Benefit Payment Types-sample

DEFINITION

A lump sum payment refers to a one-off payment of money.

CRITERIA FOR QUALIFICATION

1. An RSA holder upon attaining retirement age.
2. Not less than 50% of the RSA holder’s total annual remuneration at the date of his retirement.

DOCUMENTS NECESSARY FOR LUMP SUM.

1. Completed Benefit Application Form.
2. Two (2) Passport Photograph.
3. Bank Account Details.
4. Age Declaration/ Death Certificate.
5. Clearance Letter from State- for retirees of Lagos, Delta, Ogun, Niger, Ekiti and FCT.
6. Name of Reconciliation Affidavit- if name discrepancy exists.
7. Letter of accrued right- for private sector and self-funding public sector.
8. Acceptance of Resignation/ Certificate of Service/ Retirement Letter
9. Valid means of identification i.e International Passport, Driver’s license or National Identity Card.

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DEFINITION

Programmed withdrawals refers to withdrawals of funds on a regular basis, which may be monthly, quarterly etc.

CRITERIA FOR QUALIFICATION:

1. A Retirement Savings Account (RSA) holder upon attaining retirement age or age 50 (whichever is later).

DOCUMENTS NECESSARY FOR PROGRAMMED WITHDRAWAL.

1. Completed Benefit Application Form.
2. Two (2) Passport Photograph.
3. Bank Account Details.
4. Age Declaration/ Death Certificate.
5. Clearance Letter from State- for retirees of Lagos, Delta, Ogun, Niger, Ekiti and FCT.
6. Name of Reconciliation Affidavit- if name discrepancy exists.
7. Letter of accrued right- for private sector and self-funding public sector.
8. Acceptance of Resignation/ Certificate of Service/ Retirement Letter
9. Valid means of identification i.e International Passport, Driver’s license or National Identity Card.
10. Payslip within the last 3months of retirement- (payslip must be within the last 3months of the customer’s retirement and not prorated) – (i.e. If a customer retired on 31 January 2020, the payslip to be presented should be either of November, December 2019 or January 2020).
11. Two (2) program withdrawal agreement forms or original annuity agreement forms.
12. Retiree Consent Form.

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DEFINITION

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.

CRITERIA FOR QUALIFICATION

1. A Retirement Savings Account (RSA) holder upon attaining retirement age or age 50 (whichever is later).

DOCUMENTS NECESSARY FOR EN-BLOC PAYMENT

1. Completed Benefit Application Form.
2. Two (2) Passport Photograph
3. Bank Account Details.
4. Age Declaration/ Death Certificate.
5. Clearance Letter from State- for retirees of Lagos, Delta, Ogun, Niger, Ekiti and FCT.
6. Name of Reconciliation Affidavit- if name discrepancy exists.
7. Letter of accrued right- for private sector and self-funding public sector.
8. Acceptance of Resignation/ Certificate of Service/ Retirement Letter
9. Valid means of identification i.e International Passport, Driver’s license or National Identity Card.

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DEFINITION

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

CRITERIA FOR QUALIFICATION

1. Not up to the Age of Retirement (50years).
2. Out of employment for minimum of 4months.

DOCUMENTS NECESSARY FOR 25% WITHDRAWAL

1. Completed Benefit Application Form.
2. Two (2) Passport Photograph
3. Bank Account Details.
4. Age Declaration/ Death Certificate.
5. Clearance Letter from State- for retirees of Lagos, Delta, Ogun, Niger, Ekiti and FCT.
6. Name of Reconciliation Affidavit- if name discrepancy exists.
7. Letter of accrued right- for private sector and self-funding public sector.
8. Acceptance of Resignation/ Certificate of Service/ Retirement Letter
9. Valid means of identification i.e International Passport, Driver’s license or National Identity Card.

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DEFINITION

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

CRITERIA FOR QUALIFICATION

1. Must provide proof of leaving the country.

DOCUMENTS NECESSARY FOR EMIGRANT WITHDRAWAL

1. Completed Benefit Application Form.
2. Two (2) Passport Photograph
3. Bank Account Details.
4. Age Declaration/ Death Certificate.
5. Clearance Letter from State- for retirees of Lagos, Delta, Ogun, Niger, Ekiti and FCT.
6. Name of Reconciliation Affidavit- if name discrepancy exists.
7. Letter of accrued right- for private sector and self-funding public sector.
8. Acceptance of Resignation/ Certificate of Service/ Retirement Letter
9. Valid means of identification i.e International Passport, Driver’s license or National Identity Card.

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DEFINITION

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

DOCUMENTS NECESSARY FOR SURVIVOR BENEFITS

1. Completed Benefit Application Form.
2. Two (2) Passport Photograph
3. Bank Account Details.
4. Age Declaration/ Death Certificate.
5. Clearance Letter from State- for retirees of Lagos, Delta, Ogun, Niger, Ekiti and FCT.
6. Name of Reconciliation Affidavit- if name discrepancy exists.
7. Letter of accrued right- for private sector and self-funding public sector.
8. Acceptance of Resignation/ Certificate of Service/ Retirement Letter
9. Valid means of identification i.e International Passport, Driver’s license or National Identity Card.
10. Letter of notification of death by NOK/Employer.
11. Two (2) passport photograph of the applicant(s)/ NOK.
12. Letter of administration/ will admitted to probate register.
13. Death Certificate.
14. Letter of joint consent between NOKs- if NOK is more than one.
15. Accrued Pensions right letter from employer – if death occurs while in service.

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DEFINITION

A contributor can withdraw from the balance standing to his/her Voluntary Contribution (VC) Account.

Disclaimers

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.

DOCUMENTS NECESSARY FOR VOLUNTARY CONTRIBUTION

1. Completed Benefit Application Form.
2. Two (2) Passport Photograph
3. Bank Account Details.
4. Age Declaration/ Death Certificate.
5. Clearance Letter from State- for retirees of Lagos, Delta, Ogun, Niger, Ekiti and FCT.
6. Name of Reconciliation Affidavit- if name discrepancy exists.
7. Letter of accrued right- for private sector and self-funding public sector.
8. Acceptance of Resignation/ Certificate of Service/ Retirement Letter
9. Valid means of identification i.e International Passport, Driver’s license or National Identity Card.
10. Appointment Letter- For Active Customer(s).
11. Letter of end of contract and evidence of pension payment- for retiree(s).
12. Letter from the customer’s embassy and copy of work permit- for emigrant(s).

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