Retirement Benefit

Voluntary or Mandatory Retirement (Retirement Benefit)

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 have 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, 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.).

  • Two passport photographs of the RSA holder