Where an employee resigns or loses his/her job (termination, disengagement, redundancy and liquidation of company) before age 50 and could not secure another job after a period of four (4) months, such an employee may apply for payment of 25% of account balance.
The following are the required documents:
En-Bloc Payment / Lump Sum Cash Only - Retiree will collect full retirement benefits provided he/she has attained the minimum age of 50 and the total amount available in his/her RSA is not more than N550,000.00.
Lump Sum Cash and Monthly Pension – Retiree at minimum age of 50 and RSA balance over N550, 000.00 will be entitled to lump-sum cash and monthly pension. Monthly pension can be accessed by (a) Programmed Withdrawal Retirement Option (PFA Based) OR (b) Annuity Option (Life Insurance Company Based) – Please refer to a licensed Life Insurance Company for required documents.
The documents required under (a) above are:
The Act allows payment on health ground where a person retires due to ill health or disability whether physically, mentally, temporarily or permanently.
The employer and qualified medical doctor or medical board must confirm the ill health or ‘disability’ and certify that the person is no longer fit to work. Benefit may be En-bloc (One Off) or Lump-sum plus monthly pension depending on the amount in the RSA at the date of retirement.
The required documents are:
A person is presumed dead if not found in one year from the date of disappearance.
For an RSA holder, only the beneficiary (confirmed by a Will or Letter of Administration) and not the Next of Kin shall be entitled to all the benefits of a deceased employee or retiree.
For benefits procured by employer from compulsory Group Life Assurance Scheme (GLAS), the Act requires that proceeds from the GLAS be paid by the Insurer or Employer (in the absence of a valid Group Life Policy) directly to named beneficiary.
Legacy: Existing pension benefit prior to the commencement of the CPS transferred into the Retirement Savings Accounts. Upon retirement or leaving employment, the employee may apply for the payment of Legacy transfer.
NPF/NSITF Contributions: Pension contributions for employees in the private sector under the defunct National Provident Fund (NPF) and Nigeria Social Insurance Trust Fund (NSITF). A contributor under the scheme(s) should apply for the transfer of his/her contributions to be credited into the RSA.
The required documents for Pre-Act Benefits if not form part of other payment types are: