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This is the standard Employee’s Retirement Savings Account. This account keeps the record of pension contributions of individual employee that is registered with Oak pensions limited. The money on this account is the asset of the account holder.
The fund is managed on behalf of the account holder until he reaches the age of fifty (50) years or retires whichever is later. The money is with our Pension Fund Custodian (PFC) – First Fund Custodian, a subsidiary of First Bank of Nigeria Plc.
A statement of the account showing the value of the account including total contribution to date and current balances are to be sent to the account holder regularly. The account holder can also access the account details on the internet from our website – www.oakpensions.com. Please download the RSA form or complete online and forward to Oak pensions today.
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Employee fills and submits the account opening form to Oak Pensions |
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Oak Pensions processes the form and sends details to PenCom for the issuance of Personal Identification Number (PIN) |
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Oak Pensions sends confirmation letter to employee. The letter contains employee’s PIN, username and password (this will be used to log onto Oak Pensions website) and our Custodian details (for remittance of contributions). |
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Employee notifies employer and contributions are remitted monthly through our Custodian into the employee’s account. Oak Pensions will manage the balance on the account for maximum returns for the benefit of the employee. |
An employee can withdraw from his RSA either due to normal retirement, elapse of six month’s period after loss of job before retirement age, ill heath or permanent disability before retirement age or death in service (i.e. the estate or next of kin). This withdrawal may take the following form:
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