Benefits Withdrawal

Temporary Benefits 25% Payment

This is the payment made to RSA holders less than 50 years who disengage from employment temporarily or according to the terms and condition of their employment.

  • RSA holder must be out of employment for a minimum period of four(4) months
  • 25% benefit payment type can only be accessible once
  • Participant can resume funding of RSA upon commencement of their new employment
  • Balance in RSA can be accessible upon attainment of 50 years

Retirement Benefits Enbloc

This is payment made to retired RSA holder who is 50 years and above and whose RSA balance is not sufficient to fund the stipulated monthly pension/annuity requirement by National Pension Commission.

  • RSA holder must be 50 years and above
  • RSA holder must be out of employment
  • Balance in RSA cannot provide periodic pension or annuity of at least one third of the prevailing minimum wage

Lumpsum

A lump sum is a one-off payment of a portion of the retiree’s RSA balance. Upon retirement and the attainment of 50 years, an employee can draw a lump sum from his/her RSA, on the condition that the balance after the withdrawal can fund the minimum regulatory periodic/annuity payment as required by National Pension Commission.

  • RSA holder must be 50 years and above
  • RSA holder must be out of employment
  • Balance in RSA is sufficient to fund regulatory periodic pension or annuity

Programmed Withdrawal

Programmed withdrawal refers to periodic or regular withdrawals of funds which may be on a monthly or quarterly basis. Upon retirement or attaining the age of 50 years, an RSA holder can request for the balance in their RSA to be paid out to them via programmed withdrawals.

  • Pension payment may be monthly or quarterly
  • RSA holder must be retired and at least 50 years old
  • Computation is done using the template calculator provided by National Pension Commission

Annuity

Annuity is a periodic payment for life from an insurance company. An RSA holder may choose to access his/her pension payments by utilising the funds in the RSA as premium to purchase an annuity from a Life Insurance Company approved by the National Pension Commission.

  • RSA holder provides a policy from an approved Life Insurance Company
  • Annuity payment may be monthly or quarterly
  • RSA holder must be retired and at least 50 years old
  • Annuity computation is done by the selected Life Insurance Company

Death Benefits

Payment made to the beneficiary(ies) of a deceased person. The beneficiary of a deceased RSA is determined by a WILL administered to the probate registry or according to a verified Letter of Administration.

  • WILLs or Letter of Administration is a compulsory requirement
  • Total RSA balance is paid to chosen beneficiary(ies)

Additional Voluntary Contribution (AVC)

Payment made to individuals with additional contribution(s) in RSA.

  • Active RSA holder can access 50% contingent balance of AVC that has stayed 1 year in their RSA
  • Retired RSA holders can access all voluntary contributions made upon exit of a new contract

Documentation Requirements For Benefit Application

  • Documents for Processing 25% Payment Documentation
  • Document for processing Lumpsum/Programmed Withdrawal/Enbloc
  • Document for Processing Death Benefit
  • Documents for Processing Voluntary Contribution
  • Documentation Requirements For Mortgage Application
  • Documents for Processing Equity Mortgage

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