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Programmed Withdrawal Retirement Option(PWRO)


There are two main retirement options open to a retiree through which a retiree can access his/her monthly pensions:

  • Programmed withdrawal – Operated by Pension Fund Administrators
  • Annuity – Operated by Life Insurance Companies [click here for the guidelines]


Features of Programmed Withdrawal Retirement Option (PWRO)

  • PW is a product offered by PFAs regulated by PENCOM
  • Pension is paid over an expected lifespan and until the RSA balance is exhausted.
  • Upon the death of the retiree, the beneficiary as prescribed by a Will or Letter of Administration is paid the balance in the deceased’s Retirement Savings Account, enbloc
  • Pension payment can be monthly or quarterly
  • Quarterly Retirement Savings Account statements are sent to retiree and may be sent electronically on retiree’s request
  • A retiree on PW can opt for Annuity contract at any time
  • A retiree on PW can transfer to another PFA when Transfer Window opens subject to PENCOM guidelines on Retirement Savings Account transfer