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Retirement Savings Account (RSA)

Retirement Savings Account is a portable retirement plan account opened by an employee and maintained by a Pension Fund Administrator for the purpose of saving towards the employee’s retirement. The account is contributed into by the employer and the employee on a monthly basis up to retirement or exit of the employee from the organization.

  • 8% and 10% of the employee’s monthly total emolument comprising of the Basic, Transport and Housing allowances are contributed on a monthly basis
    by the employee and employer respectively.
  • If the employer chooses to make all the contributions, he is to pay 20% of the employee’s monthly total emolument.
  • The account is portable which means that you can change your employer and maintain the same account

To open an RSA, the employee is expected to visit any Oak pensions’ office nearest to him/her to pick up an RSA opening form or download form online, fill the form and return same to the Oak pensions’ office. If he/she is not able to go to our office to pick up a form, he/she can call any of our contact numbers to request to be visited by an agent for registration.