Benefits Withdrawal

Temporary Benefits

25% Payment

Payment made to RSA holders less than 50 years who disengage from employment temporarily or according to the terms and condition of 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 the new employment
  • Balance in RSA can be accessible upon attainment of 50yrs

Retirement Benefits

Enbloc

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 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 50yrs, an employee can draw a lump sum from his 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 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 monthly or quarterly basis. An RSA holder upon retirement or attaining the age of 50 years can request for the balance in his RSA to be paid out to him 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 chosen 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

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 RSA
  • Retired RSA holders can access all voluntary contributions made upon exit of new contract

Documentation Requirements For Benefit Application

  1. Letter of Termination/Acceptance of resignation.
  2. Letter of Employment/Offer letter
  3. Last Pay slip (can be anyone within the last 3 months of disengagement)
  4. Valid ID (Any one of Voters, card, International Passport, NIMC Slip, National ID Card or Drivers’ License)
  5. Certificate of Pension Contribution (This is to be completed by the previous employer for private sector employees
  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. Last Pay slip (can be anyone within the last 3 months of disengagement).
  4. Valid ID (Any one of Voters’ card, International Passport, NIMC Slip, National ID card or Drivers’ License).
  5. Certificate of Pension Contribution (This is to be completed by the previous employer for private sector employees.
  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. 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 send to PENCOM by the employer (MDAs) of the deceased staff (Public Sector Only)
  9. Valid ID of the claimant/deceased (Any one of Voters’ card, International Passport, NIMC Slip, National ID card or Drivers’ License)
  10. Birth Certificate/Age Declaration of survivor/deceased.
  11. One day bank statement/Confirmation of Estate Account.
  12. Last pay slip of deceased (can be anyone within the last 3 months of demise).
  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 Voters’ card, International Passport, NIMC Slip, National ID card or Drivers’ License).
  4. Last pay slip (can be anyone within the last 3 months of disengagement).
  5. Birth Certificate/Age Declaration.
  6. Written Application Letter to Guaranty Trust Pension Managers.
  7. One day Bank statement/Confirmation of Account.

Active Contributors:

  1. Written Application Letter to Guaranty Trust Pension Managers.
  2. Letter of Appointment
  3. Last pay slip (can be anyone within the last 3 months)
  4. Valid Id card (Any one of Voters’ card, International Passport, NIMC Slip, National ID card or Drivers’ 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. Last pay slip (can be anyone within the last 3 months)
  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’ period and renewable, therefore, the applicant shall provide the valid card within the two years’ validity period.
  8. Introduction Letter from The Embassy/Consulate if the Applicant; – stating that he/she is a Nationality of the Country.
    – Application Letter to Participate in The Scheme to Be Signed by the employee (Optional)

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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