> Oak Pensions

Benefits Administration & Payment

Benefits Administration is the process of managing and administering benefits to RSA holders who are qualified under the PRA 2014 to withdraw from their RSAs

  • Normal Retirement: This is for retirees who have retired according to the terms and conditions of their employment or attained the age of 50 whichever
    comes later. This category can be grouped into three:
    • Programmed Withdrawal: For a retiree who chooses programmed withdrawal option, his details will be inputted into the computation template
      provided by PenCom to generate his monthly pension and his lumpsum, if he chooses to have a lumpsum. The details inputted into the template are:
      gender, RSA balance, Final salary and Age at retirement.
    • Annuity: For a retiree who chooses the annuity option without lumpsum and has provided his annuity agreement, his RSA balance will be transferred to his preferred insurance company. If he chooses to have a lumpsum payment, we input his details into the template provided by PenCom to determine his lumpsum payment and the balance after deducting the lumpsum and arrears will be transferred to his preferred insurance company after an annuity agreement has been provided for the remaining balance.
    • En Bloc Payment: This is for retirees who have retired according to the terms and conditions of their employment or attained the age of 50, whichever comes later but have RSA balances that are N550,000 and below. For this category, their RSA balances will be paid to them as a whole (En bloc).
  • Loss Of Job: This is when an RSA holder loses his job and is unable to get another job 4 months after the loss. He is entitled to process 25% of his RSA balance
    once in his lifetime and the remaining balance when he retires provided he is able to get a new job or when he attains the age of 50.
  • Retirement On Health Grounds: This is when an RSA holder quits his job after being certified to be no longer physically fit to work by a qualified medical
    board. On their recommendation, the RSA holder could retire or be laid off with the medical condition being clearly stated on the termination or retirement
    letter. With this, the RSA holder can have full access to his RSA balance even before attaining the age of 50 years.
  • Death Benefit: This is processed by the beneficiaries or Next of kin of a deceased RSA holder. This is in 2 categories, we have death benefit for RSA holders
    and death benefit for employees that fell under the scheme but did not open RSAs before their death. In this case, the beneficiaries will have to open a Death
    Benefit Account (DBA) where the contributions of the deceased will be paid into and the death benefit administered.
  • NSITF: This stands for Nigeria Social Insurance Trust Fund. This was in place in private organisations before the introduction of the new PRA. For those that had
    NSITF contributions, after receiving all necessary documents, customer care unit will request that the total contributions made by the individual be transferred
    to his/her RSA by Trustfund pensions. This contribution forms part of the RSA balance for RSA holders who are yet to retire but for those that are retired, it will
    be paid to them En bloc after seeking approval from PenCom.
  • Customer's checklist and liability statement
  • A copy of the letter of Appointment/confirmation of appointment.
  • Notice of Mandatory retirement from the employer
  • Birth certificate/Age declaration.
  • Last promotion letter
  • The last pay slip.
  • 2 Passport photographs
  • State bond certificate
  • Letter of un-indebtedness from the ex-employer (Private Sector) stating that all pension contributions and accrued right for the employee have been paid and the company is not in any way indebted to the employee
  • Application letter from the client
  • Retiree's withdrawal form
  • 2 Programmed withdrawal agreement forms
  • Retiree indemnity form
  • Documents for name change (Where applicable)
  • ID Card
  • Bank details form
  • Federal Government Retirement Bond Registration Form
  • Retirement Benefit Registration Slip
  • A copy of his payslip as at June, 2004 (Federal Public sector)
  • A copy of his payslip as at 2010 (Federal Public sector)
  • Customer's checklist and liability statement
  • A copy of the letter of Appointment/confirmation of appointment.
  • Notice of Mandatory retirement from the employer
  • Birth certificate/Age declaration.
  • Last promotion letter
  • The last pay slip.
  • 2 Passport photographs
  • State bond certificate
  • Letter of un-indebtedness from the ex-employer (Private Sector) stating that all pension contributions and accrued right for the employee have been paid and the company is not in any way indebted to the employee
  • Application letter from the client
  • Retiree's withdrawal form
  • Retiree indemnity form
  • Documents for name change (Where applicable)
  • ID Card
  • Bank details form
  • A copy of the letter of Appointment/confirmation of appointment.
  • Notice of Mandatory retirement from the employer
  • Birth certificate/Age declaration.
  • Last promotion letter
  • The last pay slip.
  • 2 Passport photographs
  • State bond certificate
  • Letter of un-indebtedness from the ex-employer (Private Sector) stating that all pension contributions and accrued right for the employee have been paid and the company is not in any way indebted to the employee
  • Application letter from the client
  • Retiree's withdrawal form
  • Annuity agreement
  • Retiree indemnity form
  • Documents for name change (Where applicable)
  • ID Card
  • Bank details form
  • Federal Government Retirement Bond Registration Form
  • Retirement Benefit Registration Slip
  • Customer's checklist and liability statement
  • 2 passport photographs
  • Withdrawal form
  • Letter of request for 25% lump sum payment
  • Letter of un-indebtedness from the ex-employer (Private Sector) stating that all pension contributions and accrued right for the employee have been paid and the company is not in any way indebted to the employee
  • Termination or Acceptance of resignation letter
  • Pay slip (Not compulsory)
  • The employment letter
  • Change of name documents
  • ID Card
  • A copy of his of declaration of age/Birth certificate.
  • Bank details
  • A copy of the letter of Appointment/confirmation of appointment.
  • Notice of Mandatory retirement from the employer
  • Letter from a qualified medical board declaring the client physically unfit to work
  • Birth certificate/Age declaration.
  • Last promotion letter
  • The last pay slip.
  • 2 Passport photographs
  • State bond certificate
  • Letter of un-indebtedness from the ex-employer (Private Sector) stating that all pension contributions and accrued right for the employee have been paid and the company is not in any way indebted to the employee
  • Application letter from the client
  • Retiree's withdrawal form
  • 2 Programmed withdrawal agreement forms
  • Retiree indemnity form
  • Documents for name change (Where applicable)
  • ID Card
  • Bank details form
  • Federal Government Retirement Bond Registration Form
  • Retirement Benefit Registration Slip
  • Report from a constituted medical board
  • KYC
  • NEPA bill
  • Deceased customer’s verification form
  • Customer's checklist and liability statement
  • Letter of Administration or Will admitted to Probate (Gazetted True Copy)
  • 2 passport photographs of the deceased
  • 2 passport photographs of each Next-of-Kin
  • Beneficiaries of Deceased RSA holder's withdrawal form
  • Identification of the NOK of Deceased (National ID/Drivers License/Intl Passport)
  • Application letter from the beneficiary of the deceased for payment of death benefit
  • State bond certificate
  • Letter of Introduction from the employer (Private Sector) & /MDA(Public Sector)
  • Niger state's NOK form
  • Letter of un-indebtedness from the ex-employer (Private Sector) stating that all pension contributions and accrued right for the employee have been paid and the company is not in any way indebted to the employee
  • Burial evidence
  • Medical certificate of cause of death
  • A copy of last payslip as at time demise
  • A copy of his payslip as at 2010 (Federal Public sector)
  • A copy of his payslip as at 2007 (Federal Public sector)
  • A copy of his payslip as at June, 2004 (Federal Public sector)
  • A copy of the letter of Appointment/confirmation of Appointment
  • Change of name documents
  • Police report if death by accident
  • Request to PenCom for pension contributions
  • RSA Welcome letter
  • RSA Mandate form
  • A copy of his of declaration of age/Birth certificate
  • Bank details form
  • 2 Passport photographs
  • Withdrawal form
  • Request letter from the client
  • State government's approval for refund
  • Notice of Mandatory retirement from the employer
  • The last pay slip.
  • Last promotion letter
  • A copy of the letter of Appointment/confirmation of appointment
  • Documents for name change
  • ID Card
  • Birth certificate/Age declaration
  • Bank details form