Making Withdrawals

How to access your Pension fund

Our aim is to help safeguard our client’s future, leaving you with a safety net long after your employment. To that end, and because we are bound by the 2014 Pension Reform Act, we do not readily grant access to RSAs unless contributors have retired, 50 years old, and are out of employment. Yet, there are other cases where we grant access to withdrawals.

When a contributor is temporarily out of employment.

Contributors who are 49 years old and younger can access 25% of their pension fund provided they have been out of work for four months.

When a contributor is deceased

Beneficiaries of deceased contributors can access the deceased’s pension fund provided that they have been listed as beneficiaries on a will.

When a contributor can no longer work due to health challenges

If contributors are unable to work because of health challenges, the Pension Reform Act allows them access to their pension fund provided that their claim is confirmed by a licensed medical practitioner.

You can also check these out

  • Micro Pension Account

    Guaranty Trust Pension Managers is invested in safeguarding the future of everyone. This includes everyone in the informal sector who is not covered by private or government employers.

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  • Retirement

    As an employer of labor, you can now sign you and your employees up with GTCO Pension Managers to start enjoying the benefits of our smart pension scheme today.

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FAQs

Everything you need to know about our pension product and services. If you don’t find the answer you are looking for, you can reach out to our support team.

  • What is a Pension?

    Pension is a regular income received by a person at retirement when he/she stopped working because of having reached a certain age or based on health condition to cater for his/her needs at old age

  • What is an Retirement Savings Account (RSA)?

    A Retirement Savings Account (RSA) is an account opened by an employee or contributor with a PFA of choice into which all pension contributions and returns on investment are paid. Every contributor under the contributory pension scheme (CPS) is expected to open RSA in his/her name with a PFA of his/her choice into which all his/her contributions and returns on investment are paid

  • Can I withdraw from my Retirement Savings Account (RSA) at any time?

    Contributors cannot withdraw money except at retirement or upon temporary loss of job and in all cases, withdrawals are subject to approval by the National Pension Commission (PenCom). The PFA is required to invest the money in allowable investment outlets and the income generated is fully credited into the RSA.

  • Who is a Pension Fund Administrator (PFA)?

    A PFA is a company licensed by the National Pension Commission for the sole purpose of managing and administering pension funds contributed into the RSAs.

  • Who is a Pension Fund Custodian (PFC)?

    A PFC is a company licensed by the National Pension Commission to keep pension money and assets in the RSA on. trust for the employee on behalf of the PFA. The PFC receives pension contributions from employers on behalf of PFAs, settles investment transactions on the order of the PFA, effects payments of benefits and undertakes other administrative functions.

  • What is the Difference Between a PFA and a PFC?

    The PFA manages and invests the pension funds on behalf of contributors while the PFC keeps the pension funds and assets in safe custody and carries out transactions on behalf of the PFA.

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