Nigeria: Court rejects 25% limit on certain retirement payments
Nigeria: Court rejects 25% limit on certain payments
The National Industrial Court of Nigeria (Abuja judicial division) held that measures limiting retirees above the age of 50 years to 25% lump-sum payments were contrary to provisions of Nigerian law.
At issue was whether the 25% benchmark for lump-sum withdrawal provided in the Pension Reform Act applies to a policyholder who retires mandatorily at an age above 50 years. The court found the limit was contrary to the legislation.
Read an August 2020 report prepared by the KPMG member firm in Nigeria
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