Benefit Administration
The following Benefit withdrawal modes are the various ways contributions received into RSA/Retiree accounts and Legacy/Gratuity funds can be accessed by our clients.
All valid requests are processed based on the payment type due to the RSA holder at any particular time as defined by the Regulations governing the administration of the Terminal Benefits issued by the National Pensions Commission (PENCOM).
The documents required for each of these applications are provided below and can be submitted at any of our regional offices. SMS and phone calls will be made to the Client intimating him/her on the progress recorded. The Nominated Bank accounts will be credited once approvals are received from the National Pension Commission.Â
On average, the entire process should not exceed 12 working days.
Enbloc benefit payment means the entire fund in the retiree’s RSA is paid to the Contributor. The retiree eligible for Enbloc must have attained 50 years and must have a maximum amount of N550,000 or less in his account.
Key documents required are:
- Application Letter
- Retirement letter or resignation letter.
- Age declaration/Birth certificate.
- 2 passport photographs.
- Employers’ confirmation of accrued rights.
- Bank Account details on approved funds
- National Identify Number /NIMC Slip
- Completed Data recapture exercise with the PFA
- Any valid government-issued means of Identification
The loss of Job or 25% benefit withdrawal cover contributors whose employment have been terminated and are unable to secure another job four months after the loss. Contributors eligible for this payment type however must be less than 50 years.
Documents required are:
- Application Letter
- Termination or resignation letter
- Age declaration / Birth certificate
- 2 passports photographs.
- Employers’ confirmation of accrued rights.
- Bank Account details on approved funds
- National Identify Number /NIMC Slip
- Completed Data recapture exercise with the PFA
- Any valid government-issued means of Identification
This is the benefit due to the retiree on retirement.Â
The retiree’s age at retirement, final salary, sex and RSA balance are variables inputted in the PENCOM template to determine the lump-sum and the monthly programmed withdrawal that will be paid to the retiree once the application is approved.
A retiree opting for annuity will furnish their chosen Insurance Company with copies of the template and these details will be used to compute the premium and annuity that will be paid to the annuitant.
Documents required are:
- Notification of retirement.
- Application Letter
- Last payslip.
- Age declaration/ Birth Certificate
- Employers’ confirmation of an accrued right.
- Retiree/Indemnity form
- Programmed Withdrawal form
- Bank Account details on approved funds
- National Identify Number /NIMC Slip
- Completed Data recapture exercise with the PFA
- Means of identification
This Benefit Payment type can only be accessed by the Estate of the deceased contributor. Documents required will vary according to the sectors where the contributors worked.
For deceased contributors who died in active service, the Estate of the deceased contributor is entitled to the Group Life Insurance benefits as mandated by Law. This could be paid directly to RSA of the deceased contributor or to the account supplied by the estate of the deceased contributor. The value is three (3) times the annual total emolument of the deceased contributor’s
Key documents required are:
- Application Letter
- Notification of death
- Death certificate
- Letter of administration
- Age declaration/ Birth certificate
- 2 passport photographs of the deceased
- Estate account must be signed by two persons
- National Identify Number /NIMC Slip
- Data recapture
- Means of Identification of the next-of-kin
- Estate account
These benefit payment types are schemes managed by some Organisations prior to the enactment of the Pension Reform Act 2014.
It is typically paid to employees when out of active service.
Documents required to process are:
- Application Letter
- Employers’ confirmation of gratuity payment/legacy for retiree
- Bank Account details on approved funds
- 2 passport photographs
- Age declaration/ Birth Certificate
- National Identify Number /NIMC Slip
- Any valid government-issued means of identification
Documents required to process voluntary contributions are;
- Application letter
- 2 passport photographs
- Bank Account details on approved funds
- National Identity Number/NIMC Slip
- Completed Data recapture exercise with the PFA
- Any valid government-issued means of identification
- Tax ID of the contributor
National Social Insurance Trust Fund (NSITF) was a Pre-Act scheme that was contributory. The scheme was stopped by the FGN on the commencement of the Pension Reform Act (2014). Contributors could apply to have their previous NSITF contributions credited to their RSA via their PFAs.
Contributors eligible for these benefits must:
- Be 50 years of age.
- Have accessed a benefit payment type of either PW or Enbloc payment.
- Have evidence of transfer of NSITF fund.
- Be in the contributor’s statement of account.
- Must be on ECRS through the Data Recapture Exercise.
- Application letter
There are grounds for this benefit claim by the Next of Kin of the RSA holder, usually, it is in a case where the contributor is declared missing and has not been found for one year or more.
The documents the Next of Kin must provide includes:
- Notification of missing persons
- Letter of administration
- Age Declaration/ Birth Certificate
- 2 passport photographs of the missing person
- Estate account must be signed by two persons
- National Identity Number/NIMC Slip
- Identification of next-of-kin
- Estate Bank Account details on approved funds
This is when medical complications forces RSA holders to retire from employment. There must be certified medical reports from a federal medical facility supporting their claim and attested to by employers.
Documents required to process this mode of withdrawal includes:
- Notification of resignation based on medical grounds from a federal hospital
- Retirement letter or resignation letter
- Last payslip
- Age declaration
- Employers’ confirmation of the accrued right
- Application Letter
- Programmed Withdrawal form
- Bank Account details on approved funds
- National Identity Number/NIMC Slip
- Completed Data recapture exercise with the PFA
- Means of identification
