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18 Apr 2023

The National Pension Scheme Amendment Bill 2023, which was recently signed into law, has introduced a significant change in the pension landscape. The new law now allows for partial withdrawals of pensions, giving citizens the opportunity to reinvest their funds into various ventures and assets of their choice.

Under the new law, individuals who have contributed to the National Pension Scheme for a minimum of 60 months, regardless of their age or those who are 45 years and above, regardless of their contributions, are eligible for partial withdrawals. This means that even if an individual has not yet reached the retirement age, they can still access a portion of their pension savings.

The entitlement for partial withdrawals is set at 20% of the total contributions made, and this amount will be indexed with interest added. The frequency of partial withdrawals is limited to one-time only, meaning that once an individual makes a claim, they will not be able to make another claim in the future.

The process for claiming partial withdrawals has been made convenient and accessible through an online platform. Individuals can now claim their partial withdrawals without having to visit a National Pension Scheme office in person. To make a claim, individuals need to sign up on, the official website for the National Pension Scheme. The sign-up process requires individuals to provide their correctly registered phone number, a copy of their National Registration Card (NRC) on both sides, a recent passport-size photo, and an active personal email address.

This amendment to the National Pension Scheme has significant implications for the economy and job creation. By allowing individuals to reinvest their pension savings into various ventures and assets, it can stimulate economic growth by providing capital for businesses and investments. This, in turn, can lead to the creation of more jobs and contribute to the overall economic development agenda of the country.

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