Latest Post

Decoding the Pension Lingo Customer-Centric Services: How PAL Pensions Puts Clients First Why You Need to Download the PAL Pensions Mobile App

Embarking on life’s journey, we diligently contribute to our pension accounts, envisioning a secure and comfortable retirement. However, when the time comes to unlock the benefits of those dedicated years, it’s crucial to be well-informed about your pension withdrawal options. In this blog post, we’ll traverse the various avenues available to access your hard-earned pension funds.

Understanding Pension Basics

Before delving into withdrawal options, let’s establish a basic understanding of how pensions operate. Pension plans aim to provide financial security during retirement by accumulating funds through regular contributions from both employees and employers. This creates a pool of resources that grows over time.

PAL Pensions: Catering to Unique Needs

PAL Pensions understands the unique needs of its clients, ensuring security and stability for their retirement. Given these circumstances, contributors can access their funds through different avenues.


For individuals aged 50 or older, PAL Pensions manages Retirement Savings Accounts (RSA), offering a choice between programmed withdrawal or annuity payment options.

  • Programmed Withdrawal: Retirees choosing this option can access a lump sum amount while the balance is applied towards monthly or quarterly programmed withdrawals. The lump sum ranges from 25% to 50% of the RSA balance.
  • Annuity Withdrawal: Retirees can opt for a lump sum amount with the balance used to purchase a life annuity. The lump sum is usually about 25% of the RSA balance.

Termination of Appointment Letter

Individuals under 50 who remain unemployed for four months after leaving their jobs can make a one-time withdrawal of up to 25% of their RSA balance. There’s an option to resume contributions upon reemployment.

Voluntary Contributions

The Voluntary Contribution (VC) program allows contributors to exceed the mandatory percentage. After two years in the RSA, you can withdraw up to 50% of your VC, with subsequent withdrawals every two years for contributions made after the last withdrawal.

Death Benefits

PAL Pensions provides death benefit payments to named beneficiaries, ensuring financial security in the event of a contributor’s or retiree’s passing.

En Bloc Payment

Eligible retirees can apply for the entirety of their pension funds if they meet select criteria. Notably, an en bloc payment is only possible if the RSA balance is less than N550,000.

To make a general withdrawal, meet specific criteria, and provide required documents such as a retirement letter, passport photographs, proof of age, pay-slips, bank documents, and valid identification.

With over 12 years of experience, PAL Pensions stands as a premier choice for pension fund administration in Nigeria, offering services that safeguard clients’ financial futures while ensuring growth through secure investments.

For more information and inquiries, please visit

Leave a Reply

Your email address will not be published. Required fields are marked *