General News of Wednesday, 13 May 2020

Source: 3news.com

Coronavirus: You can withdraw from your pension if you’re in hardship – NPRA

National Pensions Regulatory Authority (NPRA)  logo National Pensions Regulatory Authority (NPRA) logo

The National Pensions Regulatory Authority (NPRA) has issued guidelines for persons who will want to withdraw some funds from a provident fund or personal personal scheme before their retirement age due to the hardship COVID-19 has brought on them.

According to the Authority anyone who wants to withdraw from provident fund schemes as a result of lose of job due to COVID-19 can withdraw only 15 per cent of total accrued benefits.

However, members of personal pension schemes can withdraw all the amounts in their savings accounts.