RETIREMENT BENEFITS

With the commencement of the transfer of NSITF contributions into the RSAs, any employee who was a contributor is to fill and forward a form to his PFA.

In order not to experience any delays in the transfer of your funds, please ensure the following guidelines are STRICTLY adhered to:

All Application Forms must have a photocopy of a means of identification and the original membership certificate issued attached. Names of applicants should be filled in on the application form exactly as they have been filled on the membership certificate. For example, Oliver Jackson Tomato can only write his name as Oliver Jackson Tomato on the application form if that is how it was written on the original membership certificate, not Oliver J. Tomato. If the name was Oliver J. Tomato on the certificate, please do not write it as Oliver Jackson tomato. Where an applicant is providing an Indemnity Letter, the subject line must read “Letter of Indemnity and Identity” and the applicants NSITF membership number must be clearly stated using the format as approved by PenCom. Where an applicant is providing a court affidavit, the affidavit must clearly state the applicant’s NSITF membership number. All information on the application form, original membership certificate, and the photocopy of the means of identification must agree.

  • Once your application has been received, a submission will be made to Trustfund Pensions. At this point, a verification of the claims will be done. Thereafter, all original certificates will be released to the custodian of funds. It is only after the release of these certificates that payments of the contributions will be made into applicants’ individual RSAs.
  • Please note that the first remittance will be of the contributions made only. Accrued interest will be transferred at a later date upon receipt of guidelines from the National Pension Commission.
  • Letters of notification of payment will be sent out to all whose contributions have been received.

NOTE:

Should an employer wish to make a submission on behalf of employees they are to do so using the schedule

Required Documents:

  • Hand written application for 25% withdrawal
  • Age declaration/ birth certificate
  • Redundancy/Termination letter from your employer (must be at least 6 months old)
  • Passport photograph (1)
  • Bank account details
  • Please note that from the day of submission, the receipt of approval from PenCom, and the actual crediting of your account may take a number of weeks due to the volume of requests.
  • You will be called and notified once the payment has been made.

Please note that this does not apply to Employees of the Public Sector.

Required Documents:

  • Application for the refund of Pre- Scheme Contributions
  • Age declaration/ birth certificate
  • Redundancy/Termination letter from your employer
  • Passport photograph (1)
  • Bank account details including the sort code and documents supporting ownership (attached form should be filled by your bank).
  • Statement of account from your bank
  • Letter from Employer, stating whether all terminal benefits have been paid directly to you or not and must clearly state that the applicant made contributions prior to the Contributory Scheme.
  • Letter from Employer stating/ confirming Pre- Scheme amount paid into RSA.
  • Upon receipt of the required documents, Sigma will make a submission to the National Pension Commission (PenCom) to obtain an approval for the payment of the amount due.
  • Please note that from the day of submission, the receipt of approval from PenCom, and the actual crediting of your account may take a number of weeks due to the volume of requests.
  • You will be called and notified once the payment has been made.

Required Documents:

Please note the following:

  • Access to the account can only be done ONCE within a quarter (period of three months).
  • A maximum of 40% of the total value of voluntary contributions can be accessed at a time.
  • A fee of N100 plus 5% VAT (N105) will be charged with every withdrawal.• Withdrawal of contributions that are less than 5 years on the withdrawal date will incur a 10% tax on the total amount to be withdrawn. This will be forwarded to the relevant authorities by the bank.
  • Contributions 5 years or older will be withdrawn tax-free.
  • All payments to customers wishing to withdraw from their RSAs can only be made to the customer’s personal bank account.

Upon receipt of the required documents, a submission will be made to our Compliance Department for the approval to pay.

You will be called and notified once payment has been made.

Public Sector:

A) To obtain the accrued benefits of a deceased employee of the Public Sector, the Next of Kin will need to provide the following documents:

  • Death Notification form
  • Registration of death (from Population Commission)
  • Copy of Deceased declaration of age
  • Police Report (if by accident)
  • Medical Certificate of death/cause of death
  • Declaration of wish/evidence of nomination of next of kin.
  • Copy of letter of appointment
  • Copy of pay slip as at 30th, June 2004
  • Copy of pay slip as at demise
  • Two passport sized photographs
  • Last promotion letter
  • Letter of introduction from the MDA stating

    • Date of birth
    • Date of first appointment
    • Date of death
    • Grade and step level as at June 2004
    • Grade and step level as at time of death
    • NOKs name

PLEASE ENSURE ALL DOCUMENTS ARE DULY SIGNED FOR. The individual’s Life Insurance to be paid into the RSA, all Ministries, Departments, and Agencies (MDAs) are advised to forward all claims for the payment of Life Insurance of the deceased employees to their Supervising Authorities. For example Office of the Head of Service for MDAs and other civilian employees of the Federal Government, Defence Headquarters (DHQ) for Armed Forces personnel and Police Headquarters for Police Officers. All such claims must be presented using the Death Notification Form and must be accompanied by duly authenticated copies of the documents specified therein. Copies of the Death Notification Form can be downloaded from the website of the National Pension Commission.

Upon receipt of the relevant documentation, once the remittance of either the Life Insurance or accrued rights have been made, the payment is made to the beneficiary after the Compliance Department has approved in line with PenCom’s rules and regulations for withdrawals.

The documents required for the payment are:

• Payment Request Form (to be filled by the Next of Kin)

• Bank Details Form (attached form to be filled by bank)

• Next of Kin Bank Statement

• Original Copy Nomination Letter (if required)

• Letter of Administration

It is advisable that these documents are provided even at the point of providing the documents for the accrued rights.

Private Sector and “Parastatals” (self-funded Public Sector):

The documents required are:

• Passport Photograph (of deceased)

• Letter of Administration / Nomination of Next of Kin

• Letter of Accrued Benefit

• Police Report (if by accident)

• Registration of Death (certificate from National Population Commission)

• Medical Certification of Death

• Please ensure ALL Documents are DULY SIGNED

Please note that if the Life Insurance of the deceased has already been paid out to the Next of Kin, a letter from the deceased’s employee must be provided attesting to that fact.

The documents required for the payment are:

Payment Request Form (to be filled by the Next of Kin)• Bank Details Form

• Next of Kin Bank Statement

• Nomination Letter (if required)

• Letter of Administration

The payment is made upon the receipt of PenCom’s approval.

Prior to retirement, an employee with the Treasury funded Public Sector Organisation is required to attend a Verification Exercise that will be held by the National Pension Commission (PenCom) and also attend a documentation exercise with his/ her PFA immediately after retirement.

PenCom usually holds this exercise in the different States to minimize the need to travel for the exercise. The dates are usually advertised in the national dailies. Click here for the list of documents required for the verification exercise.Kindly note that the documentation exercise with us can be done either at our Head Office or at any of our State Office Nationwide.

The exercise is to be attended by all employees due to retire, regardless of sector.

Click here for the required documents

On retirement, each individual is entitled to a lump sum and a monthly pension(Programmed Withdrawal)or they can alternatively purchase a Life Annuity from an Insurance company.

Click here for the list of Licensed Insurance Companies as at October 2012 and also to view the table comparing the Programmed Withdrawal and the Life Annuity. Also to view the requirements for the payment of retirement benefits based on medical grounds Click here