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.

Documents For Processing Retirement Benefit

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)
National ID card with NIN No.
Bank details form
Federal Government Retirement Bond Registration Form
Retirement Benefit Registration Slip
A copy of a payslip as at June, 2004 (Federal Public sector)
A copy of a payslip as at 2010 (Federal Public sector)

Documents For Processing En Bloc Payment

Customer's checklist and liability statement
A copy of the letter of Appointment/confirmation of appointment.
Notice of Mandatory retirement, Termination Letter or Acceptance of Resignation from the employer
Birth certificate/Age declaration.
Last promotion letter (OGUN STATE GOVT. RETIREE)
The last pay slip (IF RSA BALANCE IS ABOVE N550,000)
2 Passport photographs
State bond certificate (STATE RETIREES)
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
Client/Retiree withdrawal/ exit form
Retiree indemnity form
Documents for name change (Where applicable)
National ID card with NIN No
Bank details form

Documents For Processing Annuity Transfer Request

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

Documents For Processing Loss Of Job Benefit Payment

Customer's checklist and liability statement
2 passport photographs
Client/Retiree withdrawal /exit 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 (Where applicable)
National ID card with NIN No
A copy of his of declaration of age/Birth certificate.
Bank details

Documents For Processing Retirement On Health Ground

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

Documents For Processing Death Benefit

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 (Verified copy)
A copy of last payslip as at time demise
A copy of Client payslip as at 2010 (Federal Public sector)
A copy of Client payslip as at 2007 (Federal Public sector)
A copy of Client payslip as at June, 2004 (Federal Public sector)
A copy of the letter of Appointment/confirmation of Appointment /copy of the gazette for a civil servant
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