A total of 2,210 workers have withdrawn N3.18bn from their Retirement Savings Accounts

A total of 2,210 workers have withdrawn N3.18bn from their Retirement Savings Accounts with their respective Pension Fund Administrators in six months after making additional voluntary contributions, the National Pension Commission has said.

PenCom said this in its quarterly report obtained on Monday.

While 1,286 active contributors withdrew N2.17bn in the third quarter of 2020, another 924 contributors withdrew N1.01bn in the fourth quarter of 2020.

PenCom stated that “during the third quarter, the commission granted approval for withdrawal of the sum of N2.18bn from the voluntary contribution accounts of 1,286 contributors.”

It added that in the fourth quarter, “the commission granted approval to 924 contributors for the withdrawal of voluntary contributions amounting to N1,011,283,273.66.”

According to PenCom’s guidelines, voluntary contributions are non-obligatory contributions made by any employee in the formal sector through the employer, for the purpose of enhancing future retirement benefits.