Programmed Withdrawal

Programmed Withdrawal, your peace of mind at retirement….
According to the National Pension Commission that is a major regulator in the Pension industry, at retirement, a retiree has two options;
A. Programmed Withdrawal
B. Annuity
Our focus would be on programmed withdrawal as a purpose of enlightenment, financial planning and a process of wealth transfer through inheritance.
In programmed withdrawal, the Pension Fund Administrator pays on a monthly or quarterly basis to retirees. Programmed withdrawal is a product offered by Pension Fund Administrator whereby, a retiree is paid retirement benefits in periodic sums.
“The Programmed Withdrawal is a product offered by the Pension Fund Administrators for periodic payments (monthly/ quarterly) to a retiree. It is a structured periodic withdrawal based on the peculiarities of the retiree, the Retirement Savings Account balance is spread over the expected life span of the retiree while the funds remain in the account and managed by the Pension Fund Administrator” www.lawyard.ng
At the demise of the contributor however, the Pension Fund Administrator pays the residual balance in the Retirement Account of the deceased retiree to the beneficiary who the retiree would have chosen while he was alive.
Unlike in Annuity where the total sum of the contributor is added to a pool where the retiree is paid from on a periodic basis, the beneficiary in the case of programmed withdrawal is mostly always guaranteed a residual balance at the demise of the retiree.
Contrary to the general notion of vendors who are not in the pension industry that a retiree can deplete his/her balance in a life time, the National Pension Commission has structured an enhancement process of programmed withdrawal to ensure retirees are paid until their demise by the Pension Fund Administration.
As at December 2018, First Guarantee Pension Limited has fulfilled its obligation in making periodic payment to the tune of xxxxb and we urge all intending retirees to contact us for all their Retirement and Advisory, Benefit Administration and timely Pension Management.
Programmed Withdrawal, your peace of mind at retirement….
Please, call 01-4482530-30
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Mail: cs@firstguaranteepension.com

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