Loss of Job
The scheme as amended accommodates a Retirement Savings Account (RSA) holder whose employment has been terminated, has been disengaged or has voluntarily resigned his/her appointment and has not been gainfully employed for a minimum duration of four (4) months to apply for 25% of the balance in his/her RSA at the time in line with the Regulations for the Administration of Retirement Benefits.
Documents Required for Accessing 25% after four months of unemployment OR loss of Job:
- Application letter from the RSA holder
- Birth Certificate or Age Declaration
- Letter of Termination/Dismissal from the employer
- Resignation acceptance letter from employer
- Photocopy of a means of identification (i.e. Driver’s license, National ID etc.)
- Bank statement or Banker’s confirmation of account
- 2 passport photographs of the RSA holder
- A duly completed Sigma Pensions 25% undertaking Form
- Accrued letter (Request will be sent by Sigma Pensions to the employer)
Voluntary or Mandatory Retirement
An RSA holder may retire from active service after 35 years in the Federal Public Service or upon attaining the age of 50 years old in the Private sector organisation and may opt for any of the following benefit options in line with PenCom Regulations for the Administration of Retirement Benefits:
- A lump sum: the amount payable to a retiree after sufficient provision has been made to procure a programmed withdrawal or an annuity that will generate an amount that should not be less than 50 percent of his/her annual salary at the date of retirement.
- Programmed Withdrawal: is regular monthly or quarterly payments that may be the RSA holder/ retiree over an estimated life span. This is known as a guaranteed pension period.
- En-bloc Payment: Where contributor’s RSA balance is less than N550,000.00, the entire balance is transferred to an account provided by the RSA holder or beneficiary.
- Annuity: Upon retirement or upon attaining the age of 50, an RSA holder may decide to purchase an annuity from a life insurance company licensed by the National Insurance Commission with monthly or quarterly payments.
Requirements for Accessing Benefits at Voluntary or Mandatory Retirement
Note: All original documents must be sighted at the time of submission of withdrawal application.
- Notice of retirement/exit from last employer
- Pay-slip not less than three (3) months from the date of retirement (stamped and signed by employer) or any evidence of last annual remuneration
- Confirmation of any contributions owed by employer (Private Sector/Self-Funding MDA retirees)
- Evidence of the terms and conditions of employment (Private sector)
- A duly completed Retirement Withdrawal Form
- Completed Programmed Withdrawal Agreement and Retiree Indemnity Form (deposed to before a Commissioner of oath or Notary Public)
- Certified true copy of the retirement bond certificate in the case of Public Sector Retirees.
- Evidence of any accrued pension entitlements not remitted into the RSA (Private Sector/Self-Funding MDA retirees)
- Birth Certificate/Age Declaration (Private Sector/Self-Funding MDA retirees)
- Photocopy of form of identification (i.e. Driver’s license, National ID etc.)
- Bank statement or Banker’s confirmation of account
- Two passport photographs of the RSA holder
Accessing Death Benefits of RSA Holder
A Beneficiary named in a Will or appointed administrator by probate as shown in a Letter of Administration may access the RSA of a deceased contributor in line with the Pension Reform Act 2014 or as stipulated in the Regulatory guidelines on Administration of Retirement Benefits.
For En-bloc payment of the RSA balance which may also include Accumulated Contributions, Accrued Pension Benefits (if any) and Group Life Insurance will be paid in line with the PRA 2014.
Missing RSA Holder (Presumed Dead)
The employer and/or Next-of-Kin shall notify the PFA of the disappearance of the RSA holder after a minimum period of 12 months. (after the statutory period for declaring a person mission has elapsed). The National Pension Commission will set up a board of inquiry to ascertain that the RSA holder is indeed missing. Upon conclusion of investigations by the board of inquiry and the contributor is presumed dead, the beneficiary or any other person as may be directed by a court of competent jurisdiction will be entitled to the contributor’s RSA balance upon submission of a Will admitted to Probate or Letters of Administration.
The beneficiary shall provide a satisfactory means of identification which may be any of following:
- Valid International passport
- National Identity Card or
- Letter of confirmation of identity from his/her bank or Notary Public
If satisfied with the identity of the beneficiary, the PFA shall demand items (1) and (2) and, if available, item (3) of the list below, which shall serve as sufficient evidence that the contributor is indeed missing:
- A Police Report confirming that the person has been missing with effect from the reported date, the circumstance of the disappearance and that the person has not been found after 12 months.
- Letter of confirmation of disappearance from the employer (if in active employment at the time of disappearance) also bearing the passport photograph of the missing person.
- Newspaper publication announcing the disappearance of the person.
- If satisfactory, the beneficiaries of the deceased client shall be required to provide the documents listed on the checklist for Missing Persons application.