Benefit Payment Type

TECHNOLOGY FROM TOMORROW

We work in partnership with all the major technology suppliers

Lump Sum
Programmed Withdrawals
En-bloc Withdrawal
Annuity
25% Withdrawal
Emigrant Withdrawal
Survivor Payments
Voluntary Contribution Withdrawal

Lump Sum

A lump sum payment refers to a one-off payment of money. An RSA holder upon attaining retirement age will be eligible to make a lump sum withdrawal provided that the amount left in the RSA after the lump sum withdrawal is sufficient to purchase an annuity or fund programmed withdrawals that will produce an amount which is not less than 50% of the RSA holder’s total annual remuneration at the date of his retirement.

Programmed Withdrawals

Programmed withdrawals refers to withdrawals of funds on a regular basis, which may be monthly, quarterly etc. A Retirement Savings Account (RSA) holder upon attaining retirement age or age 50 (whichever is later), can request for the balance in his/her RSA to be paid via programmed withdrawal.

En-bloc Withdrawal

This refers to withdrawal of the total RSA balance where a retiree has a total RSA balance of Five Hundred and Fifty Thousand Naira (N550, 000.00) or less at retirement. A Retirement Savings Account (RSA) holder upon attaining retirement age or age 50 (whichever is later), can request for the balance in his/her RSA to be paid via programmed withdrawal.

Annuity

An annuity is defined as a series of fixed payments paid at regular intervals over the specified period of the annuity. An RSA holder may upon retirement or attaining the age of 50 years (whichever is later), purchase an annuity from a Life Insurance Company licensed by the National Insurance Commission with monthly or quarterly payments. Trustfund Pensions Limited upon receipt of an Annuity Agreement from a retiree, credits the Life Insurance Company of the retiree’s choice with the balance standing to the retiree’s RSA.

25% Withdrawal

This is applicable when a retiree is yet to attain the minimum mandatory retirement age of 50 and needs to exit the scheme temporarily.

Emigrant Withdrawal

Withdrawal made by an immigrant contributor who is desirous of re-locating outside Nigeria.

Survivor Payments

Payment made to the survivor(s) of a deceased contributor/pensioner.

Voluntary Contribution Withdrawal

A contributor can withdraw from the balance standing to his/her Voluntary Contribution (VC) Account. However, income earned on any voluntary contribution made shall be subject to tax at the point of withdrawal where the withdrawal is made before the end of 5 years from the date the voluntary contribution was made.

Click here to access the forms

…trust is our foundation…trust is our foundation

Free enquiry

094628400