RETIREMENT

An employee may access his/her RSA when he/she ceases to make further contributions into the RSA as a result of mandatory retirement, compulsory retirement, retirement on medical grounds, and death.

MANDATORY RETIREMENT

Mandatory retirement shall be when an employee disengages from active service at the retirement age or completion of the length of service based on the terms of his/her employment, after attaining the age of 50 years.

COMPULSORY RETIREMENT

Compulsory retirement shall be when an employee disengages from active service in accordance with the terms and conditions of service, before attaining the age of 50 years.

RETIREMENT ON MEDICAL GROUNDS

Retirement on medical grounds shall be when an employee disengages from active service based on

  • The advice of a suitably qualified physician or medical board certifying that the employee is no longer mentally or physically capable of carrying out the functions of his/her office.
  • Due to total or permanent disability either of mind or body.

TYPES OF WITHDRAWALS:

  • Lump sum and Monthly/Quarterly Programmed Withdrawal.
  • 25% Withdrawal
  • En-bloc Payment
  • Voluntary Contributions Withdrawal
  • Annuity

Lump sum and Monthly/Quarterly Programmed Withdrawal

This applies to retirees who have attained the minimum retirement age of 50 years, with a total RSA balance that exceeds N550,000.00. This type of retirement and withdrawal applies to both public and private sector workers as provided for in the relevant section of the Pension Reform Act of 2004.

Documentation Requirements

1. Duly Completed Standard Notice of Retirement Form (click to download)
2. Last Pay slip upon Retirement
3. Bond Registration Slip (Public Sector)/ Confirmation Letter of Complete Remittance from the Employer (Private Sector)
4. Letter of Retirement/Acceptance of Retirement issued by the employer 5. Confirmation Letter of Account Ownership from the Bank or a Copy of Bank Statement
6. Duly Completed Benefit Application Form (click to download)
7. Duly Completed Indemnity Form (click to download)
8. Duly Completed Programmed Withdrawal Agreement Form (click to download)
9. Copy of Means of Identification (National I.D Card, Drivers License or International Passport)
10. Copy of Birth Certificate /Statutory Age Declaration
11. Last Promotion Letter or Appointment Letter if not Promoted till Retirement (Optional)
12. Letter of Application for Withdrawal of Retirement Benefit (Optional)
13. Three Passport Photographs




25% Withdrawal

This applies to both Public and Private Sector RSA Holders who retired or where disengaged before attaining the minimum retirement age of 50 years.

Documentation Requirements

1. Duly Completed Standard Notice of Retirement Form (click to download)
2. Confirmation Letter of Complete Remittance from the Employer (Private Sector)/Bond Registration Slip (Public Sector)
3. Letter of Exit/Disengagement issued by the employer
4. Confirmation Letter of Account Ownership from the Bank or a Copy of Bank Statement
5. Duly Completed Benefit Application Form (click to download)
6. Duly Completed Indemnity Form (click to download)
7. Copy of Means of Identification (National I.D Card, Drivers License or Inter. Passport)
8. Copy of Birth Certificate or Statutory Age Declaration
9. Last Promotion Letter or Appointment Letter if not Promoted till Retirement (Optional)
10. Letter of Application for Withdrawal of Retirement Benefit (Optional)
11. Three Passport Photographs




En-bloc Payment

This applies to retirees who have attained the minimum retirement age of 50 years with a total RSA balance which is below or equal to N550,000.00. The total RSA balance is paid En-bloc.

Documentation Requirements

1. Duly Completed Standard Notice of Retirement Form (click to download)
2. Bond Registration Slip (Public Sector)/ Confirmation Letter of Complete Remittance from the Employer (Private Sector)
3. Letter of Retirement/Acceptance of Retirement issued by the employer
4. Confirmation Letter of Account Ownership from the Bank or a Copy of Bank Statement
5. Duly Completed Benefit Application Form (click to download)
6. Duly Completed Indemnity Form (click to download)
7. Copy of Means of Identification (National I.D Card, Drivers License or International Passport)
8. Copy of Birth Certificate /Statutory Age Declaration
9. Last Promotion Letter or Appointment Letter if not Promoted till Retirement (Optional)
10. Letter of Application for Withdrawal of Retirement Benefit (Optional)
11. Three Passport Photographs



Voluntary Contributions Withdrawal

This represents an additional contribution made by an RSA Holder into his RSA. This withdrawal is subject to tax on the accrued interest where the withdrawal is made before the end of five (5) years from the date the Contribution was made.

Documentation Requirements

1. Letter of Application
2. Confirmation Letter of Account ownership from the Bank or a copy of Bank Statement
3. Copy of Means of Identification (National I.D Card, Drivers License or Inter. Passport)
4. Two Passport Photographs



Annuity

This applies to a retirees who chooses to purchase a life insurance from an insurance company licensed by the National Insurance Commission with monthly or quarterly payments.

Documentation Requirements

1. Duly Completed Standard Notice of Retirement Form (click to download)
2. Last Pay slip upon Retirement
3. Bond Registration Slip (Public Sector)/ Confirmation Letter of Complete Remittance from the Employer (Private Sector)
4. Letter of Retirement/Acceptance of Retirement issued by the employer
5. Confirmation Letter of Account Ownership from the Bank or a Copy of Bank Statement
6. Duly Completed Benefit Application Form (click to download)
7. Duly Completed Indemnity Form (click to download)
8. Annuity Provisional Agreement Form from the Insurance Company of Choice
9. Copy of Means of Identification (National I.D Card, Drivers License or International Passport)
10. Copy of Birth Certificate /Statutory Age Declaration
11. Last Promotion Letter or Appointment Letter if not Promoted till Retirement (Optional)
12. Letter of Application for Withdrawal of Retirement Benefit (Optional)
13. Three Passport Photographs


Deceased

Where a deceased is a public servant and had not opened a Retirement Savings Account before his/her death, the Next-of-Kin shall register with First Guarantee Pension Limited for the payment of the deceased benefits.

Documentation Requirements

1. Original copy of Medical Certificate of Cause of Death
2. Original copy of Death Registration Certificate
3. Police Report/Extract if death occurred in a road/traffic accident
4. Burial permit (if available)
5. Identification of Next-of-Kin(International Passport/National Identity Card/Drivers License/identification by a Third party who shall provide satisfactory means of Identification)
6. A Will admitted in a probate registry or Letter of Administration
7. Completed PenCom’s Death Notification Form (click to download)
8. Copy of Letter of First Appointment of the deceased
9. Copy of Birth Certificate/Age Declaration of the deceased
10. Copy of pay slip as at 30th June, 2004
11. Copy of last pay slip within the year of demise
12. Letter of Introduction from MDA stating the date of First Appointment, date of Birth, date of death, Salary structure, grade level/Step as at June 2004 and grade level/ step as at the month of death.

Our Unit Prices as at Sep 17, 2017

RSA Price: 2.9787
Retiree Price: 2.6105
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Our Contact Address
Head Office:
65 Kudirat Abiola Way,
Oregun Ikeja
Lagos, Nigeria.
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SORT CODE 011154686
A/C Number 2007030987
Bank First Bank Nig PLC
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