By Ewoma Omaje

Low-earning pensioners are now permitted to withdraw their total retirement savings en bloc or continue to receive their monthly pension pending the approval of the Minimum Pension Guarantee.

This is according to a memo by the National Pension Commission, which was signed by the Head of the Surveillance Department of Pencom, simply identified as A.M Salem.

In the memo, the commission said the development followed the new section 4.1 (g) of the revised regulation on the administration of retirement and terminal benefits in line with the new minimum wage of 70,000 naira.

Before this announcement, retirees are only allowed to withdraw one-third of their total retirement savings account.