Regulation 126(1) A contributor who is not covered under a mandatory pension scheme and retires shall utilise seventy five percent of accrued benefits to purchase an annuity for life guaranteed for fifteen years and payable monthly from a Life Insurance Company licenced by the National Insurance Commission. (2) An employee who retires in accordance with section 219 of the Act shall utilise seventy-five percent of the balance standing to the credit of the employee's retirement savings account to purchase an annuity for life guaranteed for fifteen years and payable monthly from a Life Insurance Company licenced by the National Insurance Commission. (3) The Authority may consult the National Insurance Commission to ensure that the insurer is able to meet its liabilities in respect of annuity payment. (4) Twenty five percent of the accrued benefits of the contributor or the balance standing to the credit of the employee shall be paid as lump sum benefit.(5) The Authority may issue guidelines to change the proportion that may be paid as annuity or lump sum benefits.