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 2 years in their RSA
  • Retired RSA holders can access all voluntary contributions made upon exit of a new contract

Documentation Requirements For Benefit Application

  1. Letter of Termination/Acceptance of resignation.
  2. Letter of Employment/Offer letter
  3. Pay slip for the last 3 months before disengagement
  4. Valid ID (Any one of Voter’s card, International Passport, NIMC Slip, National ID Card, or Driver’s License)
  5. Confirmation of contribution remittances from the previous employer
  6. Indemnity form (for Public Sector employees)
  7. Birth Certificate/Age Declaration.
  8. One-day stamped bank statement/Confirmation of Account.
  9. A completed benefit application form.
  10. 2 Passport photographs (to be attached to the benefit application form).
  1. Letter of Retirement/Disengagement letter.
  2. Letter of Employment/Offer Letter.
  3. Pay slip for the last 3 months before disengagement.
  4. Valid ID (Any one of voter’s card, International Passport, NIMC Slip, National ID card, or Driver’s License).
  5. Confirmation of contribution remittances from the previous employer
  6. Indemnity form (Public sector employees).
  7. Birth Certificate/Age Declaration.
  8. One-day bank statement/Confirmation of Account.
  9. A completed benefit application form.
  10. 2 Passport photograph (to be attached to the benefit application form).
  1. Letter of Administration or Will admitted to Probate.
  2. Certificate of Death/Cause of Death.
  3. Certificate of Registration of Death.
  4. Any of the following:
    -Police Report (if death is by accident).
    -Burial Warrant issued by a Local Government Council (optional).
    -Evidence of Death/Burial issued by an Islamic Community Head or Judge of a Sharia Court (optional).
    -Evidence of Death/Burial issued by a Leader of a registered church (optional).
    -Copy of obituary poster (if any).
  5. Notification of Death from the survivor/NOK addressed to Guaranty Trust Pension Managers Ltd.
  6. Notification of Death from the employer addressed to Guaranty Trust Pension Managers Ltd.
  7. Two recent passport photographs of the claimant/survivor/deceased.
  8. PENCOM Death Notification Form (to be completed and sent to PENCOM by the employer (MDAs) of the deceased staff (Public Sector Only)
  9. Valid ID of the claimant/deceased (Any one of Voter’s card, International Passport, NIMC Slip, National ID card or Driver’s License)
  10. Birth Certificate/Age Declaration of survivor/deceased.
  11. One-day bank statement/Confirmation of Estate Account.
  12. The last 3 months’ pay slip of the deceased.
  13. A completed benefit application form.

Retirees:

  1. Letter of Re-appointment/New Contract.
  2. Letter of Disengagement of new contract.
  3. Valid Id card (Any one of Voter’s card, International Passport, NIMC Slip, National ID card, or Driver’s License).
  4. Pay slip for the last 3 months before disengagement.
  5. Birth Certificate/Age Declaration.
  6. Written Application Letter to Guaranty Trust Pension Managers Ltd.
  7. One-day Bank statement/Confirmation of Account.

Active Contributors:

  1. Written Application Letter to Guaranty Trust Pension Managers Ltd.
  2. Letter of Appointment
  3. Pay slip for the last 3 months before disengagement
  4. Valid Id card (Any one of Voter’s card, International Passport, NIMC Slip, National ID card, or Driver’s License)
  5. Birth Certificate/Age Declaration.
  6. One-day Bank statement/Confirmation of Account

Foreigners:

  1. Application letter to Guaranty Trust Pension Managers requesting for withdrawal of contributions as voluntary contribution due to relocation.
  2. Letter of Appointment/Contract
  3. Pay slip for the last 3 months before disengagement
  4. Valid Id card (International Passport)
  5. Birth Certificate/Age Declaration.
  6. One-day Bank statement/Confirmation of Account
  7. Valid Green Card issued by Nigerian Immigration Service; (the card is valid for two years and renewable, therefore, the applicant shall provide the valid card within the two-year validity period.
  8. Introduction Letter from The Embassy/Consulate if the Applicant; – stating that he/she is a citizen of the Country.
    – Application Letter to Participate in The Scheme to Be Signed by the employee (Optional)

Documentation Requirements For Mortgage Application

Mortgage Lender:

  1. Application for individual mortgage loan.
  2. Offer letter from the property owner (stamped and signed verified)
  3. Verification/Confirmation of property and title documents.
  4. Offer letter from the Mortgage Lender.
  5. Indemnity letter from the Mortgage Lender
  6. Employment letter of the RSA holder.
  7. Confirmation of Pension Contribution from the employer of the RSA holder.
  8. Valuation certificate of the property.
  9. Valid ID of the RSA holder (any one of voter’s card, international passport, NIMC slip, National ID card, or driver’s license).

PFA:

  1. Application form for equity mortgage
  2. Consent form.
  3. Indemnity letter to be notarized by a High Court.

Caveat Emptor

Processing your retirement benefit is free and as such, you are not to make payments or give gratifications of any kind to facilitate the processing of withdrawals from your Retirement Savings Account (RSA).

Dear Valued client, kindly note that with effect from 14th of August 2019, National Pension Commission requires a successful completion of Data Recapture exercise before the processing of Benefit application.

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