories of employees entitled, by virtue of their terms and conditions of employment, to retire with full retirement benefits shall still apply
(2)
Where an employee voluntarily retires, disengages or is disengaged from employment as provided for under section 16 (2) and (5) of this Act, the employee may with the approval of the Commission, withdraw an amount of money not exceeding 25 per cent of the total amount credited to his retirement savings account, provided that such withdrawals shall only be made after four' months of such retirement or cessation of employment and the employee does not secure another employment.
(3)
Where an employee has accessed the amount standing in his retirement savings account pursuant to sub-section (2) of this section, such employee shall subsequently access the balance in the retirement savings account in accordance with sub-section (1) of this Section.